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Definitions
Academic and Performance Scholarships :
These scholarships are awarded based on ACT score, GPA and talent. Financial need is not a factor.
Cost of Attendance (COA) :
The cost of attendance includes fixed costs (tuition, fees, room and board) and variable costs (books, supplies, personal expenses and transportation).
Expected Family Contribution (EFC) :
The FAFSA measures your family’s financial ability to contribute toward your education. The EFC is used to determine if you are eligible for Pell Grants, work-study and loans. A free estimator is available online at www.finaid.org.
FAFSA :
The Free Application for Federal Student Aid. Students and their families use this form to apply for federal and state financial aid (Pell Grants, work-study, loans, Arkansas Academic Challenge). The FAFSA may be submitted after January 1. Williams’ FAFSA school code is 001106.
Federal Work Study :
College work-study is a federal program that allows a student to earn money to help pay educational expenses. College work-study is based on the student’s need, the amount of money the College has for the program, and the amount of aid that the student receives from other programs. The student earns minimum wage and is paid monthly on the hours worked. Eligibility is determined by the FAFSA. A student must fill out a Work-Study Questionnaire before they will be placed in a position.
Financial Aid Package :
The total amount of financial aid (federal and institutional) a student is eligible to receive.
Financial Eligibility :
The total amount of need-based financial aid a student can receive. The expected family contribution is used to determine if a student is eligible for need-based financial aid.
Grants :
Awards based on financial eligibility that do not have to be repaid. The most common grant is the Federal Pell Grant.
Independent Student :
One who is not required to submit parental data when applying for Financial Aid. For the 2006-07 school year, an independent student is defined for federal aid purposes as a person who meets one or more of the following criteria: (1) born before January 1, 1983; (2) an orphan or ward of the court; (3) a veteran; (4) a married student; (5) a student attending graduate school; or (6) a student who has a dependent other than a spouse.
Loans :
Loans must be repaid. Subsidized and unsubsidized loans are deferred until after graduation or the student drops below half time (6 hours per sem.). Unsubsidized loans do accrue interest while the student is in school.
Payment Plans :
Williams realizes that all students cannot pay the entire balance of their student account at the time of registration. Therefore, Williams offers a deferred payment plan. The balance will be divided into three equal payments, with the payments due at monthly intervals. Due dates will be October 10, November 10, and December 1 for the Fall semester, and February 10, March 10, and April 10 for the Spring semester. A finance charge at the rate of .833% per month will be levied on any unpaid balance.
SAR :
The Student Aid Report is the response letter sent to students who apply for federal aid by filling out the FAFSA.
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