Census date: The date by which bills must be paid in full or payment plans must be set up.
Disbursement: Payment of funds into student’s account.
FAFSA: Free Application for Federal Student Aid. If someone tries to charge you for it, you’re being scammed. Available beginning January 1st of each year for the following academic year (i.e. FAFSA for the 2013-2014 academic year is available January 1, 2013). Go to: www.fafsa.gov.
Grants: Free money which doesn’t need to be repaid.
Loans: Funds which must be repaid.
Subsidized loans: Loans on which the government pays the interest while you’re enrolled.
Unsubsidized loans: Loans which begin accruing interest upon disbursement and on which the student pays interest. Students can arrange to pay interest while enrolled or allow it to accrue until loan repayment begins after graduation, disenrollment, or dropping below 6 credit hours.
Work Study: Another type of federal aid awarded to eligible students. It is the student’s responsibility to find a job on campus and complete and submit all required paperwork by the deadline. Students are paid on a monthly basis throughout the semester.