Term Award: The maximum amount of funds an individual student is eligible to receive for a specified program during an academic term. A term award is based upon the type of annual award and/or the institution’s term type.

What does term credits and payments mean for financial aid?

When your school gives you financial aid, sometimes money is left over after your aid is applied to your tuition, fees, and other school charges. This remaining amount is called a credit balance.

Does financial aid run out after 4 years?

The maximum timeframe is 150% of the normal timeframe for the program, such as 6 years for a 4-year degree and 3 years for a 2-year degree. After violating the 150% maximum timeframe restriction, the student is no longer eligible for federal student aid and often institutional college aid as well.

What is an unmet need in financial aid?

Unmet need is the amount that’s left to be paid after financial aid is awarded. It’s the amount that your student can actually afford to pay. The EFC can be combined with grants and scholarships — the best kind of awards to accept — as well as Federal Work-Study to get a total of $19,926 in financial aid.

How many years can you receive financial aid?

Please note that you can receive the Federal Pell Grant for no more than 12 terms or the equivalent (roughly six years). You’ll receive a notice if you’re getting close to your limit. If you have any questions, contact your financial aid office.

Is there a glossary of terms for financial aid offers?

It contains universally accepted definitions of language typically contained on financial aid offers given to current and prospective students by colleges and universities. The intent of this glossary is:

What do I need to know about financial aid?

Free Application for Federal Student Aid (FAFSA): This is the most widely used need-based financial aid application. This free application allows students to apply for federal financial aid in the form of federal student grants, work-study programs and loans.

What are the different levels of financial aid?

Program levels may include: undergraduate (students seeking an associate degree, an undergraduate certificate, or a baccalaureate degree); post-baccalaureate (such as teacher certification); or graduate (students working on a master’s degree, graduate certificate, doctorate, or professional degree).

What does net price after financial aid mean?

Cost After Aid (Net Price): Net price is a personal estimate of how much a student will pay for tuition and other fees, as published by the institution, minus any financial aid the student-athlete receives (i.e. grants, scholarships, etc.). To determine net price, student-athletes and their families can use a Net Price Calculator.