10 Terms You Will Want To Understand
Financial aid: funds available to college students to pay for their educational costs, in the form of scholarships, grants, loans, and work-study.
Loan: funds borrowed at low interest rates for college costs. Loans must be repaid.
Grant: a form of need-based aid that does not have to be repaid.
Scholarship: aid based on academic achievement or special talents that does not have to be repaid.
Comprehensive fee: the total cost of tuition, room and board, and student fees.
Federal Work-study: need-based work award. Campus Employment and Grinnell Work-Study are institutionally funded work.
Need analysis: the review process used to determine your estimated family contribution.
Estimated family contribution: the estimate of what you and your family will be responsible for contributing toward the cost of your education for a single academic year.
Financial need: the difference between your estimated family contribution and the estimated cost of education.
Verification: the process of confirming information provided on the FAFSA.
