Financial Aid Terminology

Cost of Attendance (COA)
Your estimated cost of attendance is the budget for the year, designed to account for both direct and indirect expenses. This is the basis from which we calculate your total financial aid eligibility.

• Direct costs are charges paid to and billed by Batten University, including tuition, applicable fees, and on-campus housing and meals.
• Indirect costs are estimates for expenses not charged by the university, such as books, supplies, personal expenses, transportation, and off-campus housing. Contact the Financial Aid Office if you have additional expenses you'd like us to consider.

Net Cost
The amount of direct and indirect costs remaining after all gift aid (scholarships and grants) is subtracted.

Remaining Cost
The amount of direct and indirect costs remaining after all gift aid and self-help aid (loans and federal work-study) or other funding sources are subtracted.

Room and Board
Housing and meals. Room and board is typically listed as part of a college's estimated cost of attendance alongside tuition, fees, and supplies. Students who live on campus at Batten University are required to have a meal plan, which is included in the housing cost.

Tuition
The amount charged by the university per term, per course, or per credit in exchange for instruction and training. Tuition does not include textbooks, room and board, or other fees.

Award Notification
A package showing your estimated cost of attendance and the financial aid you're eligible for (assuming all requirements are met for each award). This covers the current academic year only.

Expected Family Contribution (EFC)
An index number used by financial aid staff to determine how much financial aid you'll receive. The EFC is calculated according to a formula established by law from the information you provide on the FAFSA.

Extenuating Circumstances
If you're facing financial hardship due to circumstances such as loss of a job, a change in employment, the death of a parent, or a parental divorce, you may be eligible for additional aid. Contact the Financial Aid Office at 757.455.3345 or finaid@batten.edu to discuss your situation.

Federal School Code
A number assigned to each college or university by the federal government. You enter it on your FAFSA so that the institution receives a copy. Batten University's school code is 003767.

Financial Need
The difference between the Cost of Attendance (COA) as established by the institution and the Expected Family Contribution (EFC). While the cost of attendance varies between schools, your EFC remains the same regardless of which institution you attend.

Free Application for Federal Student Aid (FAFSA)
An application used by U.S. citizens and permanent residents to apply for financial aid from federal and state governments. International students are not eligible for U.S. government aid but may be asked to submit a FAFSA to determine financial need. A Social Security number is required. The FAFSA must be completed each year after October 1 at studentaid.gov.

Remaining Need
The difference between Batten University's Cost of Attendance and your Expected Family Contribution.

Satisfactory Academic Progress (SAP)
To remain eligible for federal grants, loans, work-study, and Batten University institutional aid, students must complete and pass 70% of the courses they register for and maintain a required cumulative GPA based on their credit level.

Federal Pell Grant (Does not need to be repaid)
A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional need and have an EFC below a threshold set annually by the U.S. Department of Education.

Federal Supplemental Educational Opportunity Grant (FSEOG) (Does not need to be repaid)
A federal grant for undergraduate students with exceptional financial need. Priority is given to Pell Grant recipients, and funds must be awarded in lowest-EFC order. Awarding is contingent on funding and may not be renewed year to year.

Gift Aid (Does not need to be repaid)
Funds awarded to the student that do not have to be repaid, unless the student fails to meet certain terms specified as a condition of the award. Gift aid includes grants, scholarships, remissions, and waivers.

Scholarship (Does not need to be repaid)
A type of gift aid that does not need to be repaid. Scholarship awards are typically based on merit or a combination of merit-based and need, such as academic excellence, talent, affiliation with various groups, or career aspirations. To maintain eligibility for renewal, the student may be required to maintain a specific GPA or enrollment status.

State Grant (Does not need to be repaid)
Grants from the Commonwealth of Virginia for Virginia residents. These grants do not need to be repaid.

Alternative (Private) Loans (Must be repaid)
A non-federal education loan borrowed from a private lender such as a bank, credit union, or other financial entity. This should be a student's last resort. elmselect.com maintains a list of lenders that offer educational loans. If your bank is not listed, Batten University can still process an approved loan.

Annual Student Loan Acknowledgement
Each year, the Department of Education requires borrowers (students or parents) to acknowledge that they are taking out a loan that must be repaid per the terms of the Master Promissory Note, and to review their total outstanding loan balance. This is completed at studentaid.gov.

Default
When you fail to make on-time monthly payments on your student or parent loans. If you are delinquent for 90 days, your loan servicer will report it to the three major credit bureaus. You will also lose access to deferment, forbearance, and other benefits. If you're having difficulty making payments, contact your loan servicer immediately.

Deferment
Allows you to postpone repayment of your federal loans in certain circumstances (economic hardship, unemployment, etc.), provided you have not defaulted. Interest does not accrue on subsidized loans during deferment but does on all other federal loans. Contact your loan servicer to begin the process.

Entrance Counseling
Required before your first federal student loan is disbursed. Completed at studentaid.gov, it covers interest rates, repayment plans, loan eligibility, and borrower responsibilities. Once completed, it is valid for 10 years.

Federal Direct Student Loans (Must be repaid)
Loan funds provided to the student by the U.S. Department of Education through the school. Repayment begins six months after the borrower ceases to be enrolled at least half-time. The FAFSA is the required annual application. There are two types:

• Subsidized: Need-based. The government pays the interest while the student is enrolled at least half-time.
• Unsubsidized: Not need-based. Interest accrues while the student is in school.

Federal Grad PLUS Loan (Must be repaid)
A federal loan for graduate students with no adverse credit history. Allows borrowing up to the Cost of Attendance minus other aid. The student must be enrolled at least half-time in an eligible program and must first borrow the maximum through Federal Direct Student Loans. Repayment begins 30 to 60 days after full disbursement, with deferment and forbearance options available.

Federal Parent Loan (PLUS) (Must be repaid)
A federal loan program that allows parents with no adverse credit history to borrow up to the Cost of Attendance minus financial aid each year. PLUS loans must be repaid with interest.

Forbearance
Allows you to temporarily suspend or reduce your monthly federal loan payments for up to 12 months without going into default. Interest continues to accrue. Contact your loan servicer for details.

Master Promissory Note (MPN)
A legal document in which you promise to repay your federal loan(s) and any accrued interest and fees. The MPN must be completed the first year you accept subsidized or unsubsidized loans, or a PLUS loan. Once signed, a student MPN is valid for 10 years. A PLUS loan with a co-signer must be completed each year.

Federal Work-Study (FWS) (Does not need to be repaid)
A federally funded program that provides part-time on-campus employment to students who demonstrate financial need. Students must complete a FAFSA, apply for positions, and be hired. Work-study recipients receive biweekly paychecks for hours worked. Awarding is contingent on funding and may not be renewed year to year. The award amount is not automatically deducted from tuition.

Self-Help Aid
Financial aid in the form of loans or student employment.

• Loans (must be repaid) can be used to cover remaining net costs after gift aid is deducted.
• Work-Study (does not need to be repaid) awards are not automatically deducted from billed costs. Students can sign over paychecks in the Office of Finance to apply earnings toward their student account.

Batten Work & Learn Program
A university-operated program that provides students with meaningful campus employment opportunities while contributing toward the cost of their education. The program has five components:

• Federal Work-Study — Federally funded on-campus positions. Students work an average of 10–12 hours per week and receive biweekly paychecks.
• Campus Cooperative — Students receive a tuition grant in exchange for approximately 10 hours per week of campus work. A FAFSA is required, but federal work-study eligibility is not.
• Professional Partnership — Provides cooperative education opportunities with community employers, combining academic credit, tuition credit, and cash income.
• OPUS — Students assist operational areas of the university alongside full-time staff, completing projects across campus in exchange for a reduction in their account balance.
• Residential Leadership — Resident Assistants (RAs) are placed in each residential building. Responsibilities include floor programming, duty rotations, community building, and administrative tasks. RAs receive compensation in exchange for their leadership role.