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Terms You Should Know!
DEPENDENT STUDENT - student not meeting at
least one of the criteria listed under the definition of an independent
student.
INDEPENDENT STUDENT - student who meets one of
the following criteria:
- At least 24 years of age
- Veteran of U.S. armed forces
- Graduate or professional student
- Married when applying for aid
- Orphan of ward of the court, or you were a ward of
the court until age 18
- Have legal dependents (other than spouse)
ESTIMATED FAMILY CONTRIBUTION (EFC) - Number
located on the SAR used to determine a student's eligibility for
financial aid.
FINANCIAL AID PACKAGE - Combination of
different types of financial support to help meet the financial need of
a family, typically consisting of grants, loans, college work-study,
and/or scholarships.
FINANCIAL NEED - The difference between the
cost of attendance at OLOL College and what you and your family can
contribute.
FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
- Used to provide the College with an estimate of a family's capacity to
contribute toward educational expenses.
FULL-TIME STUDENT - Students registering and
maintaining at least 12 credit hours each semester.
THREE-QUARTERS-TIME STUDENT - Students
registering and maintaining at least 9-11 credit hours each semester.
HALF-TIME STUDENT - Students registering and
maintaining at least 6-8 credit hours each semester.
GRANTS - Funds based on financial need, which
do not need to be repaid.
LOANS - Borrowed funds, which must be repaid
with, interest.
OVERAWARDS - If a student receives another form
of financial assistance such as a scholarship or vocational
rehabilitation after having been awarded assistance by the OLOL College,
the student is responsible for reporting the new award to the Office of
Financial Aid. This may result in a reduction of the original aid award,
and if so, it may be necessary for the student to pay back a portion or
all of a particular financial aid award.
PARENT'S CONTRIBUTION - The amount your parents
are expected to contribute to your educational expenses, based on income
and net assets as determined through the FAFSA. If you are an
independent student, this will not apply to you.
REINSTATEMENT - Any student who has been
disqualified from participating in the student financial aid programs
because of academic reasons may re-apply to the Office of Financial Aid
once the standards for satisfactory progress have been met.
SATISFACTORY ACADEMIC PROGRESS-
- GRADE REQUIREMENT: The student must have a
cumulative grade point average (GPA) of 2.0.
- LOAD REQUIREMENT: Those registered will be
expected to earn at least 75 percent of all courses attempted.
SCHOLARSHIPS - Funds awarded by the university,
state, or private sources, based on merit, need, service, leadership, or
some combination thereof.
STUDENT AID REPORT (SAR) - Your official
notification of eligibility for a Pell Grant or other type of federal
aid (Title IV).
STUDENT'S CONTRIBUTION - The amount you are
expected to contribute to the cost of your education.
TITLE IV AID - Federally funded assistance,
which consists of grants, loans, and work-study.
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