Glossary of Terms

Financial Aid Terms

Financial aid has its own vocabulary so to help you speak the language, here are the most commonly used terms:

Awards – A schedule of financial aid payments that a student may qualify for based on a set of eligibility requirements. Amount is based on actual enrollment. If student is not enrolled, award will be based on a full-time enrollment status and will be adjusted if actual enrollment is less than full-time.

Anticipated Aid – Amount of financial aid that is expected and will hold the students schedule as long as the amount is equal to or exceeds charges. Anticipated aid that results from a Pell Grant can be used to purchase books at the College Bookstore as long as the Pell exceed billed charges.

Authorized Funds – Amount of financial aid expected to be disbursed at a later date based on an expected enrollment status and appears on the student account as Anticipated Aid.

Bookstore Credit– An amount that allows student to use excess Grant and Loan funds at the College Bookstore. Anticipated aid must exceed billed charges. The timeframe for using a bookstore credit is 10 days prior to the start of classes for Grant funds and first day of classes for Loan funds, up through the beginning of the last late-start session of the semester.

Disbursement – Amount of financial aid posted to a student account as a payment for educational costs. Amount disbursed is contingent upon eligibility requirements and enrollment status.

BankMobile Disbursements – HCC has partnered with BankMobile Disbursements to deliver Your financial aid refund. You may either set-up direct deposit to an existing bank account or may choose to open  an account with BankMobile.

Enrollment Status – Number of registered or enrolled credits.

Full-Time Status – Enrolled in 12 or more credits.

Half-time Status – Enrolled in 6 – 8 credits.

Late-Start Sessions – Classes that begin after the starting date of a fall, spring, or summer semester. Classes that begin in February, March, July, mid-September, October, and November are considered late-start sessions.

Less than Half-Time Status – 1 – 5 credits.

MPN – Master Promissory Note – Promise to pay back student loans.

Refund – Total financial aid disbursed exceeds amounts charged for tuition, fees, and books.

Three-Quarter-Time Status – Enrolled in 9 – 11 credits.