Navigating Scholarship Lingo Like a Pro
When it comes to college scholarships, it can feel like you need a secret decoder ring to interpret all the confusing terminology. But never fear, understanding key scholarship vocabulary is your first step to unlocking that free funding! This guide breaks it down into bite-sized pieces.
Know the Need-to-Know Acronyms
FAFSA. EFC. GPA. No, it’s not alphabet soup! These critical acronyms influence everything from your eligibility to the amount you’ll receive. Get fluent in what they mean and why they matter.
For example, do you know what your EFC is and how it was calculated from your FAFSA to determine financial need?
Pro tip: this number can make or break qualifying for some awards, so make sure you know it!
See Also Fully Funded Erasmus Mundus Scholarship 2023/24: Your All-Access Pass to Europe's Top Unis
Here is a list of 50 common scholarship acronyms in alphabetical order:
1. ACT - American College Testing standardized test used for college admissions
2. CBO - Community-Based Organization providing local scholarships
3. CSS - College Scholarship Service Financial Aid PROFILE application
4. EFC - Expected Family Contribution calculated by FAFSA
5. EOP - Educational Opportunity Program providing access for disadvantaged students
6. FAFSA - Free Application for Federal Student Aid
7. GED - General Educational Development high school equivalency diploma
8. GPA - Grade Point Average
9. GRE - Graduate Record Examinations standardized test
10. IRS - Internal Revenue Service provides tax information for FAFSA
11. LASFA - Louisiana Application for Student Financial Assistance
12. LOSFA - Louisiana Office of Student Financial Assistance
13. MCAT - Medical College Admission Test
14. MHC - Mississippi HeadWaters Creative arts scholarships
15. MOHELA - Missouri Higher Education Loan Authority
16. MOST - Missouri's Eligible Postsecondary Student Financial Assistance Program
17. NAIA - National Association of Intercollegiate Athletics
18. NCAA - National Collegiate Athletic Association
19. NMSQT - National Merit Scholarship Qualifying Test (PSAT)
20. PGA - Parents' Gross Annual Income
21. PSEO - Postsecondary Enrollment Options program offering college credit to HS students
22. PSAT - Preliminary SAT qualifying test for merit scholarships
23. ROBOT - RBFCU Outstanding Belgians Occupational Training Program
24. ROTC - Reserve Officers' Training Corps military scholarships
25. SAR - Student Aid Report provided after submitting FAFSA
26. SAT - Scholastic Aptitude Test college admissions exam
27. SSN - Social Security Number
28. STEM - Science, Technology, Engineering, Mathematics
29. UGMA - Uniform Gift to Minors Account
30. USDA - United States Department of Agriculture rural & agricultural scholarships
31. USSA - United States Ski Association skiing scholarships
32. USTA - United States Tennis Association tennis scholarships
33. WUE - Western Undergraduate Exchange regional tuition savings program
34. AAUW - American Association of University Women
35. JEANNE CLERY ACT- federal requirements for reporting campus crime statistics
36. EDGAR - U.S. Securities and Exchange Commission system for company filings
37. ELPS - English Language Proficiency Standards
38. ESEA - Elementary and Secondary Education Act
39. ESSA - Every Student Succeeds Act
40. FERPA - Family Educational Rights and Privacy Act
41. IB - International Baccalaureate academic program
42. ISEE - Independent School Entrance Exam
43. JST - Joint Service Transcripts for military experience credits
44. PBF - Performance Based Funding metrics for state college appropriations
45. SREB - Southern Regional Education Board
46. TEXAS GRANT - TEXAS college financial aid program
47. TOPS - Taylor Opportunity Program for Students Louisiana merit scholarship
48. WITS - Web Initiated Transfer System Minnesota college credit transfers
49. WUE - Western Undergraduate Exchange regional college tuition savings program
50. FSEOG - Federal Supplemental Educational Opportunity Grant
See Also 7 Fully Funded Scholarship Programs in the Netherlands 2024
Master Money Matters
From taxable income to disbursement methods, the dollars and cents details come fast and furious. But grasping terminology around costs, payments, and your family’s contribution prevents painful surprises. Learn key terms like tuition fees vs room & board, how to compare aid packages, and what counts as qualified expenses. Understanding this jargon gives you confidence at tax time and when making major money decisions about college!
Here is a list of 25 common acronyms related to academic scholarship money
and their definitions in alphabetical order:
1. ACG (Academic Competitiveness Grant) - Federal grant rewarding Pell-eligible college students for rigorous high school academics and promising to continue it in college.
2. AOTC (American Opportunity Tax Credit) - Partially refundable tax credit helping offset college costs of eligible students pursuing a 4-year degree program.
3. CBO (Community-Based Organization) - Local scholarship funds supported through a specific community group or organization.
4. CSS (College Scholarship Service) Profile - Additional aid form required by many private and highly selective colleges used to determine institutional scholarship eligibility.
5. EFC (Expected Family Contribution) - Amount the family is expected to contribute toward the student's college costs based on FAFSA data.
6. FSEOG (Federal Supplemental Educational Opportunity Grant) - Additional grant aid awarded by colleges to Pell eligible undergraduates with exceptional financial need.
7. FWS (Federal Work-Study) - Program providing part-time employment funded through financial aid to eligible college students allowing them to earn money.
8. GAPSFAS (Graduate and Professional School Financial Aid Service) - Service and form used by many graduate programs to collect financial data to determine eligibility for institutional aid.
9. IRS (Internal Revenue Service) - Provides tax information required for verification during the financial aid application process.
10. FAFSA (Free Application for Federal Student Aid) - Application form completed annually that collects financial and other information to determine eligibility for federal student aid.
11. GPA (Grade Point Average) - Standard measure of academic achievement computed as the average grade earned by each student.
12. HOST (Higher One Student Transact) - Popular financial aid disbursement and tuition payment processing company.
13. IFG (Iraq and Afghanistan Service Grant) - Grant assistance for students whose parent or guardian died as a result of military service in Iraq or Afghanistan after 9/11.
14. PGCC (Pell Grant Community College Pilot) - Experimental expansion Pell Grant eligibility for short-term vocational training programs at some community colleges.
15. PLUS (Parent Loans for Undergraduate Students) Federal loan program funding education expenses not covered by other aid, with interest, borrowed by graduate students or parents.
16. SAR (Student Aid Report) - Summary of application details provided after submitting the FAFSA listing eligibility and expected contribution.
17. SCA (Student Aid Commission) - State agencies responsible for providing college grants, aid information and assistance services to state residents.
18. SEC (U.S. Securities and Exchange Commission) - Government commission with regulatory oversight over financial operations of investment management scholarship endowments.
19. SEOG (Supplemental Educational Opportunity Grant) - Additional grant awarded to a limited number of students demonstrating exceptional financial need.
20. SFA (Student Financial Aid) - Funds provided to students and families to help pay for college or postsecondary vocational training.
21. UGMA (Uniform Gifts to Minors Act) - Tax advantaged custodial account used by some grandparents to save for a grandchild's college education ahead of time.
22. WUE (Western Undergraduate Exchange) - Reduced regional tuition rate saving participating students thousands per academic year.
23. 529 Plan - Tax advantaged investment account for education saving and expenses named after IRS code authorizing establishment.
24. FERPA (Family Educational Rights and Privacy Act) - Federal law protecting privacy of student education records including financial aid information.
25. FTC (Federal Trade Commission) - Government consumer protection agency working to prevent scholarship and other education related scams.
See Also Scholarship Opportunity at University Canada West: Apply for the Full Ride Scholarship
Get Down with Definitions
Merit, need-based, athletic, performing arts, DIY...no not the home improvement store! These classification terms describe scholarship types. But if you don’t know the definitions, how will you know which opportunities to pursue? We’ll explore the differences between grants, scholarships and awards plus break down other descriptors so you can search smarter. No more wasting time applying for irrelevant funding prospects.
Here is a list of 70 words related to academic scholarships in alphabetical order, with definitions:
1. Academics - Fields of study offered by colleges leading to degrees, majors, minors or certificates in specific subjects.
2. Application Essay - A written statement submitted by applicants explaining their qualifications, goals, financial need and other details.
3. Athletic Scholarships - Awards given to students for demonstrated excellent athletic performance and recruitment to university sports teams.
4. Award Ceremony - A formal event to recognize new scholarship recipients. Award funds may be officially presented.
5. Award Letter - Formal notification from a college providing details of financial assistance and scholarships awarded to a student.
6. Award Notification - A letter sent to scholarship applicants informing them whether or not they have been selected to receive an award.
7. Bursary - A monetary award made to students to allow them to study. Does not need to be repaid.
8. Community Service Scholarships - Rewards students with exceptional commitment to volunteering, supporting charities, assisting their local community and more.
9. Cost of Attendance - The total cost a student will incur to attend college or university. Includes tuition, fees, room, board, books, supplies, and living expenses.
10. Creative Arts Scholarships - Awards for students talented in creative disciplines including visual arts, graphic design, fashion, music, drama, creative writing etc.
11. Deadline - Final date scholarship applications must be received by an organization for consideration.
12. Deans List / Presidents List / Honor Roll - Recognition listing top students by GPA each term. Can demonstrate academic merit for scholarships.
13. Deferment - Postponing the start of scholarship payments, for example if a student takes a gap year prior to college.
14. Department Scholarships - Awards funded by an academic college or department, available only to students admitted or enrolled within that department.
15. Disbursement - The payment of scholarship funds directly to a student’s college or university account. Usually done each enrollment term.
16. Diversity Scholarships - Awards for students from underrepresented backgrounds, including minority ethnic groups, first generation college students, and more.
17. Donor - An individual, charitable foundation, or trust that makes a donation of money or property to fund scholarships.
18. Early Application/Decision - Applying for admission or scholarships at an earlier deadline, often November or December rather than January or February.
19. Eligibility Criteria - Requirements that must be met for a student to be eligible to receive a particular scholarship.
20. Endowment - Funds or property donated to an institution to provide long term income. Interest earned is used to fund scholarships.
21. Expected Family Contribution - Amount a student's family is expected to pay toward their education, determined by FAFSA.
22. Fellowship - A scholarship awarding financial aid to graduate students.
23. Finalist - A top scholarship applicant who makes it to the final round for consideration. One or more finalists are ultimately selected as the recipient(s).
24. Financial Aid Package - The total amount of financial assistance - including scholarships, grants, loans and work study - offered to a student.
25. Free Application for Federal Student Aid (FAFSA) - Application completed annually to determine eligibility for federal and state financial aid.
26. GPA (Grade Point Average) - The average of a student's accumulated final grades, used to determine academic achievement.
27. Grant - A sum of money given for a particular purpose, especially for student financing.
28. Humanities - Fields including history, languages, literature, philosophy, ethics and social sciences.
29. Interview - Face to face or phone evaluation of a finalist scholarship applicant's qualifications through questions from a selection panel.
30. Leadership Scholarships - Awarded to students who demonstrate strong leadership experience, activities and potential through positions held, volunteering, extracurriculars etc.
31. Letters of Recommendation - Letters written by teachers, counselors, employers or other references in support of a scholarship applicant.
32. Major/Program - The primary field or subject area a student focuses their studies on. Used to determine applicable scholarships.
33. Matching Funds - The amount required from other sources to release scholarship funds. For example, federal TEACH grants require teaching service.
34. Matriculate - To officially enroll as a member of a college or university.
35. Merit-based - Scholarships awarded based primarily on academic, artistic, or athletic merit and ability.
36. Minor - A secondary field or subject a student studies, in addition to their major.
37. NAIA (National Association of Intercollegiate Athletics) - Association governing college athletics with smaller budgets than the NCAA, also offering scholarships.
38. NCAA (National Collegiate Athletic Association) - Governing body for collegiate varsity sports and athletics. Offers athletic scholarships.
39. Need-based - Scholarships awarded based on financial need, to assist students who cannot afford higher education.
40. Non-binding Early Action - Applying early to a college or scholarship and receiving an admission or award decision early, without obligation to accept.
41. Overawards - When total grant or scholarship aid exceeds the recipient's cost of attendance. Awards must be reduced to prevent overawards.
42. Permanent Endowment - A scholarship fund where the principal sum is retained indefinitely and only interest income is spent.
43. Phi Theta Kappa - International honor society recognizing academic excellence of students at two-year colleges, which can help qualify students for transfer scholarships.
44. Postgraduate - A student studying for a graduate degree, such as a Master's or PhD.
45. Prestigious Scholarships - Highly competitive awards from prominent charitable foundations and trusts, such as Rhodes, Marshall, Truman, and Gates Cambridge.
46. Principal Investigator - Lead researcher responsible for supervision and conduct of a scholarly project funded by a competitive graduate scholarship or fellowship award.
47. Principal Sum - The amount of money originally donated to establish a scholarship endowment.
48. Promissory Note - Legal document signed by student loan borrowers outlining repayment terms and conditions.
49. References - Recommendation letters from teachers, counselors, coaches, employers or others who can speak to an applicant's abilities and character.
50. Renewable - A scholarship that is awarded annually for multiple years, if renewal criteria are met.
51. Renewal Criteria - Requirements that existing scholarship recipients must meet annually to continue receiving their award for multiple years. Often includes GPA threshold.
52. Research Scholarships - Funding graduate students carrying out independent research projects, such as academic lab research leading to a thesis or dissertation.
53. Resume - Document highlighting relevant experience, activities, honors and accomplishments provided by a scholarship applicant.
54. Scholarship - A grant of financial aid awarded to a student to further their education.
55. Scholarship Application - The forms, paperwork, transcripts, letters and statements a student must submit when applying for a scholarship.
56. Scholarship Application Form - The documents, paperwork and statements that must be submitted when a student applies for a scholarship.
57. Scholarship Essay - A written statement submitted by a scholarship applicant to explain their qualifications, experience, goals and need.
58. Selection Committee - The individuals who review scholarship applications and select recipients, often using defined criteria.
59. STEM majors - Science, technology, engineering and math programs. Many scholarships target high-achieving STEM students.
60. Stipend - An allotment of money paid at regular intervals, given to a student by an organization for living expenses.
61. Student Loans - Funds borrowed by students or parents to help pay for higher education costs. Must be repaid with interest.
62. Study Abroad Scholarships - Awards for students to fund overseas educational experiences, exchanges and semesters abroad.
63. Taxable Income - The portion of scholarship or grant aid that is considered taxable income by federal government if funds exceed qualified educational expenses.
64. Term Endowment - A scholarship fund where both principal and interest can be spent after a defined time period.
65. Thank You Letter - A letter scholarship recipients write to donors, foundations and selection committees, expressing appreciation for being chosen to receive an award.
66. Transcript - The official record listing all courses a student has completed and grades achieved throughout high school or college.
67. Transcript - The official record of a student's academic performance and achievement.
68. Undergraduate - A student who has not yet earned a bachelor’s degree.
69. Unmet Need - Financial need remaining after expected family contribution and all scholarships and grants are deducted.
70. Work Study - A program allowing students to work part-time jobs, often on campus, to help cover educational costs.
See Also: Unlocking Your Potential: Apply for the Ferguson Scholarship 2024
Crack the Application Code
Form-filling is unavoidable but knowing what info applications require and why makes it less mystifying. From eligibility criteria to deadlines, requested documents to renewal terms, we’ll lift the veil on application-speak so you can put your best foot forward. Tips like how to get killer letters of recommendation, craft winning essays, and polish your credentials will turn you into an application ace!
We all get tongue-tied by unfamiliar terminology, acronyms and jargon sometimes. But having the inside scoop arms you to tune out the noise and zero in on details that matter most for scholarship success!
Post a Comment