Common Scholarship Terms And Their Meanings
Most of the times, we do come across some scholarship terms which we do not know their meanings and implications. When you are in this situation, do you overlook them and proceed with the scholarship application? Or you halt the application? In this article, you shall learn some scholarship terms and their meanings.
Common Scholarship Terms and their Meanings
Let’s check these scholarship terms and their meanings:
Academic Year – There are two semesters in an academic year. The academic year may begin in the fall and end in the summer at some colleges. Some people begin it in the fall and finish it in May, right before summer classes start.
Advisor – Offers guidance to students on picking classes for their majors, completing graduation requirements, and selecting a career path.
American College Test – (ACT) is a nationally recognized college admissions exam that includes sections in science reasoning, reading comprehension, arithmetic, and English.
Amortisation – The procedure of gradually paying back a debt over a long period of time with regular principle and interest installments
Award – Financial aid, a gift, or some type of benefit provided to a student.
Award Letter: A letter from the college outlining your financial aid package. This grant is determined by your estimated family contribution from the FAFSA, your cost of attendance, and your enrollment status.
Award Year: The scholarship’s “Award Year” is the year it is given out.
Awardee: Awarded person or student is referred to as a “Awardee”
Base Year: The tax year used to calculate a student’s financial aid award on the FAFSA is referred to as the “Base Year”
Borrower – A person who borrows money with the intention of repaying it after a predetermined amount of time.
Business Office – The location where student accounts, including tuition and fees, parking permits, and account-related inquiries, are managed. Read further for other scholarship terms and their meanings.
Co-Signer – A person who formally agrees to repay your debt if you are unable to do so.
College Scholarship Service Profile (CSS Profile) – This is an online application that is used to apply for scholarships and non-federal financial aid for colleges, universities, and professional schools. Some colleges want a CSS Profile in addition to the FAFSA.
Cost of Attendance: The annual cost of attending college, including tuition, fees, books, room and board, travel, and other costs is known as the “Cost of Attendance” (COA). Your financial aid award is impacted by it.
Dependent Student – Criteria used to decide if your parents will help you pay for college. If you are unmarried, a student, and under 24 years old during the award year, you may be included in this category.
Early Action – Early admissions method enables you to submit applications to several schools before the usual deadline. Although you are not required to enroll at the institution after being accepted, you are informed of your acceptance early.
Endorser: Person who pledges to repay a PLUS or private loan if the borrower is unable to do so is known as a “Endorser” known also as a co-signer.
Enrollment Period: This is when you are qualified to sign up for classes for the semester.
Enrollment Status —the total amount of credits you’re enrolled in for the semester—determines whether you’re enrolled full-time, half-time, quarter-time, or less than half-time. Read further for other scholarship terms and their meanings.
The Free Application for Federal Student Aid (FAFSA)- The federal government uses the “The Free Application for Federal Student Aid” (FAFSA) to determine whether a family is eligible for grants, work-study, and loans to pay for college.
Satisfactory Academic Progress – Federal guidelines known as “Satisfactory Academic Progress” (SAP) are used to assess your academic progress and decide if you qualify for financial help.
Savings Plan – A college savings plan created to assist parents and guardians in setting aside money for future college fees, including tuition, books, and other permissible expenses. Read further for other scholarship terms and their meanings.
Scholarship – Free money that you are not required to repay. Some scholarships solely pay for tuition, while others include pay for books, fees, and other college costs.
Scholarship Committee – Members of the committee that evaluates scholarship applications and selects candidates for awards are referred to as the “Scholarship Committee”
Scholarship Essay Outline – An outline of the key details you should cover in your scholarship essay is called a “Scholarship Essay Outline”
Scholarship Essay Prompt – The subject matter for your scholarship essay is known as the “Scholarship Essay Prompt” Do not want to scholarship essays? There are many No Essay Scholarships out there for you.
Scholarship Resume – A “Scholarship Resume” is a document that lists your career, extracurricular, academic, and personal achievements.
Student Aid Report (SAR) – A summary that details your FAFSA information and financial aid eligibility.
Stipend – the amount of a scholarship that is deposited into a recipient’s bank account over the course of one or more payments. While some scholarships solely cover stipends, others cover both stipends and tuition.
Subsidy – A subsidy is a scaled-down kind of compensation. After the student has paid for the expense with their own money, the sponsoring party may make the payment in advance or refund it to the student. For instance, a scholarship sponsor might consent to annually reducing a scholar’s tuition costs by 50% for a maximum of four years for a bachelor’s degree program. The annual stipend for this student is $15,000 if their tuition costs $30,000 per year. Read further for other scholarship terms and their meanings.
Also Check: How to get into a College with Bad Grade 2022
Tenable – Capable of holding. A student who satisfies certain requirements is eligible to receive a scholarship for the designated time period.
Teaching Assistantship (TA): Tuition and stipend support for graduate students who teach or conduct research
Three-Quarter Time – A college student enrolled in between 9 and 11 credits during the spring or fall semester is said to be “Three-Quarter Time”
Transcript – A high school or college transcript is a record of your courses and grades earned while enrolled in the institution.
Tuition and Fees – refers to the sum of money you must pay to attend college, including tuition, room and board, parking, books, and lab fees. By school, the amount varies. Read further for other scholarship terms and their meanings.
Undergraduate Student – A student enrolled at a college or university to pursue an associate’s or bachelor’s degree is referred to as a “Undergraduate Student”
Verification – A random process used to make sure the data you supplied on your FAFSA or financial assistance application is true and accurate.
Work-Study — Jobs available to students with financial need, either on or off campus, that allow them to make money to pay for college.
FAQs on Scholarship Terms and their Meanings
These are answers to some most asked questions on scholarship terms and their meanings.
What do you Call Someone who is a Scholarship Recipient?
Scholarship Holder. A student who is given financial aid for their education on the basis of academic excellence.
Who are Scholars?
Literally, "scholar" means "one who learns," and learning never ends. A true scholar has a healthy dose of humility as well as a sharp understanding of their own limitations and places for growth.
Who are the Well-known Scholars?
Plato, Socrates, Confucius, Aristotle, Karl Marx, Benjamin Franklin, Sigmund Freud, and other thinkers have dedicated their lives to intellectual pursuits. These great minds have contributed to our increased understanding of nature, humanity, and the universe.
What makes Scholarship so Crucial?
Many people have the option to further their education thanks to scholarships. Students could struggle to pay for the degree they require to enter the workforce and contribute to society if they don't receive outside aid.
After going through all the scholarship terms and their meanings given in this article, do think we provided a wrong meaning of any of them? Or do you have any other scholarship terms and their meanings that you do not understand? Leave your questions and observations as a comment below.
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