Abbreviations You Need to Know to Apply for Financial Aid

Abbreviations You Need to Know to Apply for Financial Aid

Student life in college is full of captivating events, tasks, and obligations. Very often students do not even have enough time or efforts to enjoy this life. This is why it is necessary to create different guides and provide students with necessary informative hints and ideas on how to facilitate their assignments. Many students want to apply for financial aid in order to reduce their educational costs and have enough money to pay for education, necessary books, and other services. However, the process for applying this aid has a number of complicated terms and abbreviations, and students cannot memorize all of them at once. To make your work easier, in this article, the most significant terms and abbreviations are explained for you in a clear and comprehensible way. FAFSA Free Application for Federal Student Aid is a form any applicant has to fill in; EFC Expected Family Contribution financial support provided by student's family that depends on the existed financial situation; USED - United States Department of Education the department that responds for the proper organization of financial aid in different institutions; MB financial aid - merit-based financial aid awarded individually for outstanding academic skills and achievements demonstrated by students; ND financial aid need-based financial aid based on the financial need that is properly explained by a student; SSN social security number a nine-issued number that aims at tracking people for taxation purposes. Of course, it is difficult to keep all these abbreviations and their meaning in mind. However, you need to know all of them to face fewer challenges in future when you start filling your financial aid application in. Now it is time to define the reasons of why you need to apply for financial aid, clear up what kind of aid is more appropriate for you in accordance with your skills, and get necessary consultation as for the details to consider. Good luck!

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