EFC

Glossary

EFC

Expected Family Contribution; can be considered a measure of your family’s financial strength. Is determined by the FAFSA each year.

Entrance Counseling

Entrance counseling explains your rights and the obligations you agree to meet as a condition of accepting a Direct Loan. More information about entrance counseling is available at: https://studentaid.gov/entrance-counseling/.

Estimated Family Contribution (EFC)

A calculation based on the Free Application for Federal Student Aid (FAFSA) that allows us to determine how much need-based financial aid you are eligible for. It provides schools with a picture of your family’s financial strength.

Exit Counseling

Provides important information to prepare to repay your federal student loan(s). Exit counseling is available at: https://studentaid.gov/exit-counseling/.

FAFSA

The Free Application for Federal Student Aid; must be completed each year for federal and state aid consideration.

FAFSA Simplification

The FAFSA Simplification Act represents a significant overhaul of the processes and systems used to award federal student aid starting with the 2024–25 award year. This includes the Free Application for Federal Student Aid (FAFSA^®) form, need analysis, and many policies and procedures for schools that participate in federal student aid programs.

FAFSA Submission Summary

Output document providing a summary of data input on the FAFSA form received after completing FAFSA application (replaces what used to be known as the student aid report (SAR).

Fellowship

Funding opportunities to support talented students, typically given through graduate or professional school programs.

Financial Aid

Funds offered to students to assist with educational costs. Can include Grants, Loans, Employment Opportunities (work-study), or scholarships. Typically used to refer to aid that requires the submission of the FAFSA.

Financial Need

A figure that represents a student’s eligibility for need-based aid; is determined by subtracting a student’s SAI (produced by the FAFSA) from the total Cost of Attendance.