Financial Aid, A to Z.
Found a word your’re not sure about? Here’s a list of some terms you might come
across along the way.
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National Merit Scholarship Program
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Students who do well on the PSAT/NMSQT may qualify for scholarships. A few students receive full scholarships. |
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National Student Loan Data System
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The National Student Loan Data System (NSLDS) is a database for federal student financial aid where you can find out about the aid you’ve received. If you’ve only just applied for aid, you won’t find any information on NSLDS yet. NSLDS receives data from schools, guaranty agencies and U.S. Department of Education programs. The NSLDS Web site is generally available 24 hours a day, seven days a week. By using your PIN, you can get information on federal loan and Pell Grant amounts, outstanding balances, the status of your loans and disbursements made. You can access NSLDS at www.nslds.ed.gov. |
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Need Analysis
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The process of analyzing a student’s financial need, known as need analysis, focuses on determining how much the family reasonably can be expected to contribute towards the student’s education. Traditionally, determination of an applicant’s need is achieved by collecting information about the family’s income, assets, and living expenses. For the federal student aid programs, the law specifies a need analysis formula that produces the Expected Family Contribution (EFC). The EFC and the college’s cost of attendance are used by the postsecondary school to establish the student’s need as well as to award grants, campus-based aid, and subsidized loans. The college might ask you to complete other paperwork to determine your need for non-federal aid. |
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Need-based
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Need-based financial aid is reserved for low-income students based on their ability to pay. |