|
|
Glossary of Terms
Academic Year (Also referred to as Aid Year)- A period of time schools use to measure a quantity of study.
East Centrals academic year begins with the Fall
semester (August) and ends with Summer semester (June).
Cost of Attendance (COA)- Each institution determines it's own cost of attendance or budget.
The cost of attendance includes both direct educational costs
(such as tuition, fees, books and supplies) as well as living
costs (room and board, transportation and personal expenses).
The Cost of Attendance can vary from student to student.
At East Central College students are assigned a budget group
based on dependency status and residency.
Deferment- A block of time during which you can postpone repayment
of a Federal Stafford Student Loan.
Dependency Status- Students are classified as dependent or
independent because federal student aid
programs are based on the idea that students (and their parents
or spouse) have the primary responsibility for their postsecondary
education. Dependency status is determined
by the following criteria:
- 24 years of age or older as of December 31 of the current year
- Married
- Enrolled in a graduate of professional program (beyond a Bachelor's degree)
- Legal dependents other than a spouse
- Veteran of the U. S. Armed Forces
Independent Student- Meets at least one of the categories listed above. Independent
students are not required to provide parental income information.
Dependent Students- Does not meet one of the categories listed above.
Dependent students are required to
provide parental income regardless of whether or not the student
lives with the parents or if parents are assisting in paying for
the student's education.
Expected Family Contribution (EFC)- The process used to determine a student's eligibility for financial
aid is called need analysis. In this analysis, income and asset
information from both the student and parent(s) is examined to
determine the family's ability to contribute toward the cost of education.
Federal Work-Study- Financial aid that enables students to earn a portion of
school costs through employment.
Free Application for Federal Student Aid (FAFSA)- This application is the starting point for virtually all federal
and state aid programs. This application determines eligibility for
federal grants, state financial aid programs, student loans and college work-study.
Grants- Grants are awarded to help undergraduate students pay for their education.
Grants are based on demonstrated financial need as determined by the need
analysis process. Earned grants do not
need to be repaid. (Review the Federal Resources section for detailed information
about grants available to East Central College students.)
Loans- Low interest loans are available to students to assist with meeting educational
expenses. Loans do have to be repaid. (Review the Loans
section for detailed information about loans available to East Central College students.)
Return of Title IV Funds- Students who have been paid federal financial aid funds are required to earn
these funds by attending classes through at least 60% of the enrollment period.
Students who do not earn the federal aid as described may be required to
repay a portion of the funds.
Satisfactory Academic Progress (SAP)- To be eligible to receive federal student aid, you must maintain satisfactory
academic progress toward a degree or certificate.
Student Aid Report (SAR)- Once the FAFSA has been submitted the data will be processed
and the student will receive a Student Aid Report. The SAR will report your
Expected Family Contribution (EFC).
Supplemental Education Opportunity Grant (SEOG)- A grant for undergraduate students with the lowest EFC.
Tax Credit- The Taxpayer Relief Act of 1997, created tax benefits to assist students and
parents in meeting the cost of higher education. The Hope Scholarship and
Lifetime Learning tax credits are non-refundable credits that provide a direct
reduction in the amount of income tax paid.
Verification- A process by which Federal Student Aid application are selected for review.
Student are required to submit tax records and other materials used to complete
the FAFSA for the purpose of comparison and to assure accuracy.
|
ECC Athletics