UNC Asheville Glossary of Financial Aid Terms

Cost of Attendance: Your estimated cost of attendance includes direct costs (expenses paid directly to the college), and indirect costs (expenses incurred as a result of attendance that the student/family may pay to a third party (landlord, etc.) other than the college).

Federal Direct Student Loan: Loan funds provided to the student by the U.S. Department of Education through the school. Repayment of principal begins six months after the borrower ceases to be a student on at least half-time basis. The Free Application for Federal Student Aid (FAFSA) is the annual application. There are two types of Federal Student Direct Loans: subsidized and unsubsidized. Students with financial need can qualify for a subsidized loan, and the government pays the interest on the loan while the student remains enrolled at least halftime. Students who don’t demonstrate financial need qualify for an unsubsidized loan and interest accrues while the student is in school. Students must complete Entrance Counseling and the Master Promisso1y Note to receive disbursements.

Federal Parent Loan (PLUS): A federal loan program that allows parents who have no adverse credit histo1y to apply for up to the Cost of Attendance each year, less any financial aid. PLUS loans must be repaid-with interest.

Federal Pell Grant: A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution (EFC) below a threshold designated annually by the U.S. Department of Education, based on the number of program funds appropriated by Congress. Must complete FAFSA annually for renewal consideration.

Federal Supplemental Educational Opportunity Grant (FSEOG): A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Pell Grant recipients and funds must be offered by the school in the lowest EFC order. The offering is contingent upon funding and may not be renewed year to year.

Federal Work-Study (FWS): A program that provides part-time employment to students attending institutions of higher education who need the earnings to help meet their costs of postsecondary education and encourages students receiving FWS assistance to participate in community service activities. The offering is contingent upon funding and may not be renewed year to year.

Gift Aid: Funds offered to the student that does not have to be repaid unless the student fails to meet certain terms, such as a service requirement, specified as a condition of the grant. Gift aid includes offers with titles such as grants, scholarships, remissions, waivers, etc. Gift aid can be offered based on many factors, including (but not limited to) financial need, academic excellence, athletic, musical, and theatrical talent affiliation with various groups or career aspirations.

Remaining Need: Difference between the institution’s Cost of Attendance and the student’s Expected Family Contribution (EFC).

Satisfactory Academic Progress (SAP): To be eligible for federal funds (Pell, FSEOG, Direct Loans, etc.) students must make satisfactory academic progress, meaning you are continuing to complete courses and maintain a required GPA based on your credit level.

Scholarship: A type of gift aid offered to the student that does not need to be repaid. Scholarships are typically based on merit or a combination of merit and need, such as academic excellence, talent, affiliation with various groups, or career aspirations. To be eligible for the renewal of certain scholarships, the student may be required to maintain a specific Grade Point Average (GPA) or enrollment status. Please reference the student financial aid website to see the guidelines for the specific scholarship offered.

University Merit Awards (UMAs) are determined by a review of a student’s academic portfolio submitted at the time of application for admission. UMAs are available annually for a maximum of 4 years (8 consecutive semesters). UMAs listed on this Offer Letter will be exchanged for individual foundation scholarships that equate to the same dollar value before the student enrolls. ¬†Students will always receive the same dollar value exchanged for the original UMAs that were offered when they first enrolled at UNC Asheville. Typically, UMAs require a cumulative academic GPA at UNC Asheville of3.0 and full-time continuous enrollment (12 credits or more) to retain the offer annually. These requirements match most of the individual foundation scholarships used to exchange for the UMAs. Any exceptions are depicted with the foundation scholarships where appropriate. Students who experience a break in continuous enrollment forfeit the remaining value of the UMAs.

UNC Asheville Academic Grants (AGs) are offered to students following a review of academic and need-based circumstances. Need-based circumstances are derived from the student’s decision to file a Free Application for Federal Student Aid (FAFSA). AGs are not available to students who do not file a FAFSA AGs require students to maintain Satisfactory Academic Progress (SAP) at UNC Asheville to retain these offers each year. AGs are available for a maximum of 4 years (8 consecutive semesters only).

Self Help Aid: Financial aid in the fo1m of loans or student employment. Loans can be used to pay the remaining net costs after gift aid is deducted. Student employment earnings (including Federal Work-Study) are generally not deducted from billed costs but can be used to help you cover indirect costs and are paid in the form of wages to students.

State Grant: State-funded program provides grants to State residents who demonstrate the highest level of financial need as dete1mined by the results of the FAFSA Amount varies and is based on enrollment status.

For additional information or for questions, please contact us at 828-251-6535