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The Financial Aid process involves several steps and requires you to be in contact with a number of different agencies. Common terms used by these agencies are explained below for your reference.

Books & Supplies: Found on your award notification, this figure provides an estimate of your book and supply expenses for the current academic year. Actual costs may vary.

Dep Loan Fees (Dependent Loan Fees): A loan origination fee charged by the federal government for loans given to dependent students. See loan origination fee for more information.

Disbursement: When a school applies funding from a Title IV lender or institutional aid used before receiving Title IV program funds to a student’s account.

EFC (Eligible Family Contribution): The amount a student and his or her family are expected to pay out-of-pocket toward the student’s cost of attendance as calculated by a Congressionally-mandated formula known as Federal Methodology. The EFC is used to determine a student’s eligibility for educational financial assistance programs.

FAFSA: Free Application for Federal Student Aid. The primary form you must fill out each year to determine eligibility for educational financial assistance from the Federal Government. You can complete the FAFSA at www.fafsa.ed.gov.

Federal PIN: A unique identification number assigned to you by the federal government for use on all student financial aid-related forms and websites. Obtain your PIN before your first application for aid at www.pin.ed.gov.

Federal School Code: A unique numeric code assigned to each educational institution eligible to offer financial assistance from the government. Averett University’s FSC is 003702.

Ind Loan Fees (Independent Loan Fees): A loan origination fee charged by the federal government for loans given to independent students. See loan origination fee for more information.

Loan Origination Fee: The federal government charges an administrative fee for loans known as a “loan origination fee”. This fee is deducted from the amount of the loan you have been awarded before the amount is applied to your student account. Fees can vary depending on whether you are a Dependent Student (Dep Loan Fee) or Independent Student (Ind Loan Fee). The current origination fee for Stafford Loans, for example, is 3%.

Parental Contribution: For traditional undergraduates or adult students dependent on their parents, the parental contribution is an estimate of the parents’ ability to contribute to postsecondary educational expenses.

Reg Tech Fees (GPS Students): These are the registration and technology fees charged to Graduate & Professional Studies students.

Remaining Need: The difference between your costs and the amount provided in your financial aid package.

Room & Board (GPS Student): An estimated cost of living allowance used to calculate student’s cost of attendance (COA).

Student Contribution: A quantitative estimate of the student’s ability to contribute to postsecondary expenses for a given year.

Total Budget: Generally, this includes the tuition and fees normally assessed a student, together with the institution’s estimate of the cost of room and board, transportation and commuting costs, books and supplies, and miscellaneous personal expenses.

Total Resources: Your total Estimated Family Contribution (EFC) as assessed by the government. See EFC for additional information.

Get Help With Financial Aid

Have a question about the financial aid process? Contact an admissions counselor today for personalized assistance or request more information.

 

Go back to Financial Aid Process, learn about Loans and Scholarships, see Financial Aid Forms, or review FAQ.

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