Glossary of Commonly Used Terms

Alien Registration Number

The alien registration number or “A-number” is an identifying number that the U.S. Citizenship and Immigration Services (USCIS) will assign to certain non-citizens.

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Award Letter

Award Letters are sometimes referred to as “Financial Aid Packages”. Your Award Letter will include details about the financial aid you can expect to receive from Stonehill College and government/private sources for the academic year.

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Borrower

The person responsible for repaying a loan.

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Capitalized Interest

Unpaid interest that has been added to the principle balance of a loan. Future interest is charged on the increased balance.

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Cost of Attendance/ Budget

The estimated cost of attending Stonehill for one academic year. This amount includes, billed costs, along with estimates for out of pocket expenses, such as:
-Expected charges for one year of tuition and fees
a. Tuition – Charges assessed for classes
b. Fees – Charges assessed for other college services
-Room and board for resident students
-Estimated living expense ?? allowance for rent, utilities, and food for off?campus living
-Estimated transportation costs
-Estimated books and supplies
-Miscellaneous costs

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CSS Profile

CSS Profile is short for the College Scholarship Service Profile. It is an application provided by the Collegeboard that allows students to apply for financial aid. It is an on-line form available at http://student.collegeboard.org/profile. The information provided for freshman year is used to determine your eligibility for Stonehill funded need-based scholarships.

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CUM (Cumulative Grade Point Average)

Measure of overall historic academic achievement at the College, calculated by dividing the total number of grade point received over the total number of credits attempted while in attendance. At Stonehill courses accepted as transfer credits are not included in the calculation of a GPA.

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Deferment

Allows you to temporarily stop making payment on your federal student loans. You are not charged interest on subsidized loans during deferment. Interest will continue to be charged on your unsubsidized loans and PLUSloans.

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Direct Costs

Expenses the student/family pays to the college.

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Direct Deposit/Payment

Direct Deposit (or Direct Payment) is an electronic transfer of funds from one bank account to another (e.g. a system that automatically deposits your paycheck into your bank account electronically each pay period).

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Educational Loan

A form of financial aid that must be repaid with interest. Educational loans
have varying interest rates and repayment terms. Students and/or parents are required to sign a promissory note when accepting an educational loan.

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Enrollment Status

Academic workload (or course load), as defined by the institution, that a
student is carrying for a defined academic period. This relates to the number of credit hours taken by a student during a given academic period. At Stonehill, full-time status = at least 12 credit hours, three?quarter time status = 9-11 credit hours, and half-time status = 6-8 credit hours.

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Expected Family Contribution (EFC)

A measure of how much the student/family can be expected to contribute to the cost of the student’s education for the year. The EFC is calculated according to a formula specified in the law and is based upon the information provided by the student and his or her family during the FASFA filing process.Note- When determining institutional financial aid, many schools use more comprehensive calculation using information on the Profile or an Institutional Financial Aid Application which may result in a higher expected family contribution.

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FAFSA

FAFSA is short for Free Application for Federal Student Aid. It is a form that should be completed annually to determine your eligibility for government financial aid (e.g. the Pell Grant, Federal student loans and Federal Work-Study). This form should be completed annually by Stonehill’s priority filing deadlines.

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Family Financial Responsibility

Many schools award institutional scholarships and grants based on a more comprehensive calculation of family financial circumstances using information provided on the CSS PROFILE or the College’s own financial aid form. This can result in a higher(or lower) financial responsibility for the student (and his/her family) than the Free Application for Federal Student Aid (FAFSA) might indicate with its Expected Family Contribution (EFC)estimate.

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Federal Pell Grant

A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution below a threshold designated annually by the U.S. Department of Education.

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Federal Supplemental Educational Opportunity Grant (FSEOG)

A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need.

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Federal Work Study (FWSP)

A program that provides part?time employment to students attending institutions of higher education who need the earnings to help meet their costs of postsecondary education and encourages students receiving FWSassistance to participate in community service activities.

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Fees

Fees are costs outside of Tuition and Room & Board that you may be responsible for, depending on your needs and activities while at Stonehill (e.g. Student Health Insurance, Course Fees, Study Abroad Fee, Parking Decal, and Dorm Damage).

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Financial Need/Eligibility

Financial need is determined by subtracting the Expected Family Contribution from the Cost of Attendance.

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Full Time

Full Time students are those who attempt 12 or more credits in a semester.

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Gift Aid

Funds awarded to the student that do not have to be repaid, unless the student fails to meet certain terms, such as a service requirement, specified as a condition of the grant. Gift aid includes awards with titles such as grants, scholarships, remissions, waivers, etc. Gift aid can be awarded based on many factors, including (but not limited to) financial need, academic excellence, athletic, musical, and theatrical talent, affiliation with various groups, or career aspirations.

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Grace Period

A period of time that generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment and ends on the day before repayment period begins. A borrower is not required to make payments during the grace period. Grace periods for subsidized and unsubsidized made under the Direct Loan programs are 6 months, and grace periods for Perkins loans are generally 9 months.

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Grade Point Average

Grade Point Average (or GPA) is a measure of scholastic achievement calculated by dividing the total number of grade points received in a semester over the total number of credits attempted in that semester.

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Grant

Gift aid awarded to the student that does not need to be repaid. Grants are typically based on financial need.

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HillCard

The HillCard is your campus ID card and serves as a debit and access card. Your HillCard is linked to your meal plan and HillDollars account, and is used to access residence halls, borrow from the library, pay campus fees and eat off campus at participating locations.

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Indirect Costs

Expenses the student/family may pay to a third party (merchant, landlord, etc.)other than the college.

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Interest

Interest is a fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the borrowed money.

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IRS Data Retrieval Tool

The IRS Data Retrieval Tool is an easy and secure way to access and transfer tax information directly to the FAFSAapplication, saving time and improving accuracy. Either the IRS Data Retrieval tool or a copy of your Tax Return Transcript will be required, if your file is selected for a process called verification.

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Job Aid

Job Aid is eligibility for part-time employment for students. Job Aid can help defray day-to-day costs of attending college. Students are paid for hours worked, and there is no guarantee of placement or earnings. Job aid is not creditable to the tuition bill. Job aid may be in the form of Federal Work Study or the Student Employment Program.

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Master Promissory Note

A Master Promissory Note is a binding legal document you sign when you get a student loan. It lists the conditions under which you are borrowing and the terms under which you agree to repay the loan.

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Merit Aid/Scholarships

Merit Aid or scholarships are a form of gift aid that is awarded because of a student’s achievements or talent in a particular area, such as academics or athletics. It does not have to be repaid.

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Need Based Aid

Need Based Aid is financial aid that is based upon financial need as demonstrated on the FAFSA and/or Profile application forms.

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Need Blind

Need Blind means that admission decisions are made without any knowledge of students’ financial circumstances.

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Net Cost

Amount of direct and indirect costs remaining after all gift aid (scholarship and grant)is subtracted.

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Part Time

Part Time students are those who attempt less than 12 credits in a semester.

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PIN

PIN is short for Personal Identification Number. A PIN is often required to access information or complete applications (e.g. the FAFSA).

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Room & Board

Room and Board refers to lodging and food provided on the College’s campus. At Stonehill, Room & Board consists of your residence hall accommodations and your meal plan.

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Satisfactory Academic Progress (SAP)

To receive or continue to receive financial aid funded by the state, the federal government, or the college (including loans, grants, jobs, scholarships), you must be making Satisfactory Academic Progess, which requires that you achieve and maintain a cumulative grade point average of at least 2.0 after four semesters of college attendance. In addition, you must complete a minimum number of the total credits attempted.

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Scholarships/ Merit Aid

Scholarships/ Merit Aid are a form of gift aid that is awarded because of a student’s achievements or talent in a particular area, such as academics or athletics. It does not have to be repaid.

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Self Help

Financial aid in the form of loans or student employment. Loans are used to help pay the remaining net costs after gift aid is deducted. Student employment earnings (including work study awards) are not deducted from billed costs but can be used to help cover indirect costs and are paid in the form of wages to the student.

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Student Aid Report (SAR)

A summary of information your submit on your FAFSA that provides you with your Expected Family Contribution (EFC).

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Student Employment Program (SEP)

Student Employment Program is a college funded part-time employment program.

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Verification

Process to confirm the accuracy of data provided by the applicant on the Free Application for Federal Student Aid (FAFSA) and the CSS Profile. In order to complete the verification process, students are required to provide certain documents to the school for review.

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