Financial Aid Terminology
- Contributor: Anyone who is required to provide their information on the FAFSA, including the student; the student’s spouse; a biological or adoptive parent; or the parent’s spouse (stepparent).
- Consent: Each contributor must provide consent to release their Federal Tax Information (FTI) to the FAFSA through the Direct Data Exchange (DDX), even if they did not file a U.S. Tax Return.
- Consortium Agreement: A contract between two colleges/universities that recognizes the student's registration at each location for financial aid purposes. It also certifies that only one of the two institutions can administer federal financial aid and/or state aid.
- Direct Data Exchange (DDX): An improved system to replace the IRS Data Retrieval Tool (DRT) to transfer an individual’s Federal Tax Information (FTI) to the Department within the FAFSA.
- FAFSA: Free Application for Federal Student Aid (this is the application and not the award itself). If eligible, your awards may include federal grants such as Pell, Supplemental Educational Opportunity (SEOG), and Federal Work Study; and loans, and the Williams D. Ford Direct Federal Student Loan.
- Federal Tax Information (FTI): Information that is transferred directly from the IRS to the FAFSA.
- Full time: You are registered for 12 or more credit hours in one semester.
- Grants: Gift money that is offered to you and does not have to be repaid.
- Loans: Money that you borrow that has to be repaid and with interest.
- Matriculation: You are enrolled in a degree or certificate program approved by New York State. You must be matriculated to receive any federal or state financial aid.
- NYS HESC: New York State Higher Education Services Corporation is the agency responsible for processing your state application then determining the dollar value of your TAP award.
- Part time: You are registered for less than 12 credit hours in one semester.
- Primary or Custodial Parent: For a dependent student whose parents are divorced or separated, the primary or custodial parent (contributor) for the FAFSA is the parent who provides the greater portion of the student’s financial support. This parent is required to provide their information (and if applicable their spouse’s information) on the FAFSA form.
- Registration vs. Enrollment: There is a difference between registration and enrollment. The process of signing up for courses is called registering. Students are charged tuition and fees when they register. Students are enrolled after they pay the tuition and fees. Even students who do not owe money must confirm their enrollment by the deadline.
- SAI: Student Aid Index is an index calculated by the U.S. Education Department and derived from the family income information you provide on your FAFSA. The neediest student has a lower SAI than the most economically self-sufficient student.