Financial Aid Definitions

Below is a list of financial aid related terms that you may encounter along your journey at DSCC.  Read through and extent your vocabulary!

Academic Plan
A program of study accompanying a financial aid appeal which provides information on the student's progress toward the degree.

ASPIRE Award  
A needs-based supplement to the HOPE Scholarship. To qualify a student must be eligible for the HOPE Scholarship and have adjusted gross income less than $36,000.

Award Letter    
Notification of aid awarded.

Campus-Based Programs            
Federal Work Study and Supplemental Educational Opportunity Grant (limited funding provided to schools to administer based on federal guidelines).

Census Date      
The financial aid census date is the second business day of class. The classes a student is enrolled in on this date will determine the amount of aid for which they are eligible.

Confirmation of Enrollment        
The confirming of enrollment either by the payment of fees in full or the application of financial aid. The student must confirm their plans to attend.

Consumer Information 
Information required by law to be made available to students. This includes the rights and responsibilities of students and the institution, as well as other required information.

Cost of Attendance (COA)          
The estimated cost of attending Dyersburg State (includes tuition and fees, books and supplies, transportation and living allowance). Direct costs paid to Dyersburg State are tuition and fees and books and supplies.

Data Match        
During the need analysis process a match is made with the Selective Service Administration, the Social Security Administration, and Homeland Security to ensure that all elements are correct.

Default
The student is delinquent on the payment of a student loan and is not eligible for aid.

Delivery of Aid 
The process of delivering financial aid proceeds to students after all fees have been applied.

Dependency Override  
A process by which a student may request the waiver of parental income due to long-term nonsupport from the parents.

Dependent Student      
Congress has determined that a student is a dependent of his/her parents until the age of 24 unless they meet the criteria outlined as exceptions.

Direct Loan        
A loan program where students borrow directly from government funds - federal subsidies are included in some of these programs.

Disburse             
The process by which funds are applied to the student account.

Dyer County Promise    
A scholarship program funded by the Dyersburg City and Dyer County governments to assist Dyer County students.

Entrance Counseling      
Counseling required prior to the receipt of a student loan which gives the student information regarding the terms of the loan, repayment provisions, and the consequences of failing to repay.

Exit Counseling
Counseling required prior to the completion of the student's education which reinforces the loan terms, repayment provisions, assistance available to the borrower, and the consequences of failure to repay.

Expected Family Contributed  (EFC)        
The amount your family can reasonably be expected to contribute to your education as determined by a formula developed by Congress and applied uniformly to all students.

Federal Supplemental Educational Opportunity Grant (FSEOG) 
Campus-based grant (gift aid) which must be awarded to neediest students with preference to Pell-eligible student.

Federal Work Study (FWS)          
A campus-based work program which must be awarded based on need.

Financial Aid Appeal       
A plea from the student requesting reinstatement of eligibility for financial aid based on extreme circumstances and for which documentation is provided.

Free Application for Federal Student Aid (FAFSA)            
The application for all federal, state, and institutionally awarded aid.

General Assembly Merit Scholarship (GAMS)    
A supplement to the HOPE Scholarship.  A 3.75 high school GPA and 29 ACT score is required.

Gift Aid
Grants and most scholarships.

Grant   
Gift Aid (provided eligibility criteria met).

HOPE Access Grant        
A lottery scholarship. Students must have an 18 ACT Score, a 2.75 high school GPA, and an adjusted gross income of $36,000 or less.

HOPE Scholarship            
A lottery scholarship awarded to Tennessee residents attending a Tennessee higher education institution. Students with a 21 ACT score or a 3.0 high school GPA may qualify.

Independent Student   
A student attaining the age of 24 by the date specified and who has not previously met the criteria for an independent student.

Loan     
Money borrowed from the federal government. This must be repaid.

Maximum Hours             
The maximum hours for which a student is eligible to receive aid (150% of their program of study).

Memo Aid          
The process of applying estimated aid to the student account. No actual funds are applied.

National Student Loan Data System (NSLDS)      
A federal data base housing all federal aid information on a student

Need    
Cost of Attendance - Expected Family Contribution = Need

Need Analysis  
A process determined by Congress and performed by a contractor of the federal government to determine the amount that a family can reasonably be expected to contribute to the education.

Non-Traditional HOPE Scholarship           
A lottery scholarship program for non-traditional students who meet the program requirements.

Package Aid       
After determining need, funds are awarded in the following order: grants and scholarships, work and loan programs. The process is called packaging aid.

Payment Period              
The enrollment period for which the student is paid.

Pell Grant           
Largest grant program (gift aid).

Personal Identification Number (PIN)    
A personal identifier by which a student and, parent if applicable, will use to sign and access their Federal Student Aid Records online. This will be used by the student throughout their education. This number is not the same as the PIN assigned by Dyersburg State.

Priority Date      
The date on which students who have applied are given priority for funds.

Professional Judgment 
A process by which a student may request the use of current rather than last year's income due to death, divorce, loss of employment, or any other catastrophic event which results in loss of income.

Promissory Note             
A document signed by a student receiving a loan agreement to repay the loan according to the repayment provisions of that loan.

Qualitative Measurement           
Monitoring the grades of the student to ensure graduation within a reasonable period of time.

Quantitative Measurement       
Monitoring the progress of the student to ensure that the degree can be achieved within a reasonable period of time.

Refund
Money paid a student after all fees have been paid to the institution.

Repayment       
Money owed due to failure to fulfill educational commitment.

Satisfactory Academic Progress
The process by which the academic progress of a student toward the degree is monitored both quantitatively and qualitatively.

Self-Help Aid     
Loans and work programs.

Student Aid Report (SAR)            
The student document with the FAFSA results.

Subsidized Loan               
Federal Stafford Direct Student Loan where a portion of the interest is paid with tax dollars.

Tax Transcript   
An official document provided by the Internal Revenue Service detailing the information provided on the tax return filed by the student/spouse and/or parents.

Tennessee Student Assistance Award (TSAA)    
A grant program awarded to Pell eligible students. Funds are appropriated by the Tennessee Legislature.

Tennessee Student Assistance Corporation (TSAC)         
The state agency in Tennessee administering the Tennessee Student Assistance Award and Tennessee Education Lottery Scholarship Programs. This agency also administers some other programs as well.

Unsubsidized Loan         
Federal Stafford Direct Student Loan where the student pays all of the interest on the loan.

Verification        
The process of confirming that the data elements on the FAFSA are correct by utilized approved documentation.

Verification Worksheet
A document used to verify some of the data elements on the FAFSA.