Financial Aid Glossary
Alternative Loan
A private student loan that is administered through a private bank. These loans are taken out in the student’s name and can be used in addition to the Federal Stafford and Perkins loans. Maximum annual eligibility is the Cost of Attendance – Total Financial Aid Package.
Cost of Attendance (COA)
Your total cost of attending a school for one academic year, including tuition and fees, books and supplies, living expenses and transportation.
Expected Family Contribution (EFC)
The amount you and your family are expected to be able to contribute towards the cost of attendance. The federal government sets the formula that determines your contribution.
Federal Work Study (FWS)
A federally funded program that provides job opportunities to need-qualified Xavier students. Eligibility is determined according to the results of the FAFSA.
Fees
Charges applied to your bill aside from tuition, room and board. They include your student orientation fee, instructional technology fee, health and counseling fee, and any fees associated with your labs or classes.
Financial Aid Package
The total combination of scholarships, grants, works and loans awarded.
Financial Need
The difference between the cost of attendance at Xavier and the amount you and your family could reasonably be expected to contribute to these expenses (family contribution).
Free Application for Federal Student Aid (FAFSA)
You must fill out the FAFSA form to determine your family's expected contribution and eligibility for need-based financial assistance. FAFSA form is available online at www.fafsa.ed.gov. Xavier's federal school code on the FAFSA is 003144.
Grant
A non-repayable award made to a student on the basis of financial eligibility.
Loan Entrance Interview
Online Federal Stafford Loan counseling session required of first-time Stafford Loan borrowers. Explains responsibilities and basic information related to borrowing a Stafford Loan.
Master Promissory Note (MPN)
An online form that must be completed in order to obtain a Federal Stafford loan. By signing the MPN, you are agreeing to repay the money you borrow, as well as abide by all the terms associated with it. These terms and your borrower rights are outlined in the MPN and should be kept with your personal records.
Parent Loan for Undergraduate Students (PLUS Loan)
A Federal Plus Loan may be borrowed by a parent of a dependent undergraduate student. These loans have a variable interest rate and repayment begins usually sixty days after the loan is fully disbursed. Maximum annual eligibility is Cost of Attendance (COA) – Total Financial Aid Package. Loan period can be based on a semester or an academic year.
PIN
Four-digit personal identification number (PIN) that serves as the online signature. Both the student and at least one parent should register for a PIN at www.pin.ed.gov
Scholarship
A gift awarded on the basis of a student’s academic accomplishments.
Student Aid Report (SAR)
The results of the FAFSA that are sent to you. You should check the accuracy of reported data and make corrections if necessary.
Subsidized Stafford Loan
Awarded to a student on the basis of financial need. The federal government pays the interest on the loan during periods of at least half-time enrollment and the grace period.
Unsubsidized Stafford Loan
Stafford Loan not based on financial need. The borrower is responsible for accrued interest throughout the life of the loan.
Verification
A procedure through which a school checks or verifies the information a student reported on the FAFSA, by requesting a signed copy of the student’s and parents’ (for dependent students) Federal Tax Return and the completed Verification Worksheet (See Forms section).