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The start of January is the unofficial start of the college financial aid craze. Although February is officially known as Financial Aid month, students can start preparing their Free Application for Federal Student Aid (FAFSA) after January 1. Understanding the financial aid process is the best way to secure money to pay for your education.

The financial aid office staff speaks a different language than most of us. You must learn that language to enjoy an effective and successful college aid search. Once you know the financial aid language, you can begin your search to fund your college education!

Important financial aid terms:
Expected Family Contribution (EFC) – This term refers to the amount of money your family has available to contribute to your college education. Schools base their aid awards on this number.

Free Application for Federal Student Aid (FAFSA) – This application determines your eligibility for all federally funded financial aid programs and institutional aid for some schools.

Merit-Based Aid – Not all aid is created equal. Merit-based aid is the competitive financial aid that evaluates your abilities in academics, athletics, artistic abilities or some other talent or skill. Anyone can receive these aid awards regardless of need.

Need-Based Aid – All need-based aid is determined by your family’s resources.

Federal Pell Grant – The Pell Grant is the largest grant program and is designed to help the neediest students gain access to higher education. The maximum award of a Federal Pell Grant is $2,500.

Work-study – Most students find it necessary to work at least part-time while they are in school. Work-study is a need-based program that provides work opportunities for qualified students. The Federal Government covers a portion of the wages for this program.