Glossary of Terms

Bay Path College Carr Hall in the fall

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A period of at least 30 weeks of instructional time during which a full-time student is expected to complete at least 24 semester or trimester hours, or at least 36 quarter hours, at an institution that measures program length in credit hours; or at least 900 clock hours at an institution that measures program length in clock hours.

The total amount it should cost a student to go to school--usually expressed as a yearly figure. The cost of education covers tuition and fees, on-campus room and board (or a housing and food allowance for off-campus students), and allowance for books and supplies, transportation, and miscellaneous expenses. Certain other items may be added at the discretion of the Office of Financial Aid. Your COA is affected by your enrollment status whether full or part-time.

Failure to repay a student loan according to the terms agreed to when you signed a promissory note. If you default, your school, the organization that holds your loan, the state, and the federal government can all take action to recover the money, including notifying national credit bureaus of your default. Your wages and/or tax returns may be garnished, and you will no longer be eligible to receive federal financial aid.

The release of loan funds to the school for delivery to the borrower. Disbursements for most loans are made in equal multiple installments per term.

The amount of money that the family is expected to be able to contribute to the student's education, as determined by the Federal Methodology need analysis formula approved by Congress. The EFC includes the parent contribution and the student contribution, and depends on the student's dependency status, family size, number of family members in school, taxable and nontaxable income and assets. The difference between the COA and the EFC is the student's financial need, and is used in determining the student's eligibility for need-based financial aid. If you have unusual financial circumstances (such as high medical expenses, loss of employment or death of a parent) that may affect your ability to pay for your education, please tell the Office of Student Financial Services. We can adjust the COA or EFC to compensate.

Done using PINs, which are given by the Department of Education to sign the Free Application for Federal Student Aid (FAFSA) and Master Promissory Notes online.

An indication of whether you are a full-time or part-time student. Generally you must be enrolled at least half-time (and in some cases full-time) to qualify for financial aid.

Form used to apply for Federal and State Financial Aid. It is free i.e., no fee is charged to file a FAFSA. This form is filed via the web at

Program providing undergraduate and graduate students with part-time employment during the school year. The federal government pays a portion of the student's salary, making it cheaper for departments and businesses to hire the student. For this reason, work-study students often find it easier to get a part-time job. Eligibility for FWS is based on financial need. Money earned from a FWS job is not counted as income for the subsequent year's need analysis process. Salary is usually minimum wage and the students work 10 hours per week.

Money provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and work).

The complete collection of grants, scholarships, loans and work-study employment from all sources (federal, state, institutional and private) offered to a student to enable them to attend Bay Path College. 

The difference between the Cost of Attendance (COA) and the Estimated Family Contribution (EFC). This amount is your total eligibility for aid from all sources, and is used in determining what your aid package will be.

A first-year undergraduate student who has never borrowed a Stafford or Direct student loan before. First-time borrowers may be subjected to a delay in the disbursement of the loan funds. The first loan payment is disbursed 30 days after the first day of the enrollment period. If the student withdraws during the first 30 days of classes, the loan is canceled and does not need to be repaid.

A type of financial aid based on financial need that the student does not have to repay.

Placed on a student’s account usually because of billing charges, missing financial aid forms or incomplete medical immunizations. This hold can keep a student from registering for classes and reviewing their final grades. It will be there until the account is brought up to date. Also this will prevent the receipt of transcripts and diplomas.

An independent student is at least 24 years old as of January 1 of the academic year, is married, is a graduate or professional student, has a legal dependent other than a spouse, is a veteran of the US Armed Forces, or is an orphan or ward of the court (or was a ward of the court until age 18). A parent refusing to provide support for their child's education is not sufficient for the child to be declared independent. (See also Dependent.)

Amount charged to the borrower for the privilege of using the lender's money. Interest is usually calculated as a percentage of the principal balance of the loan. The percentage rate may be fixed for the life of the loan, or it may be variable, depending on the terms of the loan.

A financial institution (bank, savings and loan, or credit union) that provides the funds for students and parents to borrow educational loans. For example, the federal government is the lender for Direct Loans.

The binding legal document that must be signed by the student borrower before loan funds are disbursed by the lender. The promissory note states the terms and conditions of the loan, including repayment schedule, interest rate, deferment policy and cancellations. The student should keep this document until the loan has been repaid. This is signed electronically at

When you fill out the Free Application for Federal Student Aid (FAFSA) you need to supply the Title IV Code for each school to which you are applying. The school code for BPC is 002122.

Tuition payment plans are short-term installment plans that split your tuition into equal monthly payments. Please contact the Student Financial Services Office concerning the payment plan.

A process of review to determine the accuracy of the information on a student's financial aid application. Student applications are selected by the Federal Processor for review. Bay Path currently participates in this standard verification program. If you have been selected for verification please complete the necessary forms with a copy of your signed and dated Federal Tax Return to the office of Financial Aid Office as soon as possible.

Resignation from the College before the end of an official term of study by completion of the official withdrawal form in the Registrar’s Office.