Costs & Financial Aid - Become a Texan (2024)

Financial Aid and Business Services Glossary

• Authorized User– The authorized user feature allows a family member or employer, etc. to receive notifications when a statement is available, make payments, view account activity, and print an On Demand statement.
• Award Year– School year for which financial aid is used to fund a student’s education. Generally, this is the 12-month period that begins on July 1 of one year and ends on June 30 of the following year.
• Aid for Military Families– There are special aid programs or additional aid eligibility for serving in the military or for being the spouse or child of a veteran.
• EFC- Expected Family Contribution. Your Expected Family Contribution (EFC) is an index number used to determine your eligibility for federal student financial aid. This number results from the information you provide in your Free Application for Federal Student Aid (FAFSA) form.
• FAFSA- Free application for Federal Student Aid.
• Financial Aid- Financial Aid is money to help pay for college or career school.
• Grant– A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and don’t complete your service obligation).
• Interest– Interest is a loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan. You can find your federal student loan interest rate(s) by logging in to studentaid.gov and reviewing your aid summary page.
• Loan– A loan is money you borrow and must pay back with interest.
• Negative Balance– Typically this is not a good thing, but if you get an alert saying your Texan Bill Pay has a negative balance, that is a good thing! It means you will get a refund.
• Payment Plan– The payment plan allows students to use one of the interest-free monthly payment plans to pay tuition, fees, student housing, and meal plan charges.
• Refund– A FAFSA refund check is provided to students as “extra” money that is left over from a student’s financial aid package. When a student receives a financial aid refund check, it will be after the financial aid covers: Tuition, fees, room, and board.
• Satisfactory Academic Progress (SAP)– Satisfactory academic progress is the process a school uses to determine if a student is meeting all of his or her educational requirements and is on target to graduate on time with a degree or certificate. If you fail to meet one or more of the SAP conditions at the end of the semester you will be notified.
• Scholarships– Scholarships are gifts that don’t have to be repaid and are designed to help students pay for an undergraduate degree. They can be a one-time gift or are renewable, depending on the scholarship.
• Subsidized Loan– Interest is paid by the Education Department while you’re enrolled at least half-time in college.
• TASFA- Texas Application for State Financial Aid.
• Texan Bill Pay– Texan Bill Pay allows students and authorized users to view account statements and pay tuition and fee bills.
• Texan Smart– Texan Smart is a financial education center that provides support and guidance to Tarleton Students. We help students understand their financial situations and explore various options and resources.
• Unsubsidized Loan- Interest begins accruing as soon as the loan is disbursed, including while students are enrolled in school.
• Verification– Verification is the process your school uses to confirm that the data reported on your FAFSA form is accurate. If you’re selected for verification, your school will request additional documentation that supports the information you reported.
• Work-Study Jobs– The Federal Work-Study Program allows you to earn money to pay for school by working part-time.