Skip to main content


As high school seniors and their parents begin the college financial aid process, they may find themselves faced with unfamiliar terms. This short glossary from the Kentucky Higher Education Assistance Authority (KHEAA) may help.

·         Conversion scholarship/loan. This type of financial aid requires recipients to provide certain services or pay back the funds with interest.

·         Expected family contribution (EFC). This is the amount the student and family are expected to pay toward yearly college costs.

·         FAFSA. The Free Application for Federal Student Aid is the form all students must complete when applying for federal and state student aid. The best way to file is online.

·         Financial need. This term refers to the difference between the student’s EFC and the total cost of attending a college.

·         Grant. Grants are usually based on financial need and generally do not have to be repaid.

·         Institutional aid. This term refers to the scholarships, grants and other financial aid programs provided by the college.

·         Need analysis. The answers provided on the FAFSA are analyzed to determine a student’s EFC and financial need.

·         Student Aid Report (SAR). This report is based on the information provided on the FAFSA and lets students know their EFC and eligibility for aid.

·         Waiver. A waiver lets a student attend college without having to pay tuition and certain fees.

KHEAA is the state agency that administers Kentucky’s student aid programs, including the Kentucky Educational Excellence Scholarship (KEES). To find links to other useful education websites, go to For more information about Kentucky scholarships and grants, visit; write KHEAA, P.O. Box 798, Frankfort, KY 40602; or call 800-928-8926, ext. 6-7372.





About & Help


Kentucky Unbridled Spirit Logo

© 2015 Commonwealth of Kentucky. All rights reserved.

Back to Top