Walsh College

Financial Aid Terms

Academic Year
Begins fall semester and ends summer semester. Students must apply for financial aid (including scholarships) each academic year.
 
Special Condition Form
An internal worksheet a student may complete if his/her financial situation changes in the current year.  Supporting documentation will be required.
 
Cost of Attendance
The total amount it will cost a student to go to school. This budgetary figure includes tuition, fees, housing, food allowance, books, supplies, transportation, and child care costs.
 
Default
Failure to repay a student loan according to the terms agreed upon when the promissory note is signed.
 
Deferment
A postponement of the repayment of student loans if the student meets certain criteria set by the lender.
 
Entrance/Exit Counseling
Required counseling to inform students of their rights, responsibilities, and borrower options under the federal loan programs.
 
Expected Family Contribution (EFC)
An amount, determined by a formula established by Congress, that indicates how much of your family’s financial resources should be available to help pay for school. The EFC is used in determining your eligibility for federal and state student aid.
 
Electronic Funds Transfer (EFT)
A process where student loan funds are wired electronically into the school’s restricted account at the school’s bank, and then transferred to the student’s tuition account.
 
Financial Award Letter
An estimation of your financial assistance for the current academic year.
 
Financial Aid Packet
A packet available from the Financial Aid Office that contains instructions on how to apply for financial aid and a Supplemental Worksheet.
 
Financial Need
Cost of Attendance less Expected Family Contribution. This is used to determine grant and loan eligibility.
 
Free Application for Federal Student Aid (FAFSA)
The application form used to apply for the different federal financial aid programs. The form is available online, but is emailed to you, and processed by, the federal government.
 
Lender
A bank or credit union through which a financial aid recipient borrows a private loan. Loan applications are obtained from the lender.
 
Master Promissory Note (MPN)
The promissory note you sign when taking out a Federal Direct Loan. The MPN essentially opens a line of credit for education expenses during your academic career. When you sign a Federal Direct promissory note, a binding legal document, you promise to repay your student loans. The note also includes important language about your rights and responsibilities as a borrower. The Master Promissory Note covers both the Subsidized and Unsubsidized Stafford loans you may receive.
 
Non-Payment Waiver
A courtesy the Financial Aid Office offers to students who have received an award letter and demonstrated financial aid eligibility. The Nonpayment Waiver allows the student to register for classes without making minimum payment. (This does not waive any prior balance that a student may have.)
 
Student Aid Report (SAR)
A computerized analysis from the processing agency that is sent approximately four weeks after you file the FAFSA. The SAR confirmation is emailed to you.
 
Student Employment Program
Part-time, campus-based employment applications are available in the Career Services Office. Students must be enrolled at least half-time.
 
Verification
A process in which Walsh College compares information you reported on your Student Aid Report against tax returns. We are required to obtain signed copies of student's (and parents' if appropriate) tax return for the calendar year preceeding the academic year.  Students selected by the U.S. Department of Education will be verified as well as applicants who are requesting special condition consideration.