Glossary of Terms
Cost of Attendance Terms
Your cost of attendance is the total cost of college for the school year as calculated by colleges, including tuition, fees, books, supplies, transportation, food, housing, peronal expenses and sometimes the rental or purchase of computer; also known as your student budget.
Tuition and Mandatory Fees
Tuition & mandatory fee amounts normally assessed for a student carrying the same academic workload, as determined by the institution.
Housing
An allowance for housing costs to be incurred by the student attending Cal Lutheran on at least a half-time basis.
Food Allowance
A standard food allowance which provides the equivalent cost of three meals a day. Actual costs may be based on housing assignment, chosen meal plan, or off-campus food purchases for those students who live off-campus.
Books and Supplies
An allowance for books, course materials, and equipment, which must include all such costs required of all students in the same course of study, including a reasonable allowance for the rental or upfront purchase of a personal computer.
Transportation
Transportation is factored into the cost of attendance as an allowance to assist students in budgeting for expenses such as commuting between campus, residences, and place of work. Transportation includes costs such as fuel, public transportation fares, and vehicle maintenance.
Miscellaneous Personal Expenses
An allowance for personal expenses for the non-academic costs associated with a student's daily life and well-being. This category includes various discretionary spending such as clothing, personal care items, entertainment, meals not covered by a meal plan, and other expenditures that are not directly tied to tuition, fees, housing, or textbooks.
Federal Student Loan & Loan Fees
For all Federal Student Loans, the Department of Education deducts an origination fee from a student and/or parent's federal student loan at each loan disbursement.
- Loan fees are calculated using separate loan fee averages for undergraduate and graduate students.
- Loan fees for non-federal loans are excluded from the COA.
Important Terms to Know
- Capitalization: when interest is added to the principal balance of a loan rather than being paid as it acccrues; any future interest is based on the higher loan amount.
- Default: failure to make loan payments or otherwise honor a loan's terms.
- Interest: the fee lenders charge you for using their money
- Promissory Note:a legally binding contract between a borrower and lender listing all terms and conditions of a loan; federal loans have a master promissory note.
Professional Licensure/Certification
An allowance for a student in a field requiring Professional Licensure, Certification, or First Professional Credential.
Other Important Financial Aid Terms
Applications for Financial Aid
Depending on your citizenship and residency status, there are different applications that you may be eligible to apply for. Its important to remember:
- Always submit your Financial Aid Applications by the stated deadline.
- Deadline: the date or time before something must be done or is due; the due date.
- Financial aid eligibility: the difference between your EFC/SAI and the college's cost of attendance; also known as your financial need. This is calculated once your submit your financial aid applications.
Important Terms to Know While Completing Your Applications
- Assets: an item of value, such as home equity, other real estate, stocks, bonds, cash savings, trust funds, money market funds, college savings plans, retirement plans and prepaid tuition plans (the FAFSA does not ask you report home equity or retirement plan assets).
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Expected Family Contribution/Student Aid Index (EFC/SAI): the portion of your own and your family's financial resources that should be available to pay for college, based on a federal formula using the information on your FAFSA.
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FAFSA Submission Summary: a paper or electronic document from the U.S. Department of Education’s office of Federal Student Aid that lists answers to the questions on the student’s FAFSA form and gives basic estimates about the student’s eligibility for federal student aid.
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Federal methodology: the formula the federal government uses to determine a family's ability to contribute toward a college education using the information submitted on the FAFSA to calculate the EFC/SAI (doesn't count home equity and certain other assets); also used by states and some colleges.
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Federal processor: the federal government's computer system that analyzes the information on your FAFSA, calculates your EFC/SAI and sends out the FAFSA Submission Summary; also called the central processing system
- FSA ID: The FSA ID log-in system replaces the PIN log-in system and is used to complete FAFSA and other financial aid applications. The username and password FSA ID system is from the U.S. Department of Education and serves as your e-signature on the electronic FAFSA; to check on the status of a FAFSA and correct or print a SAR.
- PIN: Personal Identification Number — The PIN log-in system was replaced by the FSA ID log-in system in May 2015. The PIN, provided through the U.S. Department of Education, served as the e-signature on an electronic FAFSA; to check the status of a FAFSA and correct or print a Student Aid Report (SAR).
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Student Aid Index (SAI): an eligibility index number that a school’s financial aid office uses to determine how much federal student aid the student would be eligible to receive. This number results from the information provided on the FAFSA form.
- Student Aid Report (SAR): the report summarizing the information you provide on the FAFSA (prior to 2024-25 FAFSA)
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Untaxed income: all income you receive that's not taxed or may not be reported to the IRS, including the untaxed portion of Social Security benefits, Earned Income Credit, welfare payments, interest on tax-free bonds, clergy and military allowances, and others (see FAFSA Worksheets A and B).
- Verification: the procedure by which a college checks the information reported on the FAFSA, usually by requesting a copy of your (or your parents') signed tax return and other documentation.
Types of Aid
At Cal Lutheran, each and every one of our students has a unique financial aid package that is customized based on their need and cost of attendance. Financial aid packages can be comprised of:
Citenzenship and Residency Status
Residency and citizenship status play a major role in determining eligibility for financial aid, as federal and state aid programs are available only to U.S. citizens and eligible non-citizens.
Other Important Terms to Know
- Ability-to-benefit test: one of the ways to determine eligibility for federal aid for students who aren't high school graduates or don't have a GED certificate.
- Cal Grant extended awards: your Cal Grant may be extended an additional year if you're getting a teaching credential or are attending a mandatory five-year program; see Request for Cal Grants Fifth Year Benefits.
- Financial aid package: the total amount of financial aid offered, usually a combination of grants, scholarships, loans and work-study.
- GED: General Education Development test/certificate used to measure academic achievement at the high school graduate level.
- GPA: grade point average.
- Home equity: current home value minus the amount still owed.
- Independent college: a nonprofit, private college that is not run by a government organization.
- Institutional methodology: the formula used by some colleges to determine your eligibility for institutional aid; may count home equity and other assets the FAFSA does not.
- Private career college: a for-profit institution offering a course of study or job skills beyond high school.
- Satisfactory academic progress: the progress you must maintain toward obtaining a degree or certificate that's required to receive financial aid as established by your college.
- Selective Service registration: if required, you must register, or arrange to register, with theSelective Service for military draft to receive federal student aid (most males age 18-25, citizens or eligible noncitizens, and not currently on active duty in the Armed Forces).
- Veteran: a person who has engaged in active duty in the U.S. Armed Forces or is a National Guard or Reserve enlistee called to active duty for purposes other than training, or who was a cadet or midshipman at one of the service academies, and who was released under a condition other than dishonorable; or who'll be a veteran by June 30, 2012.
- Vocational school: a school that offers a course of study beyond high school to teach specific job skills; also called a technical or trade school.