Glossary of Terms

Award Letter

Official notification of the amount financial aid a student is eligible to receive.

Book Vouchers

After tuition and fees are paid from the Pell Grant, any amount remaining is given to the student in the form of a voucher to purchase books.

Career Programs

Programs that lead to employment upon completion.

Dependent Student

Whether or not the student is financially dependent on his or her parents is based on federal guidelines. All students are considered dependents unless he or she is 24 years or older, is a graduate student, is married, has legal dependents, is an orphan or ward of the court, or is a veteran of the U.S. Armed Forces.

Eligible Programs

Students must pursue a two-year degree program or a minimum one-year certificate to be eligible for financial aid.

Financial Aid and No Class Attendance

Upon the receipt of the Midterm Verification Form, students who are not attending all of their classes will receive a reduced award.

Financial Aid and Withdrawal

Students who withdraw from a class may receive a reduced award. See the Financial Aid Office for details.

Free Application for Federal Student Aid (FASFA)

A required form that must be completed as the first step in applying for many types of financial aid.

Full-Time Student

Anyone taking 12 credit hours or more during the fall or spring semesters, or six or more credit hours during the summer semester.

Grants

Financial aid which does not have to be repaid.

Independent Student

A student is considered independent if he or she is 24 years or older, is a graduate student, is married, has legal dependents, is an orphan or ward of the court, or is a veteran of the U.S. Armed Forces.

MAP Grant

Available to Illinois residents who will attend approved Illinois colleges and demonstrate financial need based on the information provided on the FAFSA.

Part-time Student

Anyone taking 11 credit hours or less during the fall and spring semesters or five credit hours or less during the summer semester.

Pell Grant

Need-based financial aid awarded to undergraduate students. Repayment is not required.

Pell Refund

The remaining balance of funds in the Pell Grant that students are eligible for.

Priority Deadline

July 1—Date that all paperwork is due to be given priority consideration for financial aid dollars.

Program Intent

Students must pursue a two-year degree program or a minimum one-year certificate to be eligible for financial aid. Students must declare this on their FAFSA.

Standards of Academic Progress

Standards that identify students’ expected progress in terms of credits earned and time elapsed.

Scholarships

A form of financial assistance that does not need to be repaid. Scholarships are generally offered to students who possess certain characteristics important to the scholarship provider (such as academic performance, talent, hobbies, ethnicity, etc.) The PSC Foundation offers a wide-range of scholarships. See the Financial Aid Office for details.

Summer Financial Aid

Students who attend full-time and received during fall and spring terms are not eligible for aid in the summer.

Verification

Process whereby a student must document information reported on their FAFSA and submit it to the Financial Aid Department.