Financial need: The difference between a student's educational costs and the EFC (Expected Family Contribution: amount a student's family is expected to pay).

Financial Aid Package: The total financial aid a student is offered, including scholarships, grants, work-study and loans.

FAFSA: Free Application for Federal Student Aid.  The form the federal government uses to determine the amount of aid for which a student is eligible.

Federal Aid: Aid that comes from the U.S. government.  This aid is usually disbursed through your college.

Private Aid: Financial aid that comes from non-federal sources.

Award Letter: List of aid that the school is offering to you.  You are not required to accept all aid.

Dependent Status: Based on government guidelines.  If you are considered a dependent student, colleges will consider parent financial resources when awarding financial aid.

Gift Aid: Financial aid that does not need to be paid back   

Grants: Typically based on financial need 

Scholarships: Typically based on achievement or talent