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Financial Aid Glossary

Financial Aid terms defined

Link to Financial Aid TVAward Year
At TCC, this is the period of time beginning in August on the first day of the fall semester and extending to the last day of the spring semester in May.  Summer is considered a “trailer” semester and is not typically considered when referring to the award year.

Cost of Attendance
An estimate of costs that the student will incur while attending school including tuition and fees, room and board, books and supplies, transportation, and miscellaneous personal expenses.

Expected Family Contribution (EFC)
An amount that a student and parents can reasonably be expected to contribute toward educational costs.

Financial Aid Award Notice
A notice sent to the student upon receipt of FAFSA results and once financial aid eligibility has been determined.  This notice provides an estimate of expenses during the ward year and details the types of aid that the student may receive. Financial Aid Award Notices are sent to students at their TCC email.

Financial Need
The difference between a student's cost of attendance, expected family contribution, and other financial aid already received.

Grants
A type of financial aid that is based on need and is not repaid by the student.

Personal Identification Number (PIN)
This allows the student and parent to sign certain federal aid documents electronically, including the FAFSA.

Scholarships
Funds that are awarded based on need or merit and not repaid by the student.

Student Aid Report (SAR)
A summary sent to the student after submitting the FAFSA to the federal processor.  The SAR shows the information that was processed and indicates the Expected Family Contribution.

Student Loans
Funds that are borrowed and must be repaid after the student leaves school.

Work Study
A program that provides part-time employment opportunities for students with financial need.

Verification
A process by which the College is required to collect certain financial documents from students and compare them to the responses provided on the FAFSA.

 

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