Understanding the FSEOG and related acronyms

When it comes to seeking money for college, encountering acronyms like FSEOG, FAFSA, USDE, and many others can make applying for financial aid confusing. Many schools, financial aid offices and websites use these acronyms frequently enough to make it seem like they assume everyone who sees the terms will understand what they mean. Use of industry jargon such as FSEOG and FAFSA is widespread, so if you want to get all of the aid and free money for school that you qualify for, you’ll need to learn these terms.

FSEOG- Federal Supplemental Educational Opportunity Grant. This grant is awarded to students with exceptional need. Usually students will need to qualify for the federal Pell grant in order to be eligible for the FSEOG. The FSEOG pays up to $4,000 per year for the college expenses of undergraduate students.

FAFSA- Free Application for Federal Student Aid. This is the form that all students must fill out in order to determine their eligibility for all types of federal aid, including the FSEOG. The form is available at more than four thousand schools nationwide, including online colleges and schools. Additionally, many types of school-administered programs utilize the FAFSA in order to award students with financial aid.

USDE- United States Department of Education. This is the federal agency that manages all educational aid programs that are funded by the government. Schools generally transmit data from FAFSA forms that students have sent in to the USDE, and award determinations are ultimately made by the agency.

EFC- Expected Family Contribution. Because federal educational aid such as the FSEOG and the Pell grant are provided with the general understanding that families will share in their children’s education expenses, the EFC seeks to determine how much aid a student can receive. For families that have very little assets, income or resources, the EFC will be much less, and the student will be awarded more aid than a student whose family is well-off.

You’ll probably run into more acronyms while filling out the FAFSA in your search for the Pell and the FSEOG, but these are the 4 most common and the most important terms.