Beginning the Process - "Lingo" Lesson
A glossary of commonly used terms and acronyms:
- ACADEMIC YEAR – At Lane, our academic year begins summer term and ends the following spring term.
- AWARD YEAR – An award year always begins on July 1 of one year and ends on June 30 of the next year.
- CAMPUS-BASED FUNDS – Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work Study (FWS).
- COST OF ATTENDANCE (COA) – An estimate of costs incurred while attending Lane. Also known as the Student Budget.
- ELIGIBLE PROGRAM – A course of study that leads to a degree or most one and two year certificate programs.
- ENROLLMENT PERIOD – In general, the first day through the last day of the term.
- EXPECTED FAMILY CONTRIBUTION (EFC) – The amount you and your family are expected to contribute toward your education. The EFC is determined by the Federal Processor.
- FAFSA (Free Application for Federal Student Aid) - The application used to apply for federal aid.
- FEDERAL PROCESSOR – The Department of Education's organization for processing FAFSA application data.
- myLane – Lane's secure self service web portal.
- NEED BASED PROGRAM – Financial aid that relies upon financial need. Financial need is the total Cost of Attendance (COA) minus the Expected Family Contribution (EFC).
- SATISFACTORY ACADEMIC PROGRESS (SAP) – A measurement of your academic progress based upon GPA and completion rate.
- STUDENT AID REPORT (SAR) – A summary of the information reported on the FAFSA and sent to the student.