Financial aid terminology
- Full time: You are registered for 12 or more credit hours in one semester.
- Part time: You are registered for less than 12 credit hours in one semester.
- FAFSA: Free Application for Federal Student Aid (this is the application and not the award
itself). If eligible, your awards may include federal grants such as Pell, Supplemental
Educational Opportunity (S.E.O.G), and Federal Work Study; and loans, Federal Perkins,
and the Williams D. Ford Direct Federal Student Loan.
- EFC: Estimated Family Contribution is an index calculated by the U.S. Education Department
and derived from the family income information you provide on your FAFSA. The neediest
student has a lower EFC than the most economically self-sufficient student.
- NYS HESC: New York State Higher Education Services Corporation is the agency responsible for
processing your state application then determining the dollar value of your TAP award.
- Grants: Gift money that is offered to you and does not have to be repaid.
- Loans: Money that you borrow that has to be repaid and with interest.
- Matriculation: You are enrolled in a degree or certificate program approved by New York State. You
must be matriculated to receive any federal or state financial aid.
- Consortium Agreement: A contract between two colleges/universities that recognizes the student's registration
at each location for financial aid purposes. It also certifies that only one of the
two institutions can administer federal financial aid and/or state aid.
- Registration vs. Enrollment: There is a difference between registration and enrollment. The process of signing
up for courses is called registering. Students are charged tuition and fees when they
register. Students are enrolled after they pay the tuition and fees. Even students
who do not owe money must confirm their enrollment by the deadline.