Glossary of Financial Aid Terms
Students may use an academic waiver/TAP waiver only once. They must explain and prove the extenuating circumstances that prevented them from meeting standards of progress. The Academic Dean must approve all Academic Waivers. TAP Waivers must also be reviewed and approved by the Director of Financial Aid Compliance on the Bronx Campus or the Director of Financial Aid on the New Rochelle Campus.
The financial aid programs administered by most postsecondary institutions. These programs include Federal Work-Study and FSEOG.
Students under age 35.
If you answer yes to any of these questions, your are dependent and will need your parents'/stepparents' information (2008 income information, social security numbers, and dates of birth).
- Did you live with your parents for more than 6 weeks during 2008, 2009, and 2010?
- Were you or will you be claimed as a dependent on your parents' federal or state tax return for 2008 and 2009?
- Did you receive financial assistance of $750 from your parents during 2008, 2009, and 2010.
If you can answer "No" to ALL of the following questions, you are a dependent student and will need your parents'/stepparent's information (2006 income information, social security numbers, and dates of birth).
Were you born before 1/1/83?
Are you working on a Masters or Doctorate program?
Are you married?
Do you have children you support? (You must be providing more than half of the child's support between July 1, 2008 and June 30, 2009)
Do you have dependents other than children or a spouse that you support? ( The dependent must be living with you and you must be providing more than half of his/her support between July 1, 2008 and June 30, 2009)
Are you an orphan or ward of the court?
Are you a veteran of the U.S. Armed Forces?
Are you on active Military Duty?
Have you been in a legal guardianship or foster care situation since the age of 13?
Have you been designated as an emancipated minor by a court in your state of legal residence?
Have you been designated as being in a homeless situation?
The federal web application that must be completed and submitted to the government when applying for need-based federal aid.
The amount of money the federal government determines that you and your family can afford to contribute to your education, based on your family's income, house hold size and assets.
Part-time student employment that is funded by the Federal Government. Eligibility is based on need. Monroe College work-study students are usually placed in jobs within the school or with the NYC Public Service Corps. The rate of pay is $8.00-$10.00 per hour. A limited number of jobs are available within the school or with the NYC Public Service Corps. The rate of pay is $8.00-$9.75 per hour. A limited number of jobs are available within the school, where the rate of pay is $8.00 - $14.00 depending on the student's grade level.
These are long-term, low-interest loans authorized by the Federal Government for the educational expenses of eligible undergraduate and graduate students and parents. Application must be made through a participating lending institution and the College.
These are long-term, low-interest loans authorized by the Federal Government for the educational expenses of eligible undergraduate and graduate students and parents. The college administers the funds provided by the Federal Government for this program.
Any offer of financial assistance issued by a government agency or the college to help students meet their educational expenses.
Educational cost remaining after deducting anticipated family contribution, scholarships and awards.
Money you are awarded based on family need. You are not expected to repay a grant.
Students who are over 22 who are not living with their parents.
If you can answer "Yes" to any one of the following questions, you are an independent student.
- Were you born before 1/1/83?
Are you working on a Masters or Doctorate program?
Are you married?
Do you have children you support? (You must be providing more than half of the child's support between July 1, 2008 and June 30, 2009)
Do you have dependents other than children or a spouse that you support? ( The dependent must be living with you and you must be providing more than half of his/her support between July 1, 2008 and June 30, 2009)
Are you an orphan or ward of the court?
Are you a veteran of the U.S. Armed Forces?
Are you on active Military Duty?
Have you been in a legal guardianship or foster care situation since the age of 13?
Have you been designated as an emancipated minor by a court in your state of legal residence?
Have you been designated as being in a homeless situation?
Money that is borrowed from a bank or the Federal Government for for school related expenses by you and /or your parents. All loans must be repaid.
The Master Promissory Note enables students to receive multiple subsidized and unsubsidized Federal Stafford Loans and Direct Lending Loans over a maximum ten year period. A completed and signed Master Promissory Note must be submitted to the Student Financial Services Office.
Parents who are taking out a Parent PLUS Loan, must submit a completed Parent PLUS Loan Master Promissory Note to the Student Financial Services Office.
A scholarship from Monroe based on high academic achievement as defined by the college.
The federal entitlement grant program, awarded on the basis of financial need as determined by a federal government formula.
The document that the Federal government sends students indicating what their EFC (expected family contribution) will be. Students should keep this for their records.
A form of financial assistance that does not require repayment or employment and is usually made to a student who shows high academic performance.
