Glossary of Terms
Academic Year
Starts with fall semester and ends with the summer sessions.
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Campus-Based Programs
Sources of financial aid which include the Federal Supplemental Educational Opportunity Grant and Federal Work-Study. These programs have limited funds and are awarded by the LSU Eunice Financial Aid Office based on financial need and on a first come first served basis.
Cost of Attendance
The amount the university calculates or estimates that it will cost you to attend
for the academic year. Costs includes: tuition/fees, room and board, books and supplies, transportation, and personal expenses.
This figure is used solely for the determination of financial aid and does not represent
a figure you will owe the university.
Deferment
A contract with the LSU Eunice Business Office which allows you to delay full payment of tuition & fees based on a Financial Aid Estimate and/or partial payment.
Expected Family Contribution
The amount you and/or your parents are expected to contribute toward your educational expenses as determined by a federally-mandated formula, which uses the information you provide on your FAFSA or Renewal FAFSA. Your EFC is only used to determine your financial need.
Entrance Counseling
A requirement for first time borrowers to learn about their rights and responsibilities
as a student loan borrower. Federal Stafford Loan entrance counseling must be completed
online at www.studentloans.gov.
Exit Counseling
A requirement for students who have graduated, dropped below half time for the current
semester or stopped attending. It is to prepare you to begin repayment of student
loans.
FAFSA (Free Application for Federal Student Aid)
The application used to determine financial need.
IRS Tax Return Transcript
IRS transcript of Federal Form 1040, 1040A or 1040EZ (and in some cases 1040X) with
all W-2 statements, Schedule C and Schedule F documents.
Financial Aid Award
An offer of financial aid is usually comprised of a combination of aid programs which
may include scholarships, grants, loans and/or work-study funds.
Financial Aid Estimate
An estimation of financial aid eligibility based on the student’s financial aid application
and enrollment level. This can be used by the Business Office as the basis for a Deferment.
Usually covers tuition & fees and may include a book allowance based on credit hours
enrolled.
Financial Need
The difference between your budget as established by LSU Eunice and your Expected
Family Contribution (EFC) as determined by information provided on the FAFSA.
Grace Period
A period of time granted to loan borrowers during which no payment of principal is due. After you graduate, leave school or drop below halftime you enter a grace period. This grace period is usually six months.
Grant
A form of financial aid that does not have to be repaid. Generally based on financial
need determined by the FAFSA.
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ISIR (Institutional Student Information Record)
The FAFSA information that LSU Eunice receives from the Federal Processor.
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Loan
Loans must be repaid. Loans are available to help with your educational expenses.Financial Aid Programs.
Master Promissory Note (MPN)
Contract between you and your lender guaranteeing repayment of a student loan.
Need-based Aid
Aid programs for which you must demonstrate financial need in order to qualify. Students must complete the FAFSA. Financial need is determined from answers you provide on the FAFSA.
Origination Fee
A fee which is applied to Federal Direct Loans. This fee is a percentage of the loan amount and is deducted from the amount approved before the Direct Loans disburses the funds. There is a .5% loan origination fee for subsidized and unsubsidized loans. A 2.5% loan origination fee is charged for PLUS loans.
Outside Scholarship
A scholarship funded by sources outside Student Financial Aid. These sources include
corporations, individuals, or University departments, schools and colleges.
Provisional
The student’s file in Admissions is not complete. A transcript, current application,
etc. isneeded.
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Refund Check
A check you receive from the LSU Eunice Business Office for any funds remaining in your student account after aid has been disbursed and fees paid.
SAR (Student Aid Acknowledgement Report)
The report you receive as a result of filing the FAFSA or Renewal FAFSA.
Standards of Academic Progress (SAP)
Academic standards required to receive financial aid. SAP Policy
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Work Study
A form of financial aid which must be earned. Work-study is need-based aid. Funds
are limited.
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