The school year for which financial aid is used to fund a student’s education. Generally, this is the 12-month period that begins on July 1 of one year and ends on June 30 of the following year.

The total cost of attending a college for one year, including tuition, housing, food, books, transportation, fees and miscellaneous expenses. The listed cost of attendance doesn’t consider an individual student's financial aid. Your specific cost of attendance may be more or less than the listed cost of attendance, depending on a number of factors such as housing situation, dining plan, etc.

Administered by the College Scholarship Service, which is the financial aid division of the College Board, the CSS Profile is a web-based financial aid form required by some colleges, including Carnegie Mellon, in addition to the FAFSA. Students who wish to apply for institutional (CMU) financial aid are required to complete the CSS Profile.

If a student's parents are divorced or separated, the custodial parent is the one who provided the majority of financial support in the past 12 months. If financial support is equal between the two parents, then the parent who has the greater income and assets becomes the custodial parent.

This is the gap between the cost of attending a school (including tuition, fees, housing, food, books/course materials, travel allowance, and personal expenses) and what a student and their family can reasonably contribute based on their financial situation. CMU determines this amount by assessing a student's financial information through the FAFSA, CSS Profile and, in some cases, additional tax documentation. 

In other words, demonstrated financial need represents the financial support a student requires to attend an institution after determining what a family can contribute based on their income, assets and family size. Many colleges use this calculation to offer need-based financial aid, such as grants, scholarships, work-study, or loans, to help bridge the gap and make education more affordable.

The status of most first-year college students; used for financial aid calculation. Dependent students must report their parents' income and assets on their financial aid applications.

The process of applying financial aid funds to your student account. Upon disbursement, students will be able to view the type of aid and amount that has been applied to their account and its impact to any remaining balance. Learn more about Carnegie Mellon’s disbursement process.

A federal application form required from all students who wish to apply for need-based financial aid, including grants, loans and work-study. The FAFSA is used to determine how much financial aid the federal and/or state government can be provided to a student.

A Federal Pell Grant that is awarded to students with substantial financial need, as determined by the FAFSA, and does not have to be repaid.

The Federal Supplemental Educational Opportunity Grant (SEOG) is a grant that is awarded to an undergraduate student who demonstrates exceptional financial need to help pay for their education. Awards can range from $100–$4,000 and don’t need to be repaid.

A statement from a college that outlines the type (grants, loans or work-study) and amount of financial aid the school is able to provide an enrolled or prospective student.

An undergraduate student who takes a minimum of 12 credits (the equivalent of 36 units at Carnegie Mellon) per semester.

A grace period is a set period of time after you graduate, leave school, or enroll in less than half-time enrollment before you must begin repayment on your loan. To determine the length of your grace period, check your promissory note.

A form of financial aid based on need that does not have to be repaid. A grant may be provided by federal or state governments, an institution or a foundation. Grants may also be known as gift aid.

A status used to determine financial aid. An independent student must meet any one of the following criteria as defined by the federal government:

• 24 years of age
• Married
• Has status of a graduate or professional student
• Has legal dependents other than a spouse
• At any time since the student turned 13, they were a ward of the court, in foster care or an orphan
• Is an emancipated minor
• Is or was in a legal guardianship with someone other than their parent or stepparent
• Is homeless or at risk of homelessness
• A veteran or currently serving on active duty in U.S. armed forces

Independent students report only their own income and assets (and those of a spouse if applicable) when applying for financial aid.

A loan is a type of financial aid that is available to students and to the parents of students that must be repaid when either the student finishes school or ceases to be enrolled at least half-time. Loans can be funded through the federal government or a private lender.

A legal document in which you promise to repay your Federal Direct Subsidized or Direct Unsubsidized Loans and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loans.

If a student's parents are divorced or separated, the non-custodial parent is the person who provided less than half of the student’s financial support in the past 12 months. If financial support is equal between the two parents, then the parent who has the lesser income and assets is the non-custodial parent.

An origination fee is a percentage of your loan amount charged by the lender for the processing of your loan. Federal student loans have an origination fee; therefore, the amount you may receive as a disbursement may be slightly lower than the amount you accept.

A Parent PLUS Loan is a federal loan available to parents of dependent students that can be used to cover any costs not already covered by the student's financial aid package.

A scholarship is a form of financial aid that is usually based on merit, sometimes in combination with need, which does not need to be repaid.

A measure to determine your federal student aid eligibility based on your FAFSA. The SAI is not a dollar amount or what a family is expected to pay.

This refers to the gap between the total cost of attending a college and the amount of financial aid a student receives through grants, scholarships, and their Student Aid Index (SAI), essentially representing the amount of money a student still needs to cover to pay for their education after receiving all aid for which they are eligible.