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529 Savings Plan

State sponsored investment plans, QTP, that help families save for college and provide tax benefits.

ACT

Standardized admissions test with 4 sections: reading, english, math, and science.

Articulation Agreement

When two year and four year colleges agree to tranfer credits and spell out which courses and what grade you need to receive credit.

Award Letter

A document that a college will send you that spells out the terms associated with your financial aid, including how much you will recieve, what you need to do to keep it, deadlines, etc.

Bursur

A college official that deals with billing and finances in things related to college expenses.

Class Rank

A rank given to you typically based on your GPA and academic acheivements to measure you up against other students in your grade.

Coalition Application

Over 90 colleges accept this application/are members of the coalition for access, affordability, and sucess.

College Credit

You are given college credit when you pass a college level course or pass an AP or CLEP exam. These credits go toward your graduation.

Common Application

A standard application accepted by over 700 colleges.

Cost of Attendance

The total cost of attending college before financial aid, like tuition, room and board, and supplies.

CSS/Financial Aid Profile

Financial aid application that over 300 colleges accept.

Defer/Deferment

The delayment of federal loans so that you can pay for them after you graduate high school.

Deferred Admission

With a college's permission, you can enroll at a college that has accepted you at a later date.

Demonstrated Need

The cost of attendence minus your expected family contribution.

Early Action

Applying for a college at an earlier date to get an earlier decision without having to enroll if accepted.

Early Decision

Applying for a college at an earlier date for an earlier decision BUT you have to enroll if accepted.

Merit Aid

Financial aid given based on your personal achievements.

Need Based Aid

Financial Aid given based on what your family cannot pay.

Need Blind Admission

A policy where colleges admit students regardless of their financial need. This can lead to students not getting the aid that they actually need.

Net Price

What a student will actually pay for college after financial aid and expected family contribution are taken out of the cost of attendance.

Net Price Calculator

A calculator that gives you a personalized amount for what you will actually pay to go to college.

Open Admission

A policy where colleges will admit students regardless of academic requirements simply to fill in spots. This policy is usually used by 2 year community colleges.

Opportunity Programs

A program that allows students to be admitted to school regardless of academic acheivement as long as they show promise and financial need.

Outside Scholarship

A scholarship given by a private organization outside of the school and government.

Pell Grant

A grant given based on the information given in the FAFSA.

Placement Test

A test that colleges give to determine which college courses you are ready to take or if you need to take remedial classes.

Priority Date

The date you must submit an application, whether for college or financial aid, for you to be given the strongest consideration.

Residency Requirements

How long a student must live in a state before they are offered state aid and in state tuition prices.