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Glossary |
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Longwood University Office of Financial Aid |
Award Package - An award made to an eligible student consisting of a combination of grants, scholarships, loans and work-study. The amount and types of aid in an award package are determined by the student's financial need and the institution's funding.
Budget - See Cost of Attendance
Citizen/Eligible Non-citizen
- You must be one of the following to
receive federal student aid:
*U.S. Citizen
*U.S. National (includes natives of American Samoa or Swain's Island)
*U.S. permanent resident with an I-151, I-551, or I-551C (Alien Registration Receipt Card)
If you are not in one of these categories, you must have
an Arrival-Departure Record (I-94) from the U.S. Department of Homeland Security (DHS) showing one of the
following designations:
*Refugee
*Asylum Granted
*Indefinite Parole and/or Humanitarian Parole
*Cuban-Haitian Entrant, Status Pending
*Conditional Entrant (valid only if issued before 4-1-80)
*Other eligible non-citizen with a Temporary Resident Card (I-688).
Cost of Attendance - The total budget the financial aid office allows when determining a student's need. Cost of attendance consists of tuition and fees, room and board, and an estimate of books and supplies, computer-related costs, personal expenses, and transportation. This figure is school specific (set by the Office of Financial Aid) and should not be confused with the actual direct costs you will pay to the University.
Dependency Status - A student's dependency status determines whether or not the student reports parental information on the FAFSA. An independent student is one who meets at least one of the following conditions: is 24 years of age, is married, is a graduate or professional student, supports legal dependents other than a spouse, is on active duty with the U.S. Armed Forces for purposes other than training, is a veteran, or is an orphan or ward of the court. All other students are considered dependent and must provide parental information on the FAFSA.
Expected Family Contribution (EFC) - The EFC is the amount of money the federal government expects the family to be able to contribute to the student's education for one year. This is the figure we subtract from your total budget (cost of attendance) to arrive at your financial need. You may calculate an estimate of your EFC at http://www.finaid.org/calculators/finaidestimate.phtml.
EFT (Electronic Funds Transfer) - Electronic Funds Transfer is used by lenders to wire loan funds directly to the University without requiring the student to endorse a check.
Financial Aid Package - See Award Package
Financial Need - The difference between a student's total budget and the Expected Family Contribution.
Free Application for Federal Student Aid (FAFSA) - The only financial aid application required by Longwood University.
FFELP - FFELP is the Federal Family Education Loan Program, and includes the Federal Stafford Subsidized and Unsubsidized Loans and the Federal PLUS (parental) Loans.
Grants - Awards based on financial need that do not require repayment. Grants are available through the Federal and State governments and the institution.
ISIR - Institution Student Information Record - Electronic report received by the University after the FAFSA has been processed.
Jobs - See Work Experience Program
Lender - A financial institution (i.e., bank, savings & loan, credit union, etc.) who provides Stafford Loan funds to eligible students.
Loans - Awards based on financial need that require repayment. Loans are available through the Federal government and the University.
Parents' Contribution (PC) - The amount parents should be able to contribute to the student's educational expenses per year (determined by the FAFSA).
Professional Judgment (PJ) - In cases where extenuating family financial circumstances exist and the FAFSA results do not reflect a true picture of the parents' contribution, a Financial Aid Officer may be able to make an adjustment with documentation from the student and parents.
Reserve Officers Training Corps (ROTC) - Air Force, Army, and Navy programs that combine military education with baccalaureate degree study, often with financial support for those students who commit themselves to future service in the Armed Services. Check with the Longwood Military Science Department (434-395-2134) for more information.
Satisfactory Academic Progress - Every college that administers Federal student financial aid is required to have a Satisfactory Academic Progress Policy. This can be found in the Longwood University Catalog or on this web site.
Scholarships - Awards that do not require repayment. Scholarships usually require that a student meet some specific criteria -- academics, community service, college leadership, etc. Scholarships are funded by the Federal and State governments and the Longwood University Foundation.
Student Aid Report (SAR) - This is the acknowledgement that students receive after filing the FAFSA. It shows the FAFSA results and should be reviewed for accuracy.
Student Contribution (SC) - The amount students should be able to contribute to their own educational expenses per year (determined by the FAFSA).
Unmet Need - Unmet need is the difference between a student's total financial need and the financial assistance he/she received. For a variety of reasons, the University can not always offer a student enough financial aid to meet the family's full need.
Verification Worksheet - A form required from students whose FAFSA information has been designated by the processor for review.
Work Experience Program - This program at Longwood includes Federal Work-Study, College Work-Study, and Community Service.