Glossary of Terms

CAR:
Cal Grant Report
Financial Aid Eligibility:
The difference between what you and your parents can contribute to the cost of your education (as determined by the federal needs analysis system) and the cost of going to the post-secondary institution of your choice.
Free Application:
Free Application For Federal Student Aid (also see the FAFSA: Renewal Application)
Grant:
Award that does not require repayment
Independent Student:
All students who are age 24 by December 31st of the award year, Students who are veterans, orphans, wards of the court, married, classified graduate students (does not include unclassified graduate students or credential students), students who have legal dependents other than a spouse, student who have children to whom they provide more than half of their support.
Interest:
The annual fee charged for using loan money.
Lending Institution:
An agency such as the federal Government, a bank, savings and loan association, or credit union that participates in loan programs for students' parents.
Living Expenses:
Costs incurred by the student for transportation, clothing, room and board, and personal miscellaneous expenses during the students period of attendance.
Loan:
A form of financial aid which must be repaid.
Need Analysis:
Parent of a student's household and financial information (derived from the financial aid application) to calculate the amount the family can be expected to contribute to college costs.
Over-award:
Any funds disbursed in excess of the student's financial need. Financial Aid Award: Financial aid offered to student by the institution which is usually made up of a combination of grants, loans and/or employment.
Principal:
The amount of money that you have borrowed
Scholarship:
A grant awarded on the basis of need and/or merit that does not have to be repaid
Student Aid Commission:
The California agency which administers the Cal Grant Programs. Their address is: P.O. Box 419027 Rancho Cordova, CA 95741-9027 Phone (916) 526-7590
Student Aid Report (SAR):
The report generated by the FAFSA which is sent to the student from the Federal process or which gives an indication of the student's eligibility for a Federal Pell Grant and other Financial Aid.
Cost of Attendance:
The total amount it will cost a student to go to college. The COA (COA) includes tuition fees, food and housing, books and supplies, transportation, personal miscellaneous expenses and if applicable, loan fees.
Tuition Fees:
The amount charged by a post-secondary school to attend their institution.