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Academic Competitiveness Grant (ACG)
Federal grant awarded to some first and second year undergraduate students who demonstrate eligibility. Academic transcript Official transcript of student's academic history at a higher education institution. Academic year The financial aid office considers an academic year to be three consecutive quarters. Alternative loans Credit-based educational loans supplied by private lenders to supplement awarded financial aid. Award notification Official notification a student receives from the financial aid office of any federal, state or institutional funds for which a student qualifies. Bursar's office The SCAD office responsible for the billing and collection of college charges. Capitalization The adding of unpaid interest to the principal balance of a loan. Cost of attendance The total amount needed to attend school, including tuition and fees, room and board, books, supplies, transportation costs and certain living expenses. Default Failure to adhere to any and all terms of a promissory note. Deferment An authorized period of time during which a borrower may postpone principal and interest payments. Dependent student A student who meets the guidelines outlined by the federal government in the FAFSA as a student dependent on his/her parents or guardians for financial support. Disbursement The application of funds to a student's account that takes place on a quarterly basis. Entrance loan counseling A federally required session that instructs students on their rights and responsibilities as borrowers. Expected Family Contribution (EFC) Amount family is expected to pay toward student's college education based on federal analysis of student/family need for assistance. Family Educational Rights and Privacy Act (FERPA) Federal policy governing student (and parental) rights to confidentiality. Financial aid application A document that must be signed by students at each school attended, prior to receiving any financial aid. Financial aid package The total financial aid a student receives, including grants, loans, and scholarships, as indicated in the student's award offer. Financial need The difference between the expected family contribution and the cost of attendance. Free Application for Federal Student Aid (FAFSA) The form used by the federal government to determine a student's eligibility for federal funds. Graduate Federal PLUS loan (Grad PLUS) Educational loan that graduates may borrow through the U.S. Department of Education to pay up to the estimated cost of attendance. Grants Educational funds that do not have to be repaid, and are usually based on individual need (see also Pell Grant, Supplemental Educational Opportunity Grant, Scholarships). Origination fee The fee charged by the lender and deducted from loan funds prior to disbursement. Parent Federal PLUS loan (Parent PLUS) Educational loans that parents or step-parents may borrow through the U.S. Department of Education to pay up to the estimated cost of attendance. Pell Grant Federal student aid available to undergraduates with the greatest demonstrated financial need. Promissory note The legal and binding document borrowers sign prior to receiving loan funds. Satisfactory progress Maintaining minimum GPA while meeting SCAD standards. Scholarships Educational funds that may come from any number of sources and do not typically have to be repaid. State aid Merit and/or need-based aid available from some states. Check with your state's department of education for more information. Stafford Loan Available through the William D. Stafford Direct Loan program. Funds are sent to the student directly by the U.S. government. Student Aid Report (SAR) Notification of FAFSA results; received by the student and the college. Student loans Educational loans that must be paid back with or without interest. Subsidized loan A need-based loan in which the interest is paid by the federal government while the student is in school, or in a grace period or deferment. Supplemental Educational Opportunity Grant (SEOG) A limited federal grant program for undergraduates with the greatest demonstrated financial need (an expected family contribution of zero). Unsubsidized loan A loan in which interest accrues while a student is in school. Verification The federal government's process of randomly selecting students to verify the information supplied on their FAFSAs. Veterans Benefits Educational funding provided by the Department of Veterans Affairs. Vocational rehabilitation Special funding available for students and approved by their home state. Billing handled by the bursar's office. Work study A federal program allowing qualified students to work at the college up to 20 hours a week at minimum wage, administered through the office of student services. |