College search: Early action, net price and more need-to-know terms

Early action or early decision? Net price, total cost or expected family contribution? Here's a primer on the need-to-know terminology you'll need during the college search process:

Common app

Centralized platform/mobile app that students use to apply to more than 1,000 participating colleges. It organizes key information (contact information, extra-curiccular activities) along with a main application essay for ease of applying to several colleges.

Cost of attendance (COA)

The estimated total yearly cost of college including tuition, room, board, mandatory fees and personal expenses.

Early action

Applying for early admissions decision without a requirement to attend if accepted. Students can apply early action to more than one college.

Early decision

Choosing a single college to apply for an early admissions decision that binds the student to attend if accepted. 

Decision day (May 1)

The deadline by which accepted students are expected to commit to the college they'll attend. Students have adopted a newer traditional of donning their chosen college's merch on this day for social media "reveal" posts and high school celebrations. 

FAFSA

The free application for federal student aid is required to secure federal grants. loans and work study.

Financial need

The difference between a student's expected contribution to college (determined by the FAFSA) and the institution's total cost of attendence.

Merit aid

Financial grants or scholarships that are not based on financial need, typically awarded for grades or test scores.

Need-blind

Admissions policy in which institutions consider a student's application without regard to financial need.

PLUS loan

Federal loan parents can take to help play for college

Rolling admissions

SAI (Student Aid Index)

A number generated by the FAFSA that colleges use to determine financial need

Test-optional

Colleges that don't require students to submit SAT/ACT scores on their applications.

Acceptance rate

The proportion of first-time students submitting an application to this school that were accepted for admission.

Average annual cost (or net price)

The average annual cost is the average net price for students who receive federal financial aid (e.g., Pell grants, federal loans) for one academic year of study. Net price is calculated by adding the advertised price for tuition, fees, books, supplies, and the average living costs at the school (on-campus, off-campus not with family, and off-campus with family) and subtracting the average grant and/or scholarship aid (e.g., Pell grants, school-based grants, merit scholarships). Net price is calculated as the average over all full-time, first-time students who receive federal financial aid and may not reflect a specific student's annual costs. For public schools, this is only the average cost for in-state students.

Graduation rate

Proportion of entering students that graduated at this school within 8 years of entry, regardless of their full-time/part-time status or prior postsecondary experience. Graduation is measured 8 years after entry.

Median earnings

Federally aided individuals who were working and not enrolled in school. Earnings were measured based on wages and deferred compensation reported via IRS form W-2 plus positive self-employment earnings reported via Schedule SE. Individuals with $1 or more of earnings were considered to be working and were included in the median earnings calculation.

Median total debt after graduation

The median federal loan debt accumulated at the school awarding the credential among undergraduate student borrowers of federal loans who graduated. Non-federal loans and federal loans not made to students (e.g., Parent PLUS loans) are not included in this value. This debt metric only includes loans originated at this school, so this metric should be interpreted as the typical debt level for attending this school alone, not necessarily the total debt to obtain a credential since students may attend more than one school.

SAT/ACT Test scores

Tests scores shown are a range that covers the middle 50 percent (between the 25th and 75th percentiles) of first-time students enrolled at the school in the fall. 25% of first-time students scored below this range, and 25% of first-time students scored above this range. Scores from students that were admitted, but did not enroll, are not included. Not all schools require test scores for admission.

Source: U.S. Department of Education