Foundation Scholarship Definitions
1) AcademicWorks: This is the platform that manages Radford University’s Foundation Scholarship award process; including the application, review and award processes. (AcademicWorks interfaces with Banner, Radford’s student information system.)
2) AcademicWorks Portal: This is the gateway, or starting point for students to view Radford University’s Foundation Scholarships, to apply for them and to read and review award offers after awards have been made. Radford’s AcademicWorks portal link is: https://radford.academicworks.com.
3) Cost of Attendance: (COA) refers to the total budget for a student to attend. This includes: tuition, fees, room & board, books, personal and travel expenses. This amount varies based on credit enrollment and residency.
4) Criteria: (As defined when referring to Radford’s Foundation Scholarships) criteria refers to the qualifications or eligibility requirements that are set by the donor/donors of a scholarship. Criteria will vary from one scholarship to another. Most common criteria include specific GPA, major, geographic area, leadership, and demonstrated financial need (which requires students to complete a FAFSA).
5) Demonstrated Financial Need: This is the difference between Cost of Attendance (COA) and Expected Family Contribution (EFC). Financial need increases with increases in the COA and/or decreases when the EFC increases. The way a student demonstrates need is by filing out the FAFSA on-line at https://www.fafsa.ed.gov and requests a student aid report be sent to Radford University. (Students must include Radford’s school code: 003732 on their FAFSA form.)
6) Expected Family Income: (EFC) is an index number calculated according to a formula established by federal law. The Financial Aid Office uses EFC to calculate how much financial aid a student should receive based on information reported on the FAFSA.
7) FAFSA (Free Application for Federal Student Aid): Filling out the FAFSA is one of the first steps in the financial aid process, and determines the amount that a student and his/her family should be contributing to postsecondary education. The results of the FAFSA determine student grants, work-study, loan amounts, and qualification for need-based scholarships. The FAFSA establishes a student’s demonstrated financial need. Students may begin completing the FAFSA October 1st, 2018 for the 2018-2019 academic year.
8) Scholarship (general definition): A type of financial support based on academic, artistic, athletic achievement or other criteria that may or may not require financial need.
9) Scholarship (Foundation): These scholarships were created by donors to the university, and are managed by the Radford University Foundation, Inc. They are used to defray the cost of attendance for the recipients for a set time frame such as a semester or academic year (fall/spring semesters). Credit for a Foundation Scholarship is reflected on the student's invoice for tuition/fees and/or housing.