Glossary

Term	Definition
Amended Returns	If an amended tax return was filed, to complete verification, we need the following: A copy of the A signed copy of the 1040X that was filed with the IRS
Asset	A valuable item in a family’s property or investments, such as a home, business equity, stocks, bonds, mutual funds, cash, bank accounts and trust funds.
Check the Year	Some financial aid forms are updated annually. Check the date on the form to make sure it matches the academic year for which you’re applying for aid.
Cost of Attendance	The Cost of Attendance consists of the sum of educational costs payable to the school (also referred to as direct or billable costs) and costs paid to others (or indirect, non-billable or discretionary) costs. The Cost of Attendance represents the highest dollar amount of financial aid a student can receive during an award year. Learn more about cost of attendance.
Definition of Need	Financial need is the difference between the cost of attendance (COA) and the Student Aid Index (SAI).
Educational Loan	Money borrowed from the federal government, a college or university, or a private source like a bank or financial institution to pay for educational expenses and must be paid back with interest.
Electronic Forms	Some of the forms on this website that you can click on are electronic forms. If applicable, the link will send you to an online forms page and you will be required to authenticate with your username and password. Only students who are required to fill out the form will be able to complete it. You can review the questions on the form, but you will not be able to save it or make revisions once you have successfully submitted. Once you successfully submit, you will receive a confirmation receipt via email. If you have any questions about a form, please contact our office.
Enrollment Status	The number of credits, clock hours, or classes the student is enrolled in, or whether they have withdrawn, graduated, etc. Enrollment status affects eligibility for and the amount of financial aid a student may receive. It also affects when student loans enter repayment status.
Estimate Your Expenses	For more specific information about the tuition and fees component of the cost of attendance, please see the Business Office website.
Extensions	If someone selected for has filed an extension on their taxes, we can complete verification with the following: Non-expired Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (IRS form 4868) A SIGNED draft of your federal tax return W2(s) (if applicable) After October 15, when extensions are due to the IRS, we will no longer accept the above documents to complete verification. You will need to request your tax return transcript from the IRS or use the IRS data retrieval tool on the FAFSA. If your file was verified based on an extension, you will still be asked to submit a Tax Return Transcript or use the Data Retrieval Tool at a later date (prior to spring disbursement).
FAFSA	The is used by the Department of Education and ��ݮ��Ƶ Tech to determine your eligibility for federal, state and institutional financial aid, including grants, educational loans and work-study programs. You must apply annually by our priority deadline.
Federal Direct Subsidized Student Loan	A Direct Subsidized Loan is an undergraduate federal student loan based on financial need and offers students a reduced, fixed interest rate and flexible repayment terms. Interest is subsidized, meaning it does not accrue to the borrower, while in an in-school, grace, or deferment period. Annual and aggregate limits apply.
Federal Direct Unsubsidized Student Loan	An unsubsidized loan offers students a fixed interest rate and flexible repayment terms. It is not based on financial need. Interest begins to accrue when the loan is disbursed and can be paid while the student is enrolled or when loan repayment begins. Annual and aggregate limits apply.
Federal Direct Parent PLUS Loan	Direct Parent PLUS Loans are federal loans that parents of dependent undergraduate students can use to help pay for education expenses. Parents must pass a credit check for adverse credit history to qualify for PLUS loans. Learn more about the PLUS loan.
Federal Loan	Also known as the Direct Loan Program, which allows eligible students and parents to borrow directly from the U.S. Department of Education at participating colleges or universities. Federal student loans include Direct Subsidized, Direct Unsubsidized and the Direct PLUS programs for parents of dependent students and graduate or professional students.
Federal Pell Grant	The Pell Grant is a federal grant program designed to assist undergraduate students in low- and moderate-income households to pay for college. The award amount is based on the cost of the institution, SAI, and enrollment status, and is subject to an aggregate limit.
Federal Supplemental Educational Opportunity Grant (FSEOG)	A federal grant provided by the institution to qualified undergraduate students who demonstrate exceptional financial need and does not need to be repaid. The amount of funding from this program varies by institution.
Federal Work-Study (FWS)	Federal Work-Study provides funding for part-time jobs for undergraduate and graduate students with financial need. Unlike grants and loans, FWS is paid to students as they earn the funds by working.
FERPA	The Family Educational Rights and Privacy Act (FERPA) is a federal law that protects the privacy of student education records. It’s designed to establish the rights of students to inspect and review their education records and to provide guidelines for the correction of inaccurate and misleading data. Learn more about FERPA.
Financial Aid Portal	This ��ݮ��Ƶ Tech's web-based secure financial aid portal for students to view various components of their financial aid application. It includes: the financial aid awarded, all required documents and their status, as well as important messages.
Financial Aid Offer	A financial aid offer is a document sent by a postsecondary institution to a student that outlines the amounts and details of the financial aid being offered to the student, which may include scholarships, grants, loans, employment, or other forms of financial assistance to pay for college expenses.
Grants & Scholarships	Any money provided to students that does not have to be repaid. They can be called grants, scholarships, tuition remissions, gift aid, or tuition waivers. Grants and scholarships are provided based on many different factors.
Grade Point Average (GPA)	Average of a student’s grades, usually on a 4.0 scale. (A=4.0. B=3.0. C= 2.0. D=1.0.)
Grant	A financial aid grant is money awarded to a student by federal and state governments and by institutions. Grants do not have to be repaid.
Loan	An education loan is a form of financial aid that must be repaid, with interest. Eligibility usually is based on financial need.
Loan Consolidation	The Higher Education Act (HEA) provides for a under both the Federal Family Education Loan (FFEL) Programs and the Direct Loan Program. These programs simplify loan repayment by combining several types of federal education loans into one new loan. Benefits may include lower interest rates and an extended repayment time.
Private Loan	A student or parent loan from a bank, credit union, private company, a nonprofit or state-affiliated lender, or from the college or university directly to pay for educational costs. Interest begins to accrue when the loan is disbursed, and repayment begins while the student is still enrolled in school.
Promissory Note / Master Promissory Note (MPN)	A promissory note is a binding legal document a student must sign before loan funds can be disbursed by the lender. The promissory note outlines the terms and conditions of the loan, including the repayment schedule, the interest rate and cancellation conditions. Using a enables you to sign one note to receive multiple loans in different academic years under the same program. An MPN is good for 10 years, after which it must be signed again for additional funds.
MATC Online	MATC Online is ��ݮ��Ƶ Tech's online student management system. You can use it to: View and pay your bill Sign up for direct deposit View your class schedule and grades Enable or disable FERPA Update your contact information View your Academic Degree Progress And Many more things.......
Merit-based aid	Eligibility for merit-based financial aid awards depends on academic achievements, special talents or other criteria rather than on financial need.
Need	The student's Cost of Attendance minus their Student Aid Index.
Need-based Aid	Financial assistance provided to students based on their financial situation, determined by completing the FAFSA. Need-based financial aid can take different forms, including grants, scholarships, work-study programs, and low-interest loans, like the federal direct subsidized loan.
Net Price	The difference between the cost of attendance and all grants and scholarships. Net price reflects what the student is expected to pay for their education on their own and can be covered through a variety of sources, including savings, student employment, institutional payment plans, or education loans.
Parent on FAFSA	Dependent students are instructed to file the FAFSA with his/her legal parents, biological and/or adoptive. Grandparents, foster parents, legal guardians, older brothers or sisters, and aunts and uncles are not considered a parent on the FAFSA unless they have legally adopted the student.
Scholarship	A scholarship is a financial award that does not have to be repaid. Eligibility is based on criteria established by the donor or institution and may include need or merit.
Student Aid Index (SAI)	The SAI is the number used to determine your eligibility for federal, and in some instances, state and institutional need-based student financial aid. Generally, students with a higher SAI are eligible for less need-based financial aid. This number results from the financial information provided by the student and their family on the .
Verification	A federally mandated process to confirm the accuracy of data provided by selected applicants on the FAFSA. To complete the verification process, the student, their parent(s), or spouse, if applicable, are required to provide certain documents to the school for review. If the documentation the student provides the institution doesn't match what was reported on the FAFSA, verification can result in changes to the student's financial aid eligibility, and/or financial aid offers. Learn more about verification.
Victims of Fraud	If you are selected for verification and you or your parent are believed to be a victim of Identity Theft and cannot request a tax return transcript, follow these steps: The tax filer must call the IRS at 1-800-908-4490 Signed and dated statement from the tax filers indicating that he or she was a victim of IRS tax-related identity theft (Form 14039 Identity Theft Affidavit). Upon authentication of the tax filer’s identity, the IRS will provide the tax information to you Submit the tax information to the financial aid office to complete verification