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Financial Aid
Glossary of Financial Aid Terms
The following terms are loosely defined for the reader's comprehension on this site and should not be taken as legal definitions.
Award letter - A document provided by the school, informing the applicant of the amount of assistance for which the student is eligible; this offer could include scholarships, grants, work-study, and/or loans. The student must indicate to the school which, if any, of the items available he/she wishes to accept. Any changes in financial situation, address changes, etc. after the student has filled out the FAFSA must be reported to the school. The award letter is valid only for the upcoming year unless otherwise noted.
College Scholarship Assistance Program (CSAP) - A financial award issued by the state of Virginia to students who are Virginia residents attending a Virginia college or university who demonstrate extreme financial need.
Cost of attendance - Allowances in the student budget for the following expenses that the student may incur: tuition, room and board, fees, books, travel, miscellaneous, and loan fees. The total amount of a student's financial aid CANNOT exceed the cost of attendance.
Disbursement - the release of loan funds to the school for delivery to the borrower. Disbursements are generally made in at least two installments.
Entrance counseling - An information session for first-time borrowers. It ensures that students know they are borrowing funds for their education, and that they are expected to repay the loans.
Exit counseling - An information session for students leaving Liberty whether by graduation or withdrawal. The session outlines the amount of money in loans the student owes, plus repayment options available to them.
Federal Pell Grant - Federal money that does not have to be repaid; based on the EFC and cost of attendance. Generally, Pell Grant is only awarded to undergraduate students.
Master Promissory Note (MPN) - A legal document signed by the student applying for a federal student loan. Signing the MPN is a promise to repay the loan. The MPN also outlines others of the student's rights and responsibilities.
College Scholarship Assistance Program (CSAP) - A financial award issued by the state of Virginia to students who are Virginia residents attending a Virginia college or university who demonstrate extreme financial need.
Cost of attendance - Allowances in the student budget for the following expenses that the student may incur: tuition, room and board, fees, books, travel, miscellaneous, and loan fees. The total amount of a student's financial aid CANNOT exceed the cost of attendance.
Disbursement - the release of loan funds to the school for delivery to the borrower. Disbursements are generally made in at least two installments.
LU Online program - Liberty University's non-traditional academic program that allows students to take courses and potentially earn a degree at a distance.
LU Online student (Distance student) - A Liberty University student enrolled in Liberty University's online program.
Entrance counseling - An information session for first-time borrowers. It ensures that students know they are borrowing funds for their education, and that they are expected to repay the loans.
Exit counseling - An information session for students leaving Liberty whether by graduation or withdrawal. The session outlines the amount of money in loans the student owes, plus repayment options available to them.
Expected Family Contribution (EFC) - A measure of your family's financial strength and is used to determine your eligibility for federal/institutional student aid.
FAFSA - Abbreviation for Free Application for Federal Student Aid.
Federal Pell Grant - Federal money that does not have to be repaid; based on the EFC and cost of attendance. Generally, Pell Grant is only awarded to undergraduate students.
Federal Supplemental Educational Opportunity Grant (FSEOG) - A grant available to undergraduate students with exceptional financial need. Priority is given to students receiving the Federal Pell Grant.
Federal Work-Study Program - Provides part-time jobs for undergraduate and graduate students who have financial need as established by the FAFSA.
Financial Check-In - The process in which students make arrangements to meet their financial obligations to the university. More information regarding Financial Check-In can be found here
Financial Check-In - The process in which students make arrangements to meet their financial obligations to the university. More information regarding Financial Check-In can be found here
Free Application for Federal Student Aid (FAFSA) - A financial application that the United States government uses to determine if you are eligible for federal financial aid. Liberty requires that this application be filed if you are to receive any University scholarships.
Graduate student - A Liberty University student pursuing a degree beyond a bachelor's (4-year) degree.
Grants - Financial Aid from the federal or state government, which does not have to be paid back. Grants from the federal government are generally need based. Grants from the state government are generally given to students attending an in-state school that is not state funded.
Loans - Financial Aid which must be repaid. Loans may have a variety of repayment methods.
Master Promissory Note (MPN) - A legal document signed by the student applying for a federal student loan. Signing the MPN is a promise to repay the loan. The MPN also outlines others of the student's rights and responsibilities.
Parent PLUS Loans - Federal loans borrowed by a credit-worthy parent for their dependent undergraduate students.
Personal identification number (PIN) - Serves as your identifier to let you electronically sign and access your personal information in various U.S. Department of Education systems.
Resident student - A student that takes classes on campus.
Resident student - A student that takes classes on campus.
Scholarships - Financial Aid which does not have to be repaid. Scholarships may be received from the University or an external organization. In order to be eligible for University scholarships the student and/or his guardian must fill out a FAFSA.
Student subsidized loans - Federal loans that are awarded based on financial need, in which the government pays the interest while the student is enrolled in school at least half-time.
Student unsubsidized loans - Federal loans that are not based on financial need. Students are responsible for paying interest and can pay the interest during school or let it accrue until after graduation.
Student Aid Report (SAR) - A report sent to the student from the Department of Education that contains the following: an EFC calculation, a summary of the information the student submitted on the FAFSA, results of matches with other federal agency databases, and the student's financial aid history. It also defines any issues that the Department of Education requires the student to resolve before financial aid can be processed.
UG - Abbreviation for Undergraduate.
Undergraduate student - A Liberty University student who has not yet completed a bachelor's (4-year) degree.
Verification - The process of proving the accuracy of information reported on the FAFSA. The Department of Education randomly selects 30% of all students who fill out the FAFSA.
Virginia College Scholarship Assistance Program (CSAP) - A need-based program of grants to undergraduate students enrolled in Virginia colleges and universities.
Virginia Tuition Assistance Grant (VTAG) - A non-need based grant for full-time Virginia residents who have permanently resided in Virginia for at least one year.
