Glossary of Financial Aid Terms Cost of Attendance (COA) The total estimated amount it will cost a student to attend college. This includes tuition and fees, room and board, books, supplies, transportation costs and personal expenses. Expected Family Contribution (EFC) The amount the federal
government estimates a family should be able to contribute to the cost of a student’s college education.
Guide to Financial Aid for Graduate Study
Free Application for Federal Student Aid (FAFSA) The form which determines eligibility for all federal financial aid programs. Apply after October 1 each year at www.fafsa.ed.gov. Federal Direct Loans (William D. Ford) Education loans provided
through the U.S. Department of Education. The loan limit for a graduate student is currently $20,500.
Unsubsidized Loan A loan that is not based on need. You will pay interest from the time an unsubsidized loan is disbursed until you pay the loan in full. FSA ID A Federal Student Aid ID that serves as your electronic signature. You should not give your FSA ID to anyone. It allows you to access your SAR and to make changes in your FAFSA. Get FSA ID at www.fsaid.ed.gov. Principal The amount of the loan that must be repaid on maturity, and the amount on which interest will be charged.
Student Aid Report (SAR) This report is produced once the government has processed your FAFSA application. It will inform you and your school of your Expected Family Contribution (EFC). Scholarships Scholarships do not have to be repaid. They may come from many sources including community groups, schools and private corporations. Scholarships are awarded based on a variety of criteria including scholastic achievement, activities and majors. Scholarships must be reported to the Financial Aid Office. For more information on financial aid at SUNY Poly, go to www.sunypoly.edu/financial_aid, call 315-792-7210, or e-mail finaid@sunypoly.edu.
Important information to guide the graduate student through the financial aid process. 1/19