Financial Aid Terminology
Financial Aid and Scholarships
Award Letter Terminology
Grants (Money that does not have to be repaid.)
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- ACG
- National SMART Grant
- Institutional grants
- State-sponsored grants
Work-Study (Money earned by working.)
- On-campus (work for the school)
- Off-campus (private nonprofit organization or a public agency)
Scholarships (Money that does not have to be repaid.)
Any scholarships you informed the school about, as well as those the school has to offer, will be included on your award letter.
Loans (Money borrowed that must be repaid.)- Federal Stafford Loan (subsidized)
- Federal Stafford Loan (unsubsidized)
- Federal Parent PLUS Loan
- Federal Graduate PLUS Loan
- Federal Perkins Loan
- State loan programs
- Private loan programs
- Other loan programs
It’s usually in your best interest to accept subsidized Stafford and Perkins loans that are part of the aid package; the repayment terms are good and the government pays the interest while you’re in school. Unsubsidized loans—such as unsubsidized Stafford, PLUS loans, and private loans from a bank—should be studied more carefully to make sure the terms are acceptable.