Understanding the terms used in regards to Financial Aid
Financial Aid Reference
Financial aid includes unfamiliar terms, federal requirements, and several different types of funding. Use this glossary to understand common language used throughout the application and award process.
Terms A–C
The academic period covered by a financial-aid application and award.
At Yavapai College, the standard award year begins with the fall semester and continues through the spring semester. Summer is generally treated as a trailing semester connected with the preceding award year.
An estimate of the total educational expenses a student may have during an academic year.
The estimate may include tuition, fees, books, supplies, housing, food, transportation, and personal expenses.
Cost of Attendance is a planning and financial-aid calculation. It is not necessarily the amount billed directly by YC.
Terms F
A summary created after the Free Application for Federal Student Aid is processed.
It displays FAFSA information, identifies issues that may need attention, and includes the student’s Student Aid Index.
The FAFSA Submission Summary can be viewed through the student’s StudentAid.gov account. It replaced the former Student Aid Report beginning with the 2024–2025 FAFSA.
Sign in to StudentAid.govA notice YC provides after reviewing a student’s FAFSA, eligibility, and completed financial-aid requirements.
It lists the types and estimated amounts of aid the student may receive. Award amounts can change because of enrollment, eligibility, program requirements, or other factors.
YC sends award notifications and related updates through official student communication channels, including YC email and myYC.
A YC review that determines whether registered courses apply to the student’s officially declared degree or certificate.
Federal aid generally can count only courses required for the student’s eligible program of study. Students may be notified when a course does not qualify.
A financial-aid calculation used to estimate the difference between a student’s educational costs and the resources available to help meet those costs.
Schools use the Cost of Attendance, Student Aid Index, other financial assistance, and applicable federal rules when determining need-based aid.
The username and password used to access a StudentAid.gov account.
The account allows a student, parent, spouse, or other required contributor to access federal student-aid systems and provide an electronic signature or consent when required.
Each person must create and use their own account credentials.
Create a StudentAid.gov accountTerms G–S
Financial aid that generally does not need to be repaid when the student meets all eligibility requirements.
Many grants are based on financial need. Repayment may be required in certain circumstances, such as withdrawing from all classes or receiving funds for which the student was not eligible.
A former FAFSA feature that allowed applicants to transfer federal tax-return information from the IRS into the FAFSA.
Current FAFSA forms use a direct federal tax-information exchange and contributor consent process. Students should follow the instructions shown on the current FAFSA.
Funds awarded using criteria such as financial need, academic achievement, talent, program of study, service, or donor requirements.
Scholarships generally do not need to be repaid when all award conditions are met.
A number calculated from FAFSA information and used by colleges to help determine eligibility for need-based federal student aid.
The SAI can range from -1500 to 999,999. A lower or negative SAI generally indicates greater financial need.
The former name for the federal summary students received after FAFSA processing.
Beginning with the 2024–2025 FAFSA, the Student Aid Report was replaced by the FAFSA Submission Summary.
Borrowed funds that must be repaid, usually with interest.
Repayment requirements, interest, fees, and timing depend on the type of loan and the borrower’s circumstances.
Learn about managing federal student loansTerms V–W
A review process in which YC must confirm information reported on the FAFSA.
Students selected for verification may be asked to submit tax, income, household, identity, or other documents before their financial-aid eligibility can be finalized.
A federal student-aid program that provides eligible students with part-time employment opportunities.
Students earn wages for hours worked. Work-study is not automatically credited to the student account like a grant or scholarship.