Beginning the Process - "Lingo" Lesson

A glossary of commonly used terms and acronyms:

• ACADEMIC YEAR – At Lane, our academic year begins summer term and ends the following spring term.
• AWARD YEAR – An award year always begins on July 1 of one year and ends on June 30 of the next year.
• CAMPUS-BASED FUNDS – Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work Study (FWS).
• COST OF ATTENDANCE (COA) – An estimate of costs incurred while attending Lane.  Also known as the Student Budget.  
• ELIGIBLE PROGRAM – A course of study that leads to a degree or most one and two year certificate programs. 
• ENROLLMENT PERIOD – In general, the first day through the last day of the term.
• EXPECTED FAMILY CONTRIBUTION (EFC) – The amount you and your family are expected to contribute toward your education.  The EFC is determined by the Federal Processor.   
• FAFSA (Free Application for Federal Student Aid) - The application used to apply for federal aid. 
• FEDERAL PROCESSOR – The Department of Education's organization for processing FAFSA application data.
• myLane – Lane's secure self service web portal.
• NEED BASED PROGRAM – Financial aid that relies upon financial need.  Financial need is the total Cost of Attendance (COA) minus the Expected Family Contribution (EFC). 
• SATISFACTORY ACADEMIC PROGRESS (SAP) –  A measurement of your academic progress based upon GPA and completion rate.
• STUDENT AID REPORT (SAR) – A summary of the information reported on the FAFSA and sent to the student.