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Terms to Know

College Award Letter: As part of its acceptance letter, your college will send you an award package indicating your financial assistance eligibility. This letter generally includes detailed Cost of Attendance, the school's Expected Family Contribution (EFC) for both student and parent or guardian, and financial package (federal, state and school funded awards).

Cost of Attendance (COA): Average expenses for one academic year of attendance. You can generally find this on the tuition page of the school's website.

Displacement: Award displacement occurs when one form of financial aid, such as an outside scholarship, results in a reduction in other forms of financial aid. This reduction may affect student loans, work-study, as well as scholarships and grants from the school. We recommend looking up your desired schools' policies [Google: [your college's name] + "outside scholarship policy”] to learn more. You can also call the school directly and ask them to explain their policy. You can learn more about displacement here.

Financial Awards: There are a number of public and private financial awards available to qualified students.

Free Application for Federal Student Aid (FAFSA): Completion of the FAFSA determines a family's contribution amount. Based on FAFSA, the government then determines a student's eligibility for federal student aid. The FAFSA formula is calculated based on financial information you provide.

Institution's Family Contribution Determination: Each college or university has an algorithm to determine a student's contribution amount. This is generally derived from information on the student's application, FAFSA, CSS profile (if required). Every college has its own system to calculate.

Loans: Loans differ from grants in that they must be repaid and with interest. Loan rates may change annually as determined by Congress.
  • Private: There are many private student loan organizations and options. Beware, most of these options are at a significantly higher interest than federal subsidized/unsubsidized loans and with various fee schedules and penalty structures.
  • Subsidized: Loans from the federal government. These loans are "subsidized" by the U.S. government because you do not start to accrue interest on your loan until after you graduate. You must income qualify in order to receive a subsidized loan. Your FAFSA will determine eligibility.
  • Unsubsidized: Loans from the federal government. The interest begins to accrue as soon as you access your loan monies. 

Net Price Calculator (NPC): Determines the amount you pay to attend an institution in a single academic year after subtracting contributions, scholarships and grants. It is a good estimation of need-based financial aid.

Net Price: The amount you pay to attend an institution in a single academic year AFTER subtracting scholarships and grants the student receives.

Scholarships: Scholarships are financial awards that do not have to be repaid. Many are renewable during your full college attendance as long as you meet academic requirements and do not have a material change in financial status.  At some institutions, you are automatically eligible for school scholarships once you apply. Check with your particular school.

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  • Home
  • About Us
    • Our Logo Story
    • Values & Effective Adults
    • Co-Investment & Affordability
    • Leadership Vision
    • ZF Team
  • Coaching
    • Meet Our Coaches >
      • Dave Spach
      • Dennis & Diana Curran
      • Frank Zenie
      • John Bracken
      • Karen Rapp
      • Katherine Chatterjee
      • Ken Rapp
      • Kendra & Mike Smith
      • Laura & Tim Petracca
      • Roy Chatterjee
      • Sharon Bracken
  • Scholarship
    • ZF Student Profile
    • Eligibility
    • Scholarship Renewal
    • FAQs
  • Community
    • Our Students
    • By the Numbers
    • Alumni
    • Student & Alumni Advisory Group (SAG) >
      • ZF Seminars
    • Mentorship
  • College Affordability
  • Resources
    • Personal Values & Development
    • Transition to College
    • Money & Finance
    • Internships
    • Careers
    • ZF Partners
    • Terms to Know
  • Contact Us
  • Search