Financial Aid Definitions
Below is a list of financial aid-related terms that you may encounter along your journey at DSCC. Read through and extend your vocabulary!
ACADEMIC PLAN
A program of study accompanying a financial aid appeal that provides information on the student’s progress toward the degree.
ASPIRE
A needs-based supplement to the HOPE Scholarship. To qualify a student must be eligible for the HOPE Scholarship and have adjusted gross income less than $36,000.
FINANCIAL AID NOTIFICATION
Notification of aid eligibility.
CAMPUS-BASED PROGRAMS
Federal Work Study and Federal Supplemental Educational Opportunity Grant (limited funding provided to schools to administer based on federal guidelines).
CENSUS DATE
The financial aid census date is the second business day of class. The classes a student is enrolled in on this date will determine the amount of aid for which they are eligible.
CONSUMER INFORMATION
Information required by law to be made available to students. This includes the rights and responsibilities of students and the institution, as well as other required information.
COST OF ATTENDANCE (COA)
The estimated cost of attending Dyersburg State (includes tuition and fees, books and supplies, transportation, and living allowance). Direct costs paid to Dyersburg State are tuition and fees and books and supplies.
DATA MATCH
During the need analysis process, a match is made with the Social Security Administration and Homeland Security to ensure that all elements are correct.
DEFAULT
The student is delinquent on the payment of a Federal Direct Student Loan and is not eligible for aid.
DELIVERY OF AID
The process of delivering financial aid proceeds to students after all fees have been applied.
DEPENDENCY OVERRIDE
A process by which a student may request the waiver of parental income due to long-term nonsupport from the parents.
DEPENDENT STUDENT
Congress has determined that a student is a dependent of his/her parents until the age of 24 unless they meet the criteria outlined as exceptions.
DISBURSE
The process by which funds are applied to the student account.
DYER COUNTY PROMISE
A scholarship program funded by the Dyersburg City and Dyer County governments to assist Dyer County students.
ENTRANCE COUNSELING
Counseling is required prior to the receipt of a federal direct student loan which gives the student information regarding the terms of the federal loan, repayment provisions, and the consequences of failing to repay.
EXIT COUNSELING
Counseling is required prior to the completion of the student’s education which reinforces the federal direct student loan terms, repayment provisions, assistance available to the borrower, and the consequences of failure to repay.
EXPECTED FAMILY CONTRIBUTED (EFC)
The amount your family can reasonably be expected to contribute to your education is determined by a formula developed by Congress and applied uniformly to all students.
FEDERAL DIRECT STUDENT LOAN
A loan program where students borrow directly from government funds – federal subsidies are included in some of these programs. This must be repaid.
FEDERAL PELL GRANT
Largest grant program (gift aid).
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)
A campus-based grant (gift aid) which must be given to the neediest students with a preference to Federal Pell-eligible students.
FEDERAL WORK-STUDY (FWS)
A campus-based work program based on need.
FINANCIAL AID APPEAL
A plea from the student requesting reinstatement of eligibility for financial aid based on extreme circumstances and for which documentation is provided.
FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
The application for all federal, state, and institutional aid.
FSA ID
A personal username and password by which a student and, parent if applicable, will use to sign and access their Federal Student Aid Records online. This will be used by the student throughout their education. This number is not the same as the username assigned by Dyersburg State.
GENERAL ASSEMBLY MERIT SCHOLARSHIP (GAMS)
A supplement to the HOPE Scholarship. A 3.75 high school GPA and 29 ACT score is required.
GIFT AID
Grants and most scholarships.
GRANT
Gift Aid (provided eligibility criteria met).
HOPE ACCESS GRANT
A lottery scholarship. Students must have an 18 ACT Score, a 2.75 high school GPA, and an adjusted gross income of $36,000 or less.
HOPE SCHOLARSHIP
A scholarship for Tennessee residents attending a Tennessee higher education institution. Students with a 21 ACT score or a 3.0 high school GPA may qualify.
INDEPENDENT STUDENT
A student attaining the age of 24 by the date specified and who has not previously met the criteria for an independent student.
MAXIMUM HOURS
The maximum hours for which a student is eligible to receive aid (150% of their program of study).
MEMO AID
The process of applying estimated aid to the student account. No actual funds are applied.
NATIONAL STUDENT LOAN DATA SYSTEM (NSLDS)
A federal database housing all federal aid information on a student
NEED
Cost of Attendance – Expected Family Contribution = Need
NEED ANALYSIS
A process determined by Congress and performed by a contractor of the federal government to determine the amount that a family can reasonably be expected to contribute to their education.
NON-TRADITIONAL HOPE SCHOLARSHIP
A lottery scholarship program for non-traditional students who meet the program requirements.
PACKAGE AID
After determining need, funds are given in the following order: grants and scholarships, federal work, and loan programs. The process is called packaging aid.
PAYMENT PERIOD
The enrollment period for which the student is paid.
PRIORITY DATE
The date on which students who have applied are given priority for funds.
PROFESSIONAL JUDGMENT
A process by which a student may request the use of current rather than last year’s income due to death, divorce, loss of employment, or any other catastrophic event that results in loss of income.
PROMISSORY NOTE
A document signed by a student receiving a federal direct student loan agreement to repay the loan according to the repayment provisions of that loan.
QUALITATIVE MEASUREMENT
Monitoring the grades of the student to ensure graduation within a reasonable period of time.
QUANTITATIVE MEASUREMENT
Monitoring the progress of the student to ensure that the degree can be achieved within a reasonable period of time.
REFUND
Money paid to a student after all fees have been paid to the institution.
REPAYMENT
Money owed due to failure to fulfill educational commitment.
SATISFACTORY ACADEMIC PROGRESS
The process by which the academic progress of a student toward the degree is monitored both quantitatively and qualitatively.
SELF-HELP AID
Federal Loans and work programs.
STUDENT AID REPORT (SAR)
The student document with the FAFSA results.
SUBSIDIZED LOAN
Federal Stafford Direct Student Loan where a portion of the interest is paid with tax dollars.
TAX TRANSCRIPT
An official document provided by the Internal Revenue Service detailing the information provided on the tax return filed by the student/spouse and/or parents.
TENNESSEE STUDENT ASSISTANCE AWARD (TSAA)
A grant program awarded to Pell-eligible students. Funds are appropriated by the Tennessee Legislature.
TENNESSEE STUDENT ASSISTANCE CORPORATION (TSAC)
The state agency in Tennessee administering the Tennessee Student Assistance Award and Tennessee Education Lottery Scholarship Programs. This agency also administers some other programs as well.
UNSUBSIDIZED LOAN
Federal Stafford Direct Student Loan where the student pays all of the interest on the loan.
VERIFICATION
The process of confirming that the data elements on the FAFSA are correct by utilizing approved documentation.
VERIFICATION WORKSHEET
A document used to verify some of the data elements on the FAFSA.