Financial Aid Glossary of Terms
Academic Year: An academic year begins on July 1 and equals two semesters plus summer sessions
Award Letter: An offer of financial aid prepared by the Director of Financial Aid. The Award Letter lists the aid offered and contains the necessary certifications required by federal regulations. The student is required to sign and return the Award Letter to accept the awarded aid.
Budget/Cost of Education: The calculated amount of money required for a student to attend Campbellsville University for an academic year. This amount is based on dependency status and place of residence (commuter or resident). This amount includes tuition, books & supplies, room, board, personal, and transportation expenses.
Central Processor: The company that has a contract with the U.S. Department of Education to process Federal Student Aid Forms.
Default: Failure to repay a Loan when required. This can prevent a student from receiving financial aid in the future and have an adverse effect on his/her credit rating.
Deferment: To postpone repayment of a Student Loan.
Entrance Interview: All students receiving Student Loans are required to go through an Entrance Interview. This requirement can be met by attending a meeting conducted by a Financial Aid Officer the day before classes begin or by completing the interview on-line.
Exit Interview: An interview required for all students who will not be returning to Campbellsville University and have received a Student Loan. This requirement can be met by attending a meeting conducted by a Financial Aid Officer before the student leaves the University or by completing the interview on-line.
FAFSA (Free Application for Federal Student Aid): The form used to collect information in determining a student’s need for financial aid. The student submits this form to the Central Processor to be analyzed. The reported information is confidential and sent only to the recipients you list. There is no cost for processing this form.
EFC (Estimated Family Contribution): The amount which a student and their parents should be reasonably expected to provide toward meeting their college expenses. The formula for computing family contribution is established by federal regulations and the completed FAFSA.
Gift Aid: Financial aid awarded to a student which does not have to be repaid such as grants and scholarships.
ISIR (Institutional Student Information Record): The report sent to the University from the Central Processor with the student’s Estimated Family Contribution. This is received four to six weeks after the student files the FAFSA.
KHEAA (Kentucky Higher Education Assistance Authority): The state agency responsible for the administration of Kentucky Student Financial Aid Programs. Their address is: Hwy. 127 South, Frankfort, KY 40601. Phone: (502) 564-7990.
Measurable Academic Progress: Academic requirements which students must meet in order to continue their eligibility for financial aid at Campbellsville University. These requirements are stated in the Campbellsville University Catalog-Bulletin.
Need: In financial aid, Need refers to the difference between the Estimated Family Contribution and the student’s Budget. (Budget – EFC = Need)
Needs Analysis: The process of objectively determining the extent to which an applicant for financial aid demonstrates need.
Processing Fee: Beginning in 1993, there is no fee for processing financial aid applications.
Promissory Note: A statement signed by the student stating that he/she will repay a Student Loan.
Refund & Repayment: If a student receives financial aid and withdraws from classes before the end of a semester, he/she may owe a refund to one or more financial aid programs. Campbellsville University’s withdraw/refund policy can be found in the Catalog-Bulletin.
SAR (Student Aid Report): A report sent to the student about five weeks after they submit their FAFSA. This report notifies the student of their Pell Grant eligibility and must be signed and sent to the Office of Financial Aid.
Self-Help: A portion of the college budget which the student is expected to obtain on his/her own, usually through earnings, savings, or loans.
Special Conditions: Conditions that result from a significant change in a student or students family’s financial situation.
Student Employment (Work-Study): School-provided jobs that enable a student to earn a portion of school costs. The student receives an hour’s pay for an hour’s work. Work-Study awards are based on the student’s need.
Verification: The process through which information given by students on their FAFSA is proofed for accuracy. Students who are to be verified are chosen by edit checks established by the U.S. Department of Education. If a student is selected, his or her aid cannot be disbursed until verification is completed.