Do You Know These Financial Aid Acronyms?

The financial aid process is full of new acronyms and vocabulary. If you're planning to apply for aid, you'll want to become familiar with the terms. We've compiled a list of financial aid acronyms that you'll likely come across with definitions of each one to help you navigate the journey.

1. FAFSA^® (Free Application for Federal Student Aid): The federal form required to apply for financial aid. All colleges and universities that disburse federal student aid (also called Title IV funds) to students and familieslikely every school on your college listrequire completion of the FAFSA. Learn more about the FAFSA and apply here.

2. FSA ID (Federal Student Aid Identification): A username and password that allows you to log into federal financial aid websites. Both the student and one parent will need an FSA ID to submit the FAFSA. You can learn more about the FSA ID here.

3. FSC (Federal School Code): A unique number assigned to each college and university that provides federal financial aid to students. You will need to list these codes on the FAFSA to indicate the schools to which the student is applying. You can learn more about listing schools on the FAFSA here.

4. SAI (Student Aid Index): A calculated number intended to reflect the family's financial strength and ability to pay for college, though it does not define what exactly a family is required to pay for college. A family's SAI will appear immediately on the confirmation page once the FAFSA is submitted, and each college will use the SAI to determine the student's financial aid offer. You can read more about the SAI here.

5. COA (Cost of Attendance): A number to represent an institution's total cost for one year of college. The COA includes both billable/direct expenses (e.g. tuition, fees) and estimates for non-billable/indirect expenses (e.g. books, supplies, personal expenses). Read more about how the COA is calculated here.

6. FWS (Federal Work-Study): A type of financial aid that allows students to work part time on or near campus while in college, providing students with a paycheck throughout the year like a typical job. Not all students qualify for FWS funds. Learn more about FWS here.

7. FSS (FAFSA Submission Summary): A summary of the information that a family has provided on the FAFSA, as well as notification of basic federal financial aid eligibility. Students receive an FSS soon after submitting a FAFSA. Read more about the FSS here.

8. FA-DDX (FUTURE Act Direct Data Exchange): A resource provided by the Department of Education and IRS that allows the FAFSA to pull federal tax return data electronically into the FAFSA from the IRS website after a FAFSA contributor provides consent.

9. ED (Department of Education): The federal department that oversees all education-related activities in the nation, including higher education.

10. CSS Profile^® (College Scholastic Service Profile): An application required by roughly 200 colleges, universities, and scholarship organizations used to determine the distribution of a college or university's own financial aid funds (sometimes referred to as "institutional funds" or "institutional aid"). More information is available in our What to Know about the CSS Profile webinar and What is the CSS Profile? article. To complete the application, visit the CSS Profile website.

11. FAA (Financial Aid Administrator): Individuals who work in the financial aid office. Typically, you will be assigned one FAA as your point of contact throughout the financial aid process.

12. PLUS (Parent Loan for Undergraduate Students): A type of federal loan available for parents to take out on behalf of their children to cover educational expenses, also known as the Federal Direct PLUS Loan. Read more about the PLUS Loan.

13. MEFA (Massachusetts Educational Financing Authority): How could we resist? MEFA is here to support you and your family during every step of the college and career planning process. Make sure to reference the many tools and free resources available to you on our website, and tune in to our podcast for helpful and relevant information.

While navigating the financial aid process this year, refer to this list as you encounter these terms. And remember that you can always reach out to us here at MEFA with questions about the FAFSA or any other aspect of applying for financial aid. We're happy to help. Call us at (800) 449-MEFA (6332) or email us at collegeplanning@mefa.org.