A college degree is an important investment in your future, but learning how to finance that degree can be challenging. A school’s financial aid office assists you and your family by providing information on ways to pay for education. The financial aid office is usually involved with you after the school has made you an offer of admission. Finances should not be a barrier to getting a world-class education that’s why the Office of Scholarships and Financial Aid provide financial assistance to students through grants, loans, scholarships, and employment.
Terms Used in Financial Aid Office:
Below are the terms that are generally used in Financial Aid Office:
- Aid Package: One or more types of aid, including grants, university scholarships, outside/private scholarships, work-study and/or loans that a student has been awarded.
- Alternative Loans: Alternative loans were established by private lenders to supplement federal loans. A student may want to consider an alternative loan when federal financial aid is not enough to cover the student’s COA.
- Award Notification: An official document issued by a school’s financial aid office that lists all of the financial aid awarded to the student.
- Expected Family Contribution (EFC): EFC is the amount of money that the family expects to be able to contribute to the student’s education as determined by the Federal Methodology need analysis formula.
- Family Education Rights and Privacy Act (FERPA): A federal law that applies to educational agencies and institutions that receive funding under a program administered by the U.S. Department of Education.
- Federal Methodology: Federal Methodology is a need analysis formula created by the U.S. Congress to establish a standardized, equitable system for financial aid distribution nationwide. It is used to calculate how much money individual students and their families can reasonably be expected to contribute toward higher education.
- Federal Processor: The organization that processes the information submitted on the Free Application for Federal Student Aid (FAFSA) and uses it to compute an applicant’s Expected Family Contribution.
- Federal Student Aid ID: FSA IDs are assigned by the U.S. Department of Education. You may create an FSA ID. This ID is your electronic signature and may be used to file your Free Application for Federal Student Aid (FAFSA).
- Federal Work-Study (FWS): A program allowing students to earn money toward their education while in school by working part-time on campus. The federal government pays a portion of the student’s hourly wage. Eligibility for FWS is based on need.
- Financial Aid: Financial aid is funding provided by various agencies (federal, state and local governments, colleges, community organizations, and private corporations or individuals) to help students meet the costs of attending college.
- Free Application for Federal Student Aid (FAFSA): The FAFSA is developed by the U.S. Department of Education and is used to determine a student’s eligibility for grants, loans, and work-study programs. As the name suggests, there is no charge for filing the FAFSA
- Gift Aid: Gift aid, such as grants and scholarships, is financial aid that generally does not have to be repaid.
- Grant: Awards to students that require financial need and generally do not have to be repaid.
- Loan: A type of financial aid that must be repaid, with interest. Student loans are available to students and their parents at low-interest rates. Loans are considered financial aid because of the special interest rates, with some being subsidized by the federal government. Repayment of most student loans does not begin until after graduation.
- Master Promissory Note (MPN): The binding legal document that must be signed by the student or parent borrower before loan funds are disbursed by the lender. The promissory note states the terms and conditions of the loan, including repayment schedule, interest rate, deferment policy and cancellations.
- Financial Aid & Scholarships: The FAS office is responsible for awarding federal, state, and institutional financial aid (grants, work-study, and loans) and maintains records for all outside/private scholarships. In addition, the FAS office awards scholarships to incoming freshmen and transfer students.
- Parent Loan for Undergraduate Students (PLUS): Parents of dependent undergraduate students may borrow federal loans to help finance the student’s education. The loan is in the name of one parent only. A parent may borrow up to the full cost of their student’s education, less the amount of any other financial aid received.
- Scholarship: Awards based either on academic merit alone, or on academic merit and financial need. They generally do not have to be repaid.
- Self-help Aid: Self-help aid includes work-study, which is earned as students work, and loans, which must be repaid, usually after graduation.
- Student Aid Report (SAR): Report that summarizes the information included in the FAFSA and indicates the Estimated Family Contribution (EFC).
- Verification: Verification is a review process, mandated by the U.S. Department of Education. During the verification process, the student and parent (if dependent) will be required to submit documentation including federal tax return transcripts, W-2s, and 1099 forms.
What Does The Financial Aid Office Do: You can typically go to the financial aid office to:
- Learn about both federal and private student aid options, including aid programs for that specific school
- Find out about deadlines for student aid applications
- Obtain forms and money management guidance
How to Contact Financial Aid Office:
- Letters, forms, and other documents may be mailed to Financial Aid Office of each college. Include your full name, UO ID number, and signature
- Students who have applied for aid can find answers too many questions within their student portal
- You can make an appointment to meet with a counselor through the phone number of college
- You can contact for financial aid at the University or College address
