Northwest College

Glossary of Terms

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

F

Federal Methodology (FM)
The formulas used to determine a student's eligibility for federal Title IV funds. The formulas take into account income, assets, expenses, family size and other factors.


Federal Pell Grant Program

Pell grants are available to students who have significant demonstrated financial need, as determined by the Free Application for Federal Student Aid (FAFSA). This grant is considered to be "free" money and does not have to be repaid. (For more information, see the Federal Student Aid site's information on Pell Grants .)


Federal PLUS Loans

Loans for parents of undergraduate students, available from the Federal Direct Loan Program. Parents may borrow up to the total costs of education minus any student aid awarded (per child). Loans are made without regard to financial need, but borrowers must demonstrate positive credit history.


Federal Stafford Loans

Loans for students, both undergraduate and graduate, are available through the Federal Direct Loan Program. Subsidized Federal Stafford Loans are made on the basis of financial need. The federal government pays the interest while the student is enrolled.A student may take up to ten years to repay the loan and repayment begins 6 months after the student graduates, leaves school, or drops below half-time status.

Students who do not qualify for a Subsidized Federal Stafford Loan, or who need additional funds, may borrow from the Unsubsidized Federal Stafford Loan Program. Interest rates and repayment terms are similar to those associated with the Subsidized Federal Stafford Loan Program, with one important difference: the government doesn't pay the interest while the student is enrolled. The student can either pay the interest as it accrues or allow the interest to be capitalized.


Federal Supplemental Educational Opportunity Grant (FSEOG)

FSEOG grants are available to undergraduate students who demonstrate exceptional need, according to the results of the Free Application for Federal Student Aid. (For more information, see the Federal Student Aid site's information on the FSEOG Program .)


Federal Work-Study Program (FWS)
FWS allows a student to earn money by working a part-time job on campus. Students must demonstrate financial need to be considered. Federal work-study is paid directly to the student on a monthly basis, based on the number of hours worked.


Financial Aid Office (FAO)
Northwest College's Office of Financial Aid and Scholarships.


Financial Aid Package
A combination of aid, generally from a variety of sources. Typically a student receives a package that includes gift-help (scholarships and grants) and self-help (student loans and student employment opportunities).


Financial Need
The difference between what it costs to attend a particular college and the amount that has been determined that a student and her/his family can afford to pay toward those expenses (EFC). The term "unmet financial need" is often used at institutions such as NWC. The amount that an applicant can be expected to contribute is measured according to standardized federal formulas.


Free Application for Federal Student Aid (FAFSA )

A form used to apply for all Federal Title IV student aid programs, including Pell Grants, Stafford Loans and campus-based programs (FSEOG, Work-study, and Federal Loans). The FAFSA, which is collected, distributed and processed by the United States Department of Education, gathers the information required to determine need and eligibility according to the federal methodology. It is widely available in high schools, postsecondary financial aid offices and online at https://www.fafsa.gov/ .


Questions? Call or email us:

Northwest College
Financial Aid & Scholarships
financialaid@nwc.edu
307-754-6158 or 800-560-4692