Vocabulary Words Every Financial Aid Manager Should Know

Money

Definition: Paper or coins used to buy things.

• I need money to buy a new book.
• He saved his money for a new bike.
• We use money to pay for food.

Money in a sentence

Loan

Definition: Money borrowed that is expected to be paid back.

• He took a loan to buy a car.
• The bank offered her a loan for school.
• She is paying off her loan slowly.

Loan in a sentence

Grant

Definition: A sum of money given for a specific purpose.

• She received a grant to study abroad.
• The grant will help fund the project.
• They applied for a grant to support their research.

Grant in a sentence

Help

Definition: To assist someone with something.

• Can you help me with my homework?
• She helped her mother in the kitchen.
• He always helps his friends.

Help in a sentence

Pay

Definition: To give money for goods or services.

• I will pay for my lunch today.
• She forgot to pay the bill on time.
• They need to pay for their movie tickets.

Pay in a sentence

School

Definition: An institution for educating children.

• My school is very big and has many students.
• Every day, I walk to school with my friends.
• The school has a library and a gym.

School in a sentence

Cost

Definition: The amount of money needed to buy something.

• The cost of the book is ten dollars.
• She checked the cost of the concert tickets.
• It may cost more to travel during the holidays.

Cost in a sentence

Study

Definition: To learn about a subject.

• I study English every day.
• She studies for her exams.
• He went to the library to study.

Study in a sentence

Assist

Definition: To help someone with a task or problem.

• I will assist you with your homework if you need help.
• The teacher asked me to assist my classmates during the project.
• Doctors assist patients in getting better.

Assist in a sentence

Budget

Definition: A plan for managing money; an estimate of income and expenses.

• I need to create a budget for my monthly spending.
• We saved money by sticking to our budget.
• The school has a budget for supplies and activities.

Budget in a sentence

Save

Definition: To keep something safe or to store for later.

• I save money for a new bike.
• Please save your work before turning off the computer.
• They save energy by using less electricity.

Save in a sentence

Fee

Definition: A charge or payment for services or privileges.

• There is a small fee to enter the amusement park.
• He paid the registration fee for the event.
• The library has a late fee for overdue books.

Fee in a sentence

Work

Definition: activity involving mental or physical effort

• He has a lot of work to do this week.
• She enjoys her work as a teacher.
• They finished their work ahead of schedule.

Work in a sentence

Support

Definition: To help or provide assistance to someone or something.

• Friends should support each other.
• The community came together to support the event.
• We need to support local businesses.

Support in a sentence

Aid

Definition: Help or support; assistance given to those in need.

• They provided aid to the victims of the disaster.
• He received financial aid for his studies.
• The organization offers medical aid in emergencies.

Aid in a sentence

Plan

Definition: A detailed proposal for doing or achieving something; a strategy or outline.

• They made a plan for their vacation next summer.
• Having a plan helps organize thoughts and actions.
• She wrote a plan for her science project.

Plan in a sentence

Fund

Definition: Money set aside for a specific purpose.

• They raised funds for the charity.
• The school needs a fund for new books.
• She donated to the fund to help others.

Fund in a sentence

Cash

Definition: Money in the form of coins or banknotes.

• I prefer to pay in cash.
• He kept some cash in his wallet.
• They accepted cash for the ticket.

Cash in a sentence

Expense

Definition: The cost incurred in the course of doing business or personal activities.

• She tracked her monthly expenses carefully.
• The expense report was submitted for approval.
• Understanding expense management is crucial for budgeting.

Expense in a sentence

Need

Definition: A requirement or something necessary for survival.

• We all have basic needs like food and water.
• She has a need for more time to complete the project.
• His need for support was clear during the meeting.

Need in a sentence

Student

Definition: A person who is learning, especially in a school.

• She is a student at the local high school.
• The student asked a question in class.
• He helped a fellow student with her homework.

Student in a sentence

Apply

Definition: To put something into operation or to make a formal request.

• You need to apply for the scholarship by next week.
• She decided to apply her knowledge in a project.
• Understanding how to apply skills is key to success.

Apply in a sentence

Form

Definition: The shape or structure of something; also can mean to create.

• The teacher asked us to fill out a form.
• He likes to form new ideas during discussions.
• Understanding the different forms of art can enhance appreciation.

Form in a sentence

Program

Definition: A planned series of events or a software application.

• We have a fun program at school every Friday.
• I downloaded a new program to help with my studies.
• The program will teach you how to swim.

Program in a sentence

Scholarship

Definition: A financial award given to a student based on academic achievement or need.

• She received a scholarship to attend university.
• Scholarships can help cover tuition costs.
• He applied for several scholarships to support his education.

Scholarship in a sentence

Application

Definition: A formal request for something; a software program used on devices.

• I submitted my application for the scholarship.
• She downloaded a new application on her phone.
• The application is easy to use and helpful.

Application in a sentence

Funding

Definition: Money given for a specific purpose.

• The project received funding from the government.
• We need more funding to complete the research.
• Without funding, the program might be canceled.

Funding in a sentence

Interest

Definition: A feeling of wanting to know or learn about something; a stake in something.

• She has a strong interest in science.
• His interest in music started at a young age.
• They learned about how to manage their interest in saving.

Interest in a sentence

Repayment

Definition: The act of paying back money that was borrowed; returning a debt.

• He made his repayment on the loan on time.
• She discussed the repayment plan with the bank.
• They set up a schedule for repayment of the debt.

Repayment in a sentence

Eligibility

Definition: The quality of being qualified or suitable for something.

• Her eligibility for the scholarship was confirmed.
• They checked the eligibility criteria for the competition.
• Understanding eligibility helps in applying for programs.

Eligibility in a sentence

Financial

Definition: Related to money or the management of money.

• She took a course in financial planning.
• The company is in a strong financial position.
• He needs financial advice for his budget.

Financial in a sentence

Resources

Definition: Materials or supplies that can be used.

• The library has many resources for students.
• We need to manage our resources wisely.
• Natural resources are important for our survival.

Expenses

Definition: Costs or amounts of money spent on something.

• His monthly expenses include rent and food.
• She keeps track of her expenses to save money.
• They reduced their expenses by eating at home more.

Expenses in a sentence

Income

Definition: The money received for work or through investments.

• Her income helps support the family.
• He saved part of his income for a vacation.
• They discussed ways to increase their income.

Income in a sentence

Costs

Definition: The amount of money required to purchase something or the expenses incurred.

• The costs of the project exceeded the budget.
• She calculated the costs before making a decision.
• Understanding costs is essential for financial planning.

Costs in a sentence

Tuition

Definition: The fee charged for instruction, especially in schools or universities.

• Her tuition for the semester was due next week.
• He applied for scholarships to help with tuition costs.
• Tuition can vary greatly between schools.

Tuition in a sentence

Award

Definition: A prize given for achievement.

• He received an award for being the best student.
• The film won an award for best picture.
• She was thrilled to get an award at the ceremony.

Award in a sentence

Document

Definition: A written or printed paper that provides information.

• Please sign the document.
• I need to read this document carefully.
• They stored the document in a safe place.

Document in a sentence

Process

Definition: A series of actions or steps taken to achieve a result.

• The process of baking bread takes time.
• She explained the process of making pizza.
• He followed the process carefully to complete his task.

Process in a sentence

FAFSA

Definition: The Free Application for Federal Student Aid; a form used to apply for financial aid for college.

• She filled out her FAFSA to get help with tuition.
• Completing the FAFSA is important for college funding.
• The FAFSA can determine eligibility for grants and loans.

Financial Aid

Definition: Monetary assistance provided to students to help pay for education expenses.

• She applied for financial aid to afford college.
• Financial aid can come in the form of grants or loans.
• Understanding financial aid options is crucial for students.

Financial Aid in a sentence

Dependency

Definition: A condition of relying on something or someone for support.

• Her dependency on her phone was concerning.
• Understanding dependency helps in assessing relationships.
• He learned about dependency in mental health.

Dependency in a sentence

Deferment

Definition: The act of postponing or delaying something.

• He applied for deferment of his student loans.
• Deferment allows students to postpone payments while studying.
• Understanding deferment options is important for financial planning.

Deferment in a sentence

Disbursement

Definition: The payment or distribution of money.

• The disbursement of funds was delayed due to paperwork.
• He received the disbursement for his scholarship.
• Tracking disbursements is important for budget management.

Disbursement in a sentence

Merit

Definition: The quality of being good or worthy; deserving praise.

• She was promoted based on her merit and hard work.
• The scholarship is awarded on merit, not financial need.
• Understanding merit can help in recognizing talent.

Merit in a sentence

Need-based

Definition: based on individual needs, often used in financial contexts

• Need-based scholarships help students from low-income families.
• The program provides need-based assistance for families.
• He applied for a need-based grant for college.

Documentation

Definition: The act of providing written evidence or records; materials that provide information.

• Proper documentation is important for legal processes.
• She prepared the documentation for the project.
• The documentation helped clarify the procedures.

Documentation in a sentence

Verification

Definition: The process of confirming that something is true or accurate.

• The verification of the report took several days.
• He needed verification of his identity to access the account.
• They conducted a verification of the data collected.

Verification in a sentence

Enrollment

Definition: The process of signing up for a course or program; the number of people signed up.

• Enrollment for the summer camp begins next month.
• The school reported a rise in enrollment this year.
• Her enrollment in the art class excited her.

Enrollment in a sentence

Institution

Definition: An established organization, especially one involved in education or public service.

• The university is a well-respected institution.
• They visited the institution to learn about its history.
• Many institutions provide valuable services to the community.

Institution in a sentence

Counselor

Definition: A person trained to give advice or guidance, especially in a school or mental health setting.

• The school counselor helps students with their problems.
• She wants to be a counselor to support others.
• He talked to a counselor about his career choices.

Counselor in a sentence

Student Aid

Definition: Financial assistance provided to students to help pay for their education.

• Many students apply for student aid to afford college.
• She received student aid to cover her tuition fees.
• Student aid programs can help reduce education costs.

Financial Literacy

Definition: The ability to understand and effectively manage personal financial matters.

• Financial literacy is crucial for making smart money decisions.
• She learned about financial literacy in her economics class.
• Improving financial literacy helps avoid debt.

Appeal

Definition: to make a request for a decision to be reviewed

• The student decided to appeal the exam results.
• His speech had an emotional appeal that moved many.
• Understanding appeal helps in discussions about rights.

Appeal in a sentence

Default

Definition: A failure to fulfill an obligation, especially in financial terms.

• The borrower faced default after missing several payments.
• Defaulting on a loan can hurt your credit score.
• It's important to understand the consequences of default.

Default in a sentence

Forbearance

Definition: Patience and self-control in difficult situations.

• Her forbearance during the argument was admirable.
• He showed great forbearance when dealing with stress.
• Forbearance is essential when working with young children.

Forbearance in a sentence

Cost Of Attendance

Definition: The total cost of attending a school, including tuition and living expenses.

• The cost of attendance varies by institution.
• She compared the cost of attendance for different colleges.
• Understanding the cost of attendance helps in budgeting for college.

Financial Need

Definition: The requirement for monetary support to meet basic living expenses or obligations.

• She applied for a scholarship due to her financial need.
• Understanding financial need can help in providing assistance.
• The program aims to address financial need in the community.

Merit-based

Definition: Determined by individual performance or abilities rather than other factors.

• The scholarship is merit-based and rewards academic excellence.
• They offer merit-based awards for top students.
• Merit-based systems promote fairness in evaluations.

Award Letter

Definition: A document notifying someone that they have received an award.

• She received an award letter for her academic achievements.
• The award letter made her very proud.
• He framed the award letter as a reminder of his efforts.

Packaging

Definition: The materials used to wrap or protect products, often for shipping or sale.

• Good packaging can attract customers to a product.
• She designed eco-friendly packaging for her products.
• The packaging protects the items during transport.

Packaging in a sentence

Institutional Aid

Definition: Financial support provided by institutions, often for students or organizations.

• She received institutional aid to help pay for her college.
• The school offers institutional aid for low-income students.
• Institutional aid can cover tuition and fees.

Federal Aid

Definition: Financial assistance provided by the national government.

• The school received federal aid for its programs.
• Families in need can apply for federal aid.
• Understanding federal aid helps in accessing resources.

State Aid

Definition: Financial assistance provided by the government to support individuals or organizations.

• Many students rely on state aid to pay for their education.
• The organization received state aid for its community programs.
• State aid can help families during difficult times.

Tuition Remission

Definition: A program that waives tuition fees for eligible students.

• She received tuition remission as a staff member.
• Tuition remission helped him attend college.
• Many universities offer tuition remission for employees.

Work-study

Definition: A program allowing students to work part-time while studying.

• She participates in a work-study program to help pay for college.
• Work-study opportunities provide valuable experience.
• The school offers work-study options for students.

Work-study in a sentence

Cohort Default Rate

Definition: The percentage of borrowers in a cohort who default on their loans.

• The cohort default rate for student loans has increased.
• Understanding the cohort default rate helps in assessing risk.
• Schools monitor the cohort default rate to improve support services.

EFC

Definition: Expected Family Contribution; a measure used to determine a family's financial ability to pay for college.

• The EFC helps colleges assess financial aid needs.
• He checked his EFC to apply for scholarships.
• Understanding EFC is important for college planning.

Satisfactory Academic Progress

Definition: The required performance level for students to maintain financial aid or enrollment.

• Students must meet Satisfactory Academic Progress standards.
• She worked hard to ensure her Satisfactory Academic Progress.
• Understanding Satisfactory Academic Progress is essential for college students.

Loan Servicer

Definition: a company that manages loans on behalf of lenders

• The loan servicer provides information about payments.
• He contacted the loan servicer for assistance.
• Understanding the role of a loan servicer is essential.

Interest Rate

Definition: the percentage charged on a loan or paid on savings

• The bank offers a low interest rate on mortgages.
• He is comparing interest rates from different banks.
• A higher interest rate means more money paid over time.

Interest Rate in a sentence

Principal

Definition: most important; head of a school

• The principal gave a speech at the assembly.
• Her principal concern is student safety.
• He is the principal of our school.

Principal in a sentence

Repayment Plan

Definition: An agreement detailing how a loan will be paid back.

• The bank offered a flexible repayment plan.
• She set up a repayment plan for her student loans.
• Understanding the repayment plan is essential for borrowers.

Subsidized

Definition: Financially supported to reduce costs; made cheaper by assistance.

• The school offers subsidized lunch for students in need.
• She received subsidized housing during her studies.
• Subsidized programs help many families afford services.

Subsidized in a sentence

Unsubsidized

Definition: Not receiving financial support or assistance; not subsidized.

• An unsubsidized loan accrues interest immediately.
• She had to pay for her unsubsidized education.
• Understanding unsubsidized options is important for budgeting.

Unsubsidized in a sentence

Outreach

Definition: The act of reaching out to help others.

• Our outreach program helps the community.
• They organize outreach events every month.
• She volunteers for an outreach organization.

Outreach in a sentence

Compliance

Definition: Following rules or standards.

• The company is in compliance with safety regulations.
• They ensured compliance with the new laws.
• She checked for compliance with the guidelines.

Compliance in a sentence

Dependency Status

Definition: The classification of an individual based on their level of dependency on others.

• His dependency status was assessed for support services.
• Understanding dependency status helps in providing appropriate care.
• The social worker evaluated her dependency status.

Budgeting

Definition: The process of planning how to spend money.

• They are budgeting for their school project.
• Budgeting helps manage expenses effectively.
• He learned about budgeting in his economics class.

Budgeting in a sentence

Financial Counseling

Definition: Advice and guidance to help individuals manage their money.

• Financial counseling can improve budgeting skills.
• She sought financial counseling to reduce debt.
• Understanding financial counseling is important for financial health.

Reconciliation

Definition: The process of restoring friendly relations or resolving differences.

• They sought reconciliation after their argument.
• Reconciliation is important for maintaining friendships.
• The reconciliation of their views led to a better understanding.

Reconciliation in a sentence

Eligibility Criteria

Definition: The specific requirements that must be met to qualify for something.

• The eligibility criteria for the job included experience.
• He reviewed the eligibility criteria for the scholarship.
• Understanding eligibility criteria is important for applications.

Enrollment Status

Definition: The current state of a student's enrollment in a course or program.

• You can check your enrollment status online.
• Her enrollment status was confirmed by the school.
• Understanding your enrollment status is important for registration.

Cohort

Definition: A group of people with a shared characteristic, often studied together.

• The cohort of students graduated together after four years.
• Researchers followed a cohort to study health outcomes.
• Each cohort in the study provided valuable data.

Cohort in a sentence

Financial Resources

Definition: Assets or funds available for use in investment or spending.

• The organization allocated financial resources for the project.
• She managed her financial resources carefully to save money.
• Understanding financial resources is crucial for budgeting.

Financial Resources in a sentence

Scholarship Application

Definition: A request for financial aid to support education.

• He filled out his scholarship application carefully.
• The scholarship application requires personal statements.
• She was excited about her scholarship application results.

Private Aid

Definition: Assistance provided by individuals or organizations, not the government.

• Many students rely on private aid to fund their education.
• Private aid can come from charities or personal donations.
• The school offers private aid for families in need.

Consolidation

Definition: the process of combining multiple things into one

• The consolidation of the two companies created a larger business.
• They are working on the consolidation of their debts.
• Understanding consolidation helps in understanding finance.

Consolidation in a sentence

Cost-sharing

Definition: An arrangement where two or more parties share the expenses of a project or service.

• The insurance plan includes cost-sharing for medical visits.
• He discussed cost-sharing options with his colleagues.
• Cost-sharing can make healthcare more affordable.

Net Price

Definition: The final price after all discounts, taxes, and additional charges have been applied.

• The net price of the item was lower after the sale.
• She asked for the net price of the product.
• Understanding the net price is essential for budgeting.

Net Price in a sentence

Affordability

Definition: The quality of being reasonably priced.

• The affordability of housing is a major concern.
• We need to discuss the affordability of our products.
• Affordability affects many families' choices.

Transparency

Definition: The quality of being open and honest; allowing others to see what is happening.

• Transparency in business builds trust with customers.
• The company values transparency in its operations.
• Understanding transparency is important for good governance.

Transparency in a sentence

Accountability

Definition: Being responsible for one's actions.

• Accountability is important in teamwork.
• He took accountability for his mistakes.
• The company promotes accountability among its employees.

Accountability in a sentence

Federal Regulations

Definition: Rules established by the national government to control various activities.

• The company must follow federal regulations for safety.
• Understanding federal regulations is crucial for compliance.
• They learned about federal regulations in their business class.

Institutional Policies

Definition: Guidelines or rules established by organizations or institutions.

• The school has strict institutional policies regarding attendance.
• They reviewed the institutional policies to ensure compliance.
• Understanding institutional policies is important for students.

Financial Planning

Definition: The process of managing finances for future needs.

• He is focused on financial planning for college.
• Financial planning includes budgeting and saving.
• She learned about financial planning in her class.

Financial Planning in a sentence

Economic Barriers

Definition: Obstacles that prevent individuals or groups from accessing economic opportunities.

• Economic barriers can limit job access for some.
• He discussed economic barriers in his presentation.
• Understanding economic barriers is crucial for social equity.

Access To Education

Definition: The ability to obtain schooling and learning opportunities.

• Access to education is a fundamental right for all children.
• They worked to improve access to education in their community.
• Understanding access to education promotes equality.

Equity In Funding

Definition: Ensuring fair access to financial resources for all individuals or groups.

• The program promotes equity in funding for education.
• They aimed for equity in funding across different regions.
• Understanding equity in funding helps address disparities.