Glossary of Terms
The ABC’s of Financial Aid
Cost of Attendance or Student Budget – The Student Budget, which is listed on the student’s award letter, consists of projected tuition and fees, books and supplies, living allowance, and transportation. This figure is inflated to provide the maximum eligibility for need based financial aid. The student is only responsible for the tuition and fees and any books or supplies that are charged at the Antioch bookstore. This figure is the maximum amount a student can receive per academic school year. If the student receives financial aid that goes beyond the budget, the unsubsidized portion of the loan must be reduced.
Direct Deposit – Once all financial aid has been applied to the student’s account and tuition and fees are deducted, there may be overage money to be given to the student to use for transportation, living or child care. The student can complete a form and provide a checking or savings account number and the overage can be directly deposited into the student’s personal bank account.
Estimated Family Contribution (EFC) – This figure was calculated by the Department of Education from the information you placed on the FAFSA. Your adjusted gross income, asset information, number of people in household and number in college are all factors when determining the student’s EFC.
Federal Pell Grant – Grant for undergraduate students based on financial need. Student must complete the FAFSA to determine financial need.
Federal Perkins Loan – The Federal Perkins loan is a low-interest (5%) loan awarded to students with exceptional financial need as determined by the FAFSA. At Antioch, only students who do not have enough financial aid to pay for their tuition and fees are considered for Perkins. A separate Master Promissory Note is required for disbursement.
Federal Subsidized Direct Loan – The subsidized Direct Loan is the need based loan where the Department of Education pays the interest while the student is in school and up to 6 months after the student ceases to attend or graduates. NOTE: Effective July 1, 2012, the Department of Education will no longer pay the interest on Graduate student loans. Graduate students will only be eligible for unsubsidized loans. The annual maximum amount of subsidized for undergraduate is $5500 and for graduate is $8500.
Federal Supplemental Education Opportunity Grant (SEOG) – Preference given to Pell eligible students on a first come, first served basis until funds are depleted.
Federal Unsubsidized Direct Loan – The unsubsidized Direct Loan is the non-need based loan where the interest compounds during the life of the loan. The current interest rate is a fixed 6.8%. The annual maximum amount is $20500 minus any subsidized portion.
Federal Work Study Program (FWSP ) – The Federal Work Study Program provides paid employment possibilities and is awarded to financial aid applicants with the highest level of need, who meet the priority deadline, on a first come, first served basis until the funds are depleted.
Free Application for Federal Student Aid (FAFSA) – Federal from which is completed annually using the previous year’s income tax information. The FAFSA must be completed annually.
National Student Loan Data System (NSLDS) – This is the Department of Education website that lists every student loan a student has received, who is the holder of the loan is, the status of the loan, and the amount owed. This is also the website that students are referred to take the Exit Loan Counseling.
Electronic funds transfer (EFT) – All Federal grants and loans and State grants are sent electronically to a designated fund at Antioch then pulled over individually to the student’s account.
Ohio College Opportunity Grant Program (OCOG) – Provides need-based tuition assistance to Ohio residents in an associate’s or bachelor’s degree or nursing diploma program attending an eligible institution. Eligible students must have an Expected Family Contribution (EFC) of 2190 or less with a maximum household income of $75,000. Students apply for OCOG benefits by completing the Free Application for Federal Student Aid (FAFSA). The application deadline is Oct. 1 of each year.
Satisfactory Academic Progress (SAP) – The Satisfactory Academic Progress policy evaluates both the quality (student’s positive evaluations) and quantity or Pace-of-Progressions (credit hours attempted and credit hours earned) and the Maximum Time Frame ( duration of eligibility). While a student must earn positive evaluations as determined by the faculty in their Department, they must also maintain Satisfactory Academic Progress to receive any type of Financial Aid.
Student Aid Report (SAR) – Once the student completes and submits the FAFSA, the Department of Education will mail or e-mail a copy of this report. The student should look over it and check for any discrepancies.
Special Circumstances – Since the prior year tax information is used on the FAFSA, it is not always an accurate picture of the student’s current financial situation. If the current year income will be less than the previous year used on the FAFSA and it was due to a lay-off, reduction of hours, loss of untaxed income, or any other uncontrollable situation, the student can turn in a letter describing the situation and provide supporting documentation. The Financial Aid Office has the authority to use current information to calculate financial aid eligibility.
Title IV Refund (R2T4) – If a student drops all of his/her classes or officially withdraws from the University in the middle of a term, a portion of the money may be required to be returned to the Federal funds depending on when the drop or withdraw occurs. There is software on the Department of Education website that we use to plug in last day of attendance, costs per term and financial aid received for that term. The Department of Education calculates the percentage you can keep and the percentage that must be returned by dividing the number of days attended by the number of days in the term. If the student attends over 60% of the term, the student can keep 100% of the financial aid. The University refund policy is not the same as the Department of Education policy. The student may owe if they received financial aid for the entire term, including overage.
Tuition Refund Schedule – Please note that this refund schedule is in effect for all students registered in any AUM course offered in an academic program. It is the student’s responsibility to be aware of the quarter start/end dates and to note that they may or may not correspond with their first day of class.
- 100% refund-drop prior to the beginning and through day 6 of the semester
- 50% refund-drop during days 7-13 of the semester
- No refund for drops/withdrawals on/after day 14
Continuing education students receive 100% refund less a $50 handling fee if they drop within 5 business days prior to seminar start. No refund after the 5-day period noted above.
Unmet Need – This figure represents the difference of the Student budget minus the EFC minus all other financial aid Antioch has offered the student. In other words, the student can receive up to this amount in other scholarships, or outside assistance before the original offer must be reduced.
Verification – Approximately 20% of all students who complete the FAFSA are selected for verification. At this time, the Financial Aid Office must request tax information and verification worksheets. These are used to match what the student put on the FAFSA. On occasion, the Financial Aid Office will have evidence of conflicting information and are permitted to select a student for verification.