Glossary of Financial Aid Terms
- Academic Year
The period during which college is in session, consisting of at least 30 weeks of instructional time. The school year typically runs from the end of August through the beginning of May, however, for PROMISE purposes we extend the traditional academic year to include any courses a student may take in summer school (at his/her own expense). - Academic Common Market
This program is for college students who want to pursue degrees in fields that are not offered at any West Virginia college or university. These students may enroll in certain out-of-state universities that offer the specialized degree program and pay in-state tuition rates. West Virginia participates in the Academic Common Market as a state in the Southern Regional Education Board (SREB) area. Please visit www.sreb.org for more information on the Academic Common Market. PROMISE must be used in WV and thus cannot be utilized at the Academic Common Market schools. - ACT
One of two national standardized college entrance examinations used in the United States. The other is the SAT. ACT test scores are accepted at all West Virginia accredited colleges and universities along with most institutions in the West and Midwest. Students must take the ACT and/or SAT in order to determine eligibility for the PROMISE Scholarship. If you would like more information on the ACT visit www.act.org. - Appeal
Typically in written format, a student may disagree with the decision of the PROMISE Board. In such cases a student may wish to challenge the decision. Please see Appeal Process for complete information regarding how to appeal. - Common Application
Any student who wishes to apply for the PROMISE Scholarship must fill out this application by March 1. The Common Application is used for both the PROMISE Scholarship and the WV Higher Education Grant. Click here to fill out the Common Application. - Cost of Attendance
The estimated total amount it should cost a student to go to college. These costs often include, but are not limited to:- Tuition and fees
- Room and board
- Travel expenses
- Books and supplies
- Personal expenses
- Miscellaneous costs
- Deferment
Graduating high school students who receive PROMISE may defer his/her scholarship for up to two years and may not enroll in any other post-secondary institution during their deferment. If a student has entered the United States Armed Services within two years after he/she graduates from high school, the student is able to defer his/her scholarship until he/she has completed service or up to seven years. Provided, however, that once discharged from the military, a student must re-instate his/her scholarship within one year from the date of discharge. Please see Board Policy 9 C for the complete details of military deferment. - Dependency Status
Determines to what degree a student has access to parent financial resources. - EFC (Expected Family Contribution)
The amount of money that the family is expected to contribute to the student’s education, as determined by the FAFSA. The EFC includes parent contributions and student contributions, and depends on the student’s dependency status, family size, number of family members in school, taxable and nontaxable income and assets. Visit www.finaid.org to calculate your approximate EFC level. - FAFSA (Free Application for Federal Student Aid)
This is the application that must be filed by an applicant to apply for any student financial aid distributed by the state or federal government. In addition, every student applying for PROMISE needs to file the FAFSA by March 1. To file the FAFSA visit www.fafsa.ed.gov. - Financial Aid
Money provided to the student to help pay for his/her education. Major forms of financial aid include grants, scholarships, loans, and work-study programs. There are two main types of financial aid, gift aid and self-help aid. - Financial Aid Package
The complete financial aid award combination of grants, scholarships, loans, and work-study employment from all financial aid sources (federal, state, institutional, and private) offered to a student to enable him/her to attend a college or university. Financial aid packages help make college affordable for both the student and the family. - Gift Aid
As the name implies, gift aid does not have to be repaid and does not require a work commitment on the part of the recipient. It consists of grants and scholarships from federal, state, institutional, and private sources. Grants are usually awarded on the basis of need, while scholarships are usually awarded based on a student’s academic performance or talent in a particular area. - GPA (Grade Point Average)
An average of a student’s grades. PROMISE requires students to achieve a minimum of a cumulative 3.0 (B average) as well as a 3.0 (B average) in the core subjects. A listing of PROMISE core classes can be found here. The PROMISE Scholarship accepts either weighted or un-weighted grades depending on the grading policies of each individual county board of education and/or high school. - Mandatory Fees
These are fees that are charged to ALL students enrolled in college regardless of academic standing or class year. Fees specific to a certain program, major, or class are not considered mandatory fees, nor are one-time fees such as a freshman orientation fee. - Merit-Based Aid
Financial aid that is based on the student’s achievements in areas such as academics or special talents including music or athletics. Some merit-based programs are based strictly on merit, while others have need-based components as well. PROMISE is based on a student’s grades and test scores. -
Need
The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC) is the student’s financial need – the gap between the cost of attending the school and the student’s resources. The financial aid package is based on the amount of financial need. The process of determining a student’s need is known as need analysis.
COA – EFC = Financial Need -
Need-Based Aid
Financial aid that is given based upon a student’s financial situation. Many government sources of financial aid are need-based. In addition, West Virginia has a need-based grant program that awards students who demonstrate financial need. Click here for information on the need-based WV Higher Education Grant or Federal Pell Grant. -
Scholarship
A form of financial assistance that does not require repayment or employment and is based upon criteria established by the donor. -
SAT
One of the two national standardized college entrance examinations used in the US. The other test is the ACT. The SAT is administered by the Educational Testing Service and information regarding the SAT as well as registration can be found at www.collegeboard.com. Students must take the ACT and/or SAT in order to determine eligibility for the PROMISE Scholarship. -
Self-Help Aid
Financial Aid that requires either repayment or a work commitment on the part of the recipient. Most loans for higher education come either directly from and/or are subsidized by the federal government. Federal education loans are available to both students and parents. Wages earned under the Federal Work-Study (FWS) Program, state work-study programs, and institutional need-based employment are examples of self-help aid. -
SAR (Student Aid Report)
A federal output document generated by the FAFSA processor and mailed to the student. The SAR contains the family’s financial information and other information as reported by the student on the FAFSA. The student’s eligibility for financial aid is indicated by the EFC printed on the front of the SAR. The PROMISE Scholarship is not based on a student’s or his/her family’s income or EFC.