FAFSA

Free Application for Federal Student Aid.

A form student fills out every year if they’re interested in financial aid for college.

SAR

Student Aid Report.
A detailed record of all the information you provided on your FAFSA.  You'll find your EFC and your DRN on this report.

EFC

Expected Family Contribution.
This number is calculated based on a need analysis of how much your family should be able to pay toward the cost of college attendance.

DRN

Data Release Number.

It is four digits and can be found on your SAR.  Your DRN is used when you need to contact FAFSA in order to correct your mailing address, change your college code, or to release your FAFSA information to a new college. 

PIN

Personal Identification Number. 
You use this number every year to access your previous year's FAFSA and to "sign" your Renewal FAFSA electronically.

http://www.pin.ed.gov/

Verification

A normal process in which your school might ask for copies of the financial documents you used to fill out the FAFSA.

Financial aid award letter

A letter mailed to you by your school's financial aid office after they receive your FAFSA information.  It will outline your financial aid package.

Grants

Money that comes from the federal or state government, or from college or university funds.  You do not need to pay these back.

Scholarships

Money that you need to apply for, often based on financial need or academic achievement.  You do not need to pay these back.

Loans

Financial aid that you have to pay back.

Subsidized loan

Type of loan for which the government will pay the interest for as long as you are in school.

Unsubsidized loan

Type of loan for which you must pay the interest while you are in school.

Work-study

Money you earn from working an on-campus job (or off-campus job arranged by your school) that goes toward your tuition.

Satisfactory Academic Progress (SAP)

A policy that says that you must meet minimum academic standards and show you are progressing toward a degree in order to remain eligible for federal and state financial aid.  Look on your school's website or check your school catalog to find out how this works at your school