Financial Aid Glossary

Academic Year:
the cycle of time during August and July in which financial aid is awarded
a. Term/Semester: individual periods during which students can take courses
i. Fall (August-December) is the first term in an Academic Year
ii. Spring (January-May) is the second term in an Academic Year
iii. Summer (June-July) is the third term in and Academic Year
b. Parts of Term: smaller periods within a Term/Semester during which students can take courses

Application of Payment/Disburse: terms used interchangeably to explain the process of financial aid paying for tuition and fees

Affirmation/Accept: list of responsibilities a student must review before certain grants are used to pay for tuition and fees. Different from "Terms and Conditions" because these are award specific

Award Letter/Award Notification: both are used to inform students of the financial aid being offered to them.
a. An Award Letter is mailed to incoming freshmen students
b. An Award Notification is e-mail to continuing students

Cost of Attendance (COA): is a budget that reflects the cost of living and the cost of attending UTEP during late August to mid-May. This includes: tuition and fees for 12 hours; books and supplies; room and board; transportation; and personal/miscellaneous expenses. Directs costs from attending UTEP are tuition/fees and books/supplies.

Drop: action a student takes to dis-enroll from a course/class

Enrollment Level: based on the hours/credits a student is taking for a term and their graduate or undergraduate status

Expected Family Contribution (EFC): is calculated by the U.S. Department of Education (DOE). The EFC is calculated by using all data elements collected on the FAFSA. The EFC is provided to students by the DOE on the Student Aid Report.

Financial aid: the term used to describe all grants, loans, and workstudy available through the Office of Student Financial Aid (OSFA)

Free Application of Federal Student Aid (FAFSA): is the application used by students to apply for financial aid. This application is used to determine a student’s EFC.

Master Promissory Note (MPN): contract between a loan borrower and the lender, indicating the loan borrower will repay the loan. For financial aid purposes, the MPN is between the student and the U.S. Government

Missing Items/Checklist: terms used interchangeably to indicate the notification used to inform student’s if additional documentation or action on their part is needed before financial aid can be offered to them.

Refund: process completed by the Student Business Services Office in which any financial aid funds not used to pay for tuition and fees are sent to students

Satisfactory Academic Progress (SAP): academic requirements students must meet by the end of every academic year to continue being eligible for financial aid.
a. Term/Terminated: the SAP status of a student who is no longer eligible for financial aid
Academic Plan: given to a student who is not making SAP requirements

Self Service: tools available online for students to check their financial aid
a. MyStatus is used view a student’s overall financial aid status
Goldmine is used to view and accept awards including "Terms and Conditions", check on Satisfactory Academic Progress, and missing items

Terms and Conditions: list of responsibilities a student must review before financial aid is used to pay for tuition and fees

Verification: process during which additional documents are submitted to confirm the information provided on the FAFSA

Withdraw: action a student takes to dis-enroll entirely from the university

Federal School Code: 003661