Enrollment Services

Common Financial Aid Terms

COST OF ATTENDANCE (COA): This is an estimate of your costs to attend Saint Peter’s University for an academic year. This budget includes direct costs that are reflected on your bill such as tuition, mandatory fees, room and board, as well as indirect costs not reflected on your bill such as books, travel and miscellaneous expenses.

EXPECTED FAMILY CONTRIBUTION (EFC): Based on the FAFSA (Free Application for Federal Student Aid), this figure is the result of a complex calculation determined by the U.S. Department of Education and is based on taxable and non-taxable incomes of parents and student, as well as their assets and any other benefits that they may receive. In addition, the number in the family and in college play an important part in the final determination of this figure.

STUDENT AID REPORT (SAR): This report is generated by the U.S. Department of Education and reflects the information supplied by the student as well as the result of the needs analysis computation, or the EFC.

NEED ANALYSIS: This is the calculation used to determine a student’s eligibility for financial aid. The need analysis calculation varies based on federal, state and institutional programs. This calculation involves determining the Cost of Attendance at Saint Peter’s University, then subtracting the Estimated Financial Contribution (EFC) as determined by the FAFSA in order to determine financial need.

FINANCIAL AID (FA): This represents all the resources available to a student to help pay educational expenses. Financial Aid consists of scholarships which can include institutional, state, federal, grants, private resources, loans and work-study. In order to receive these awards at Saint Peter’s University, the student needs to complete a FAFSA each academic year.

FULL-TIME STATUS: Full-time status is defined as 12 – 15 credits per semester in the College of Arts and Sciences/School of Business.

HALF-TIME STATUS: Half-time status is defined as a minimum of 6 credits per semester. This is the minimum number of credits that a student can be enrolled in so as to qualify for financial assistance. There are two exceptions to this policy: the Tuition Aid Grant Program (TAG) which states a student must be enrolled full-time in order to receive a grant; and the Pell Grant Program, where a student can be enrolled for less than half-time and receive a prorated grant.

LESS THAN HALF-TIME STATUS: Less than half-time status is defined as carrying a course load less than 6 credits per semester. A student carrying less than half-time status is not eligible for aid. (Exception to this is the Pell Grant Program.)

FINANCIAL AID AWARD LETTER: This award letter is generated by the Student Financial Aid Office and it lists all aid that has been awarded to a student for an academic year, reflected on a term by term basis. This letter also reflects the COA and the enrollment status on which the aid was calculated. In addition, this letter acts as a Stafford Loan application form.

VERIFICATION: A student can be selected for verification by the U.S. Department of Education, by the State of New ersey, or both. Saint Peter’s University is mandated under both federal and state regulations to verify all information eported on the FAFSA. This is done by reviewing tax returns and other documentation requested and comparing it to the information supplied on the application for accuracy. Aid will not be credited until this process has been completed.

REVISIONS: The Financial Aid Award Letter can be revised at any time during an academic year based on changes to the needs analysis (based on verification), enrollment status as well as residency status, or outside scholarships or grants reported during the academic year and not originally reflected.