Financial Aid Acronyms
ACG (Academic Competitiveness Grant) – For citizens who have graduated from high school in a rigorous program of study after June 2005; and eligible to receive the Federal Pell Grant. Sophomore students require a grade point average of 3.0 or higher.
COA (Cost of Attendance) – This budget includes tuition, fees, room, board, books, supplies, transportation and personal expenses for one academic year of education. The COA is used to determine the maximum amount of financial aid that a student can receive for an academic period.
EFC (Expected Family Contribution) – Measure of the family’s financial strength based on income, assets, family size and etc., submitted on the FAFSA. The EFC represents the money the federal government believes your family can contribute toward one year of college.
FAFSA (Free Application for Federal Student Aid) – A form required by the government for application to any federal aid program; this form is used to determine the expected family contribution based on family financial information. This form is also used to determine the specific Federal Student Aid Programs that can contribute to a student’s total financial aid package and in what proportions.
FAO (Financial Aid Office) – NMU's Financial Aid Office is located at 2107 C.B. Hedgcock.
FSEOG or SEOG (Federal Supplement Educational Opportunity Grant) – Grant that is campus based and provides assistance for Pell eligible recipients. The amount may vary at different schools based on availability and funding parameters.
FWS (Federal Work Study Program) – Funds used for community or campus employment; all money earned through this program based on need is considered non-taxable income.
GPA (Grade Point Average) – The average grade earned by a student, figured by dividing the grade points earned by the number of credits attempted.
MCS (Michigan Competitive Scholarship) – Available to Michigan undergraduate students pursuing their first degree at an approved Michigan post secondary institution.
MEAP (Michigan Educational Assessment Program) – This is a standardized test that is taken by all public school students in Michigan from elementary to junior high. The high school test was replaced by the Michigan Merit Exam, if the student scores a high score they get the Michigan Merit Award for $2.500, a college scholarship.
MET (Michigan Educational Trust) – This prepaid tuition program offers several options to the Michigan family to lock in tuition at Michigan public institutions.
MPN (Master Promissory Note) – A legally binding loan agreement a borrower signs to promise to repay the loan, with interest, in periodic installments. The note may be signed in writing or electronically. A borrower may receive multiple loans under the same MPN.
PELL (Federal Pell Grant) – This is an entitlement from federal government to eligible undergraduate students.
PLUS (Parent Loan for Undergraduate Dependent Students) – Provides parents and students with an alternative way to finance attending college.
SAP (Satisfactory Academic Progress) – Federal regulation requires that all financial aid recipients progress at a reasonable rate toward achieving a certificate or degree. This is measured by the student’s cumulative grade point average; the number of credits earned in relation to those attempted; and the maximum time frame allowed to complete an academic program.
SAR (Student Aid Report) – The official notification sent out after the FAFSA has been processed. This document will state your expected family contribution.
SMART (National Science & Mathematics Access to Retain Talent Grant) – This grant is available during the third and fourth years of undergraduate study to full-time students who are eligible for the Federal Pell Grant and who are majoring in physical science, life science, computer science, mathematics, technology, engineering or foreign language that are determined critical to national security.
TIP (Tuition Incentive Program) – This is a State of Michigan program that encourages eligible students to complete high school by providing tuition assistance for the first two years of college and beyond.