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Financial Aid Terms and Acronyms
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. Details regarding financial need and the
breakdown of financial aid awards according to amount, source, and type of aid, as
well as terms and conditions for the financial aid and information about the cost of
attendance are all available on Enroll & Pay. The student is required to accept or
decline for each source of aid.
Bursar's Office
The Bursar's Office is responsible for billing charges assessed by KU and receiving
and processing payments. However, some departments (such as Parking and Watkins
Meorial Health Center) handle their own billing and payments. Visit the Bursar's
Office Web site at www.bursar.ku.edu.
Cost of Attendance (COA)
Your estimated COA (also known as a budget) is a standardized estimate of what it
will cost you to attend KU for the academic year. The OSFA conducts research to
determine the cost of living for students in the Lawrence area. The estimated COA
is comprised of the following components: tuition and fees, room and board, books,
transportation and miscellaneous expenses. The COA also includes charges such as
non-resident tuition and special fees for programs such as engineering, law, and
pharmacy, as well as differential fees. Your financial aid package cannot exceed
your estimated COA.
Expected Family Contribution (EFC)
The amount of money that the family is expected to be able to contribute to the
student's education, as determined by the Federal Methodology need analysis formula
approved by Congress. The EFC includes the parent contribution and the student
contribution. The difference between the COA and the EFC is the student's financial
need, and is used in determining the student's eligibility for need-based financial
aid.
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 towards higher education. Item such as family
size, taxable and nontaxable income, assets, number of family members in college,
and even the age of the parents are taken into consideration.
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 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.
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 US Department of Education.
Under FERPA,
schools must give students attending college access to their education records,
a chance to have those records amended, and some control over the disclosure of
information from their records. FERPA
protects a student's information from being disclosed to anyone other than the
student or those authorized by the student to receive information. A parent or
guardian cannot access student records unless the student fills out an
Authorization to Release Information form.
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. Financial aid
includes gift aid (grants and scholarships), self-help aid (loans and work-study),
fee waivers, fellowships, sponsorships, and other resources awarded/received to
assist with the cost of higher education.
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. The Department of Education
recommends that you file online at
www.fafsa.ed.gov,
but paper versions of the application are also available.
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.
Kansas Career Work-Study (KWS)
A state subsidized program intended to provide employers an incentive to hire KU
students in career-related positions by reimbursing employers for one-half of the
eligible student employee's gross salary. KWS is not a need-based financial aid
program; however, there are limits as to what a student may earn. The earnings limit
is dependent upon the cost of attending KU and a student's financial aid package.
Find out more information about KWS at the
University Career Center.
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. The borrower should keep this document until the loan has
been repaid. You may sign your MPN online at
http://dlenote.ed.gov.
MPNs are usually valid for up to 10 years.
Office of Admissions and Scholarships (OAS)
The OAS is responsible for admitting and readmitting KU students as well as awarding
all KU freshmen and transfer scholarships. If you are an incoming or transfer
student, you may apply for KU scholarships through the Office of Admissions and
Scholarships at www.admissions.ku.edu.
If you are a continuing or readmitted student, please contact the department in
which you are majoring for information on KU departmental scholarships.
Office of Student Financial Aid (OSFA)
The OSFA is responsible for awarding all federal, state, and institutional financial
aid (grants, work-study, and loans) and maintains records for all outside/private
scholarships.
Personal Identification Number (PIN)
PINs are assigned by the U.S. Department of Education. You may apply for a PIN at
www.pin.ed.gov. This number serves as your
electronic signature and may be used to file your Free Application for Federal
Student Aid (FAFSA), make corrections to your Student Aid Report (SAR), sign your
Master Promissory Note (MPN), and monitor federal loans you receive. If you are
dependent student, a parent should also request a PIN because parental information
is required on the FAFSA. Your PIN is confidential and should not be shared with
anyone.
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. There is a credit check required for the PLUS loan.
If your application for a PLUS loan is denied, your student may be eligible to
borrow additional money under the Federal Direct Unsubsidized Stafford Loan program.
Apply for a PLUS loan for the year in which your student
is interested in attending.
Satisfactory Academic Progress (SAP)
To be eligible for student financial aid, the student must meet SAP standards. The
OSFA has established guidelines (based on federal regulations) for evaluating
students' progress, taking into consideration both the cumulative KU GPA earned and
the number of hours the student has attempted since being in school.
Review KU's SAP Policy.
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). You should receive an electronic SAR attached
in an email or a paper version through regular mail within 3-4 weeks after you file
your FAFSA. Review your SAR and correct any errors. Keep a photocopy of the SAR for
your records. To request a duplicate copy of your SAR, call 1-800-433-3243.
Verification
Verification is a review process, mandated by the U.S. Department of Education, in
which the OSFA determines the accuracy of the information provided on the student's
financial aid application. During the verification process the student and parent
(if dependent) will be required to submit documentation including Federal income tax
returns, W-2s, 1099 forms, and tax schedules. Failure to submit requested documents
in a timely manner could impact your eligibility for some limited funded programs.
For additional information, please review our information on
Verification for the year in which you are
interested in attending.
Visit our office
50 Strong Hall
Office Hours:
Monday-Friday
8:00 am - 5:00 pm (CST)
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