Glossary of Terms
Do you know your FAFSA from your Profile? Your Perkins Loan from your Pell Grant? There are some financial aid terms you're going to run into over and over again. This glossary should help you keep all those names, initials and acronyms in order.
ASA - American Student Assistance, the state agency that guarantees Stafford loans for Holy Cross students. To learn more about Stafford Loans, see ASA's Web site.
FAFSA - The Free Application for Federal Student Assistance, a form that collects your family's financial information to determine whether you qualify for Federal aid programs. If you're applying for financial aid from Holy Cross, you must submit a FAFSA. To get application materials on-line, see FAFSA's Web site. Incoming freshman applicants should file a FAFSA before February 1; upper-class students should file an updated FAFSA by no later than April 15.
MEFA Loans - A program of loans Holy Cross administers with the Massachusetts Education Finance Authority. Available to parents of students attending a participating Massachusetts college. One option allows your parents to borrow for your total education costs (minus other financial aid) for one academic year. The MEFA Loan may also be used to finance the cost of the Tuition Prepayment Plan. For further information, see MEFA's Web site.
Pell Grant - The largest federal aid program, in which students receive awards directly from the federal government. You must submit a Pell Grant application to be considered for other aid at Holy Cross.
Perkins Loan - A low-interest federal loan. Holy Cross distributes Perkins Loans from a limited fund based on students' financial needs. To learn more about managing a Perkins Loan, see the Perkins Loan section on the Bursar's Web site.
PLUS Loan - Federal Parent Loans for Undergraduate Students, which allow parents with good credit to borrow each year up to the cost of education minus financial aid.
Profile Form - A College Scholarship Service (CSS) application that allows you to be considered for Holy Cross institutional financial aid and other non-federal education assistance programs. Visit the College Board Web site's CSS home page to register and complete your PROFILE application. Incoming freshman applicants should file a Profile Form before February 1; upper-class students should file an updated form by no later than April 15.
ROTC Incentive Grants - Stipends covering room charges for four-year Holy Cross students participating in the Navy or Army Reserve Officers Training Corps programs. For more on this, see "ROTC scholarships and stipends" on the Scholarships and grants page.
SEOG - The Supplemental Educational Opportunity Grant, a limited, federally-provided fund which Holy Cross allocates to its most needy students. Students eligible for Pell Grants will receive first consideration.
Federal Stafford Loan - A federally-funded student loan program, with an interest subsidy for qualifying students. To learn more about Stafford Loans, see the Web site for American Student Assistance, the agency that guarantees Holy Cross students' Stafford Loans. If you're looking for repayment information about Stafford Loans, see the Sallie Mae Web site.
Title IV - A category of federal educational aid that includes Federal Stafford Loans, Pell Grants, Perkins Loans, the Federal Supplemental Educational Opportunity Grant and Federal College Work Study.
Work-study - Part of the Federal College Work-Study program. Recipients work in assigned jobs, usually on campus, for hourly wages and receive pay directly. Work-study wages are not automatically deducted from tuition.