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Financial Aid

Terms to Know

LSB OPEID: 007779ÌýÌýÌýÌý

One of the first steps to understanding the financial aid process is to learn the language you willÌýhear and read. Here are a few key terms to know:

  • ³Ò°ù²¹²Ô³Ù:ÌýFree money – yes, money that does notÌýhave to be paid back.
  • Loan:ÌýBorrowed money – it has to be paid back over a period of time, usually after you’ve graduated.
  • Interest:ÌýThe amount of money you pay back in addition to the principal amount you borrow. Interest rates vary. Some loans may be subsidized. This type of student loan carries/accrues no interest charge while you are in school.
  • Capitalization:Ìý The practice of adding unpaid interest charges to the principal balance of an educational loan,Ìýwhich increases the size of the loan. Interest is then charged on the new balance, including both the unpaid principal and the accrued interest. Capitalizing the interest increases the monthly payment and the amount of money you will eventually have to repay.ÌýAÌýCost of Interest Capitalization calculatorÌýcan assist in determining the cost of interest capitalization.ÌýYou can access an interestÌýcalculator atÌýÌý/³¦²¹±ô³¦³Ü±ô²¹³Ù´Ç°ù
  • Need-based aid:ÌýAid awarded to students on the basis of theirÌýfinancial need. This type of aid is re-evaluated each year by the FAFSA renewal process or as a student’s financial situation changes.
  • Dependent/Independent:ÌýAccording to the federal government, you must meet at least one of the criteria listed below to be consideredÌýIndependentÌýfor theÌý2023-24 academic year. (Your dependency status affects the amount of financial assistance available to you)• born before January 1, 1999
    •Ìýa veteran of the U.S. Armed Forces
    •Ìýenrolled in a graduate or a professional program
    •Ìým²¹°ù°ù¾±±ð»å
    •Ìýhave legal dependents whose sole financial support you provide
    •Ìýan orphan or ward of the court until age 18 or under legal guardianship
    •Ìýan emancipated minorÌýorÌýan unaccompanied youth who wasÌýhomeless
  • Financial information:Ìý Tax and assetsÌýinformation for you, the student, your spouse (if you are married or were married when you filed your tax return) and your parents, if you are dependent for financial aid.
  • Tax information:ÌýThe federal tax returns you and your parents filed and all the W-2’s used to calculate the income reported on the 1040 forms.ÌýFederal tax returns include 1040, 1040A or a 1040EZ), and all the schedules filed for the prior year.
  • Tax Return Transcripts:ÌýIRS issued documents containing your (and your parents if you are dependent for financial aid) filed tax return. A tax return transcript is now required if your ISIR is selected for the process called verification. A transcript can be ordered online at: Ìýand printed directly from this website.
  • OPEID:ÌýÌýthe number that identifies the school that receives your FAFSA information and your EFC results.Ìý LSBÌýÌýOPEID isÌý007779
  • ÌýNSLDS:ÌýNational Student Loan Data System containing information on your loan record and your loan servicer information.Ìý You will need your FSA ID to log on to the website.

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