Glossary

Accredited: In the U.S., colleges and universities are accredited by one of 19 recognized institutional accrediting organizations. Programs are accredited by one of approximately 60 recognized programmatic accrediting organizations. [Accrediting organizations that are “recognized” have been reviewed for quality by the Council for Higher Education Accreditation or the United States Department of Education. Accreditation is a major way that students, families, government officials, and the press know that an institution or program provides a quality education.

AGI (Adjusted Gross Income): All taxable income less IRS allowable adjustments to income. This figure is from U.S. IRS tax forms. For parents this figure is item number 73 in Step Four of the FAFSA and for students, it is item number 35 in Step Two.

Academic Year: A period of at least 30 weeks of instructional time, traditionally September through May, during which a full-time student is expected to complete at least 24 semester hours or credits. The length or dates may be defined differently for an institution that has trimester or measures program length in clock hours.

Cost of Attendance: The total cost of attending a post-secondary institution (college, university, vocational & technical schools, or graduate schools) for one academic year. The cost of attendance usually includes tuition, fees, room, board, supplies, transportation, and personal expenses.

EFC (Expected Family Contribution): The amount a family is expected to contribute to a student's education. EFC is calculated based on family earnings, net assets, savings, and size of family and number of family members in college.

FAFSA (Free Application for Federal Student Aid): The form that must be completed by students and parents applying for Federal Title IV student aid.

Financial Aid: Financial assistance in the form of scholarships, grants, work-study, and loans for education.

Financial Need: The difference between the cost of attendance at a college/institution/university and the Expected Family Contribution.

For-Profit School: Educational institutions that are run by private, profit-seeking companies or organizations.

Full Time: Generally a student who is enrolled for 12 credits or more is considered at full time enrollment.

Graduate Student: A student who holds the bachelor's degree and is studying for an advanced degree.

GPA: Grade Point Average: The average grade earned by a student, figured by dividing the grade points earned by the number of credits attempted.

Grants: Financial aid awards that do not have to be repaid. Grants are available through the government, state agencies and colleges.

Higher Education: This term means 'after high school' and refers to all programs for high school graduates, including programs at two and four-year colleges, universities, vocational & technical schools, and graduate schools.

Loan: A type of financial aid that is available to students and parents. Education loan programs have varying interest rates and repayment provisions. An education loan must be repaid. The Community Foundation Loan programs are for students and provided that they are paid according to the payment schedule, no interest is charged.

Part Time: Generally a student who is enrolled for 6 – 11 credits is considered at part time enrollment.

SAR (Student Aid Report): An output document is generated for a student by the Federal application processor. The SAR contains financial and other information reported by the student on the FAFSA. The student's Expected Family Contribution (EFC) is printed on the front of the SAR and is the figure used by colleges to determine eligibility for aid.

SAT: Scholastic Aptitude Test: a standardized aptitude test for college admission developed by the College Entrance Examination Board, consisting of questions testing verbal and mathematical skills that are graded on a scale from 200 to 800 points and according to percentile rank.

Scholarships: Funds used to pay for higher education that do not have to be repaid. Scholarships may be awarded based on any number of criteria, such as academics, achievements, talents, and affiliations with various groups, or career aspirations. Scholarships do not have to be repaid.

Scholarship and Loan Acceptance Forms: An official document issued by the Community Foundation of Western Massachusetts listing the scholarship and / or loan awards offered to an applicant. It must be completed and returned by the applicant for the Foundation to  remit awards on behalf of a recipient.

Transcript: A list of all the courses that a student has taken at a particular high school or college with the grades that the student earned in each course.

Undergraduate Student: A student in a university or college who has not received a bachelor's degree.

Unmet Need: The amount of financial aid eligibility that is not provided by the institution.

Work Study: A program, awarded by the college, through which students work part-time to help fund their education.