SCHOLARSHIPS: Available Scholarships/ How-to Apply Lilly Endowment Community Scholarship Program Glossary of Terms Helpful Resources/ Links Recent Recipients	SCHOLARSHIPS Glossary of Terms 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. 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. Assets: Cash on hand in checking and savings accounts, trust, stocks, bonds or other securities, real estate, income-producing property, business equipment and business inventory. Budget: An alternate term for the cost of attendance. 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. Dependent Student: A student who does not qualify as an independent student and whose parental income and asset information is used in calculating expected Family Contribution. Enrollment Status: The number of credit hours being attempted by a student. Normally, students must be half-time or more to apply for scholarships. Individual programs will list this criteria. EFC (Expected Family Contribution): The amount a student and his/her family are expected to pay toward the cost of attending college. This amount is determined by a formula established by Congress. The formula includes factors such as taxable and non-taxable income, assets, family size, number of children in college, etc. FAFSA (Free Application for Federal Student Aid): The form that must be completed by students and parents applying for Federal Title IV student aid. Federal Methodology: The formula used to determine a family's eligibility for federal aid. Financial Aid Award: An offer of financial assistance to a student attending college. This award may be in the form of one or more of the following types of financial aid: repayable loan, a non-repayable grant and /or scholarship, and/or student employment. Financial Aid Package: The total financial aid award a student receives. The aid may come from federal, state, institutional, or private sources and may include loans, grants, scholarships, and/or employment. Financial Need: The difference between the college's cost of attendance and the Expected Family Contribution. Federal Pell Grant: A grant program for undergraduate students who have not yet completed their bachelor's degree. Federal Perkins Loan: A low interest loan programs (5%) for undergraduate and graduate students. Federal Supplemental Educational Opportunity Grant (FSEOG): A program for undergraduates with exceptional financial need and the funds do not have to be paid back. Free Application for Federal Student Aid (FAFSA): The form used to apply for federal and state student aid, processed at no cost to the applicant. It is used to determine a student's eligibility for federal grants, loans, and work funds and most other need-based awards. Full-time Student: One who is taking a minimum of 12 semester or quarter hours per academic term in institutions with standard academic terms. Gift Aid: That type of financial aid, such as scholarship or grant, which does not require repayment or require that work be performed. GPA: Grade Point Average: The average grade earned by a student, figured by dividing the grade points earned by the number of credits attempted. Grant: A type of financial aid that does not have to be repaid-usually awarded on the basis of need. 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. Independent Student: A student who has attained the age of 24, or who has not attained age 24 but is, 2) an orphan, b) has been a ward of the court through age 18, c) a veteran, d) married or is a graduate or professional student, e) has legal dependents other than a spouse, or f) represents documentation of other unusual circumstances demonstrating independence to the student financial aid administrator at the college he/she plans to attend. Institutional Aid: Aid that educational institutions make available from their own funds to their students. Loan: An advance of funds which is evidenced by a promissory note requiring the recipient to repay the specified amount under certain conditions. Merit-Based Award: An award to a student who excels in areas such as academics, sports, leadership, music, art or dance, and meet sponsor-selected program requirements through audition, academic record, or recommendation. Need Analysis: A system used to estimate a student applicant's need for financial assistance to help meet his/her educational expenses. Need analysis consists of two primary components, a) determination of an estimate of the applicant's and/or family's ability to contribute to educational expenses, and b) determination of an accurate estimate of the educational expenses themselves. Part-time Student: One who is taking less than 12 semester or quarter hours per academic term in colleges with standard academic terms. Some aid programs will determine eligibility by the number of hours for which a student is registered. PROFILE (formerly the Financial Aid Form - FAF): An application developed by the College Scholarship Service. This form and accompanying system of need analysis are used by many private colleges to determine eligibility for aid. A fee is charged to the student for processing the PROFILE. 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. Student Aid Report (SAR): The report sent to a student about four weeks after filing the Free Application for Federal Student Aid (FAFSA). Student Contribution: An estimate of the student's ability to contribute to postsecondary expenses. This is a part of the Expected Family Contribution. 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.
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