Financial Aid Glossary

We understand that financial aid officers tend to speak in their own, often incomprehensible, language. These glossaries will help you understand our jargon!

For our office (if you have received a "Missing Information" letter):  Missing Information Glossary (pdf)

The National Association of Student Financial Aid Administrators (NASFAA)'s glossary site

FinAid.org's glossary site - Note, you will need to scroll past the list of acronyms to get to the actual glossary. You can also click on the letter that the word or term you need to look up starts with, and you will be taken to that section of the glossary.

A few terms that you will see most often:

The Cost of Attendance (COA), which is determined each year by the College's Board of Visitors and the Office of Student Financial Aid, represents the estimated total cost of attending the College for one academic year. The COA includes direct charges - such as tuition, room, meal plan, and fees - as well as indirect costs such as books and supplies, living expenses, and travel money.

The Expected Family Contribution (EFC) is calculated using federal guidelines and is based on information submitted on the Free Application for Federal Student Aid (FAFSA). The EFC has a parent and a student component. The Parents' and Student's contributions are based on their income and assets, which include cash, checking, savings, and money market accounts; their investments and real estate holdings other than their primary residence; their untaxed income; and their business equity.

The College Board offers an online EFC Calculator that students can use to estimate what their EFC will be.

The award letter that students receive from the College lists what aid they will be eligible for, and it includes a statement of additional loan eligibility.