Federal Processor – is the federal government's computer system that analyzes FAFSA information, calculates the expected family contribution and sends out the Student Aid Report. It may be also called Central Processing Service.
Federal Direct Student Loan – a Stafford, PLUS, or consolidated loan that is sponsored by the federal government.
Federal Supplemental Education Opportunity Grants – are government grants administered through each school’s financial aid office. Grand eligibility: undergraduate students of exceptional financial need who have not completed their first baccalaureate degree and who are financially in need of this grant to enable them to pursue their education.
Federal Work-Study – is a campus-based program through which students are paid a government-subsidized wage to work. It is a part-time employment program which provides jobs for undergraduate and graduate students. Work-study jobs are usually related to the student’s field of study and are typically allocated for students who have demonstrated adequate financial need.
Federal Pell Grant – is a federal grant program for needy postsecondary students who have not yet received a baccalaureate or first professional degree. It is administered by the U.S. Department of Education.
Federal Perkins Loan – is a campus-based, long term, low interest loan program for both undergraduate and graduate students at a current interest rate of 5%.
Federal PLUS Loan is a long-term loan, available to parents of dependent students.
Federal Stafford Loan - long term, low interest loans administered by the Department of Education through private guarantee agencies.
Financial Aid – it is a general term that describes any source of student assistance outside the student or the student's family. There are private and corporate funding options. Those funds are awarded to a student to help meet postsecondary educational expenses.
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