Helpful Definitions and Answers to FAQs
Helping You Achieve Your Dreams
You have goals. We want to help you reach them.
As you begin your scholarship search, these answers to frequently asked questions and definitions for commonly used terms may be helpful.
You have questions. We have answers.
What does FAFSA stand for? What's the difference between tuition and cost of attendance? If I receive a scholarship, do I have to pay it back? We have answers to all these questions, and more.
Answers to Frequently Asked Questions
Following are answers to questions we often receive. If you have a question or need additional information beyond this list, please contact us anytime — we're here to help!
| A: | The Sioux Falls area is defined as Minnehaha, Lincoln, Turner and McCook counties in South Dakota. |
| A: | Traditional students are those who are typically in college between the ages of 18-23, beginning right after high school and graduating in four to five years. |
| A: | This term generally refers to students who do not go the typical route of attending college immediately after or very soon after high school graduation, students who have earned a GED or students who are returning to school after an absence. These individuals are usually over the age of 23. |
| A: | A full-time student is one who is taking a full course load of 12 or more credits in a semester. A part-time student is one who does not have a full course load, meaning they are taking fewer than 12 credits in a semester. |
| A: | FAFSA stands for Free Application for Federal Student Aid. FAFSA is an application for federal grants, work-study and loans that all students should and can complete. Completing the FAFSA is necessary to determine your Student Aid Index (SAI) — a standardized measure required to demonstrate a financial need during your Community Foundation scholarship search. |
| A: | Financial aid refers to any type of student loan, scholarship or grant you receive to help pay for college. A financial aid package is the collective total of your student loan(s), scholarships and grants. Sioux Falls Area Community Foundation scholarships are intended to supplement other financial aid and may be applied toward tuition, fees and course-related expenses. Room and board, travel and research costs are not covered by our scholarships. |
| A: | Financial need is determined by the difference between the cost of college and the student’s ability to pay for it. Typically, this takes into account the ability of the student’s parents or spouse to help pay for school, as well. The Sioux Falls Area Community Foundation uses the standardized Student Aid Index (SAI) from the FAFSA Submission Summary to determine each applicant's level of financial need. |
| A: | A scholarship is an investment in you — a financial award to help you pay for college. Scholarships do not need to be paid back. Scholarships from the Sioux Falls Area Community Foundation are especially significant because they are funded by donors who believe in the power of education and want to invest in the promise of future generations. By creating a scholarship fund at the Community Foundation, donors are entrusting us to carry out their philanthropic intentions. So, receiving a scholarship from the Community Foundation illustrates our belief in you — in your talents, your dreams and your potential. |
| A: | A renewable scholarship can be awarded for multiple years if funds are available and eligibility requirements are met. Each summer, recipients of renewable scholarships are emailed a renewal request form to complete. As an example, a $2,000 scholarship that is renewable for up to three years could provide a total of four years of support and have a value of $8,000. |
| A: | Sioux Falls Area Community Foundation scholarships can only be awarded to students of accredited, not-for-profit educational institutions. Each scholarship may also have restrictions on the type of institution an applicant can attend. These requirements will be outlined in each scholarship's eligibility requirements. |
| A: | Our scholarship application opens in December and closes in March. During the scholarship application window, you can begin your scholarship search by using our interactive search-and-match tool to find scholarships you are eligible for. |
| A: | Some scholarship applications may require a transcript from your school counselor or a recommendation letter from a teacher or another adult. When you add a contact to request information, they will receive an email from SmarterSelect (scholarship application website) prompting them to upload the required materials. Be sure to notify them in advance and ensure everything is submitted by the application deadline. |
| A: | Scholarship award results are sent via email around the end of May. Be sure to check that your SmarterSelect (scholarship application website) account is linked to a personal email address that you check regularly, not a school email address, as graduating high school seniors may lose access to their school accounts before notifications are sent. |
| A: | Sioux Falls Area Community Foundation scholarship checks are sent directly to your educational institution in June. Awards are paid in one installment and divided by your institution between the fall and spring semesters. If your award does not appear in your financial aid package, please contact your school's Financial Aid Office. |
Helpful Definitions
As you begin your college application process, you will encounter the following terms. We're hopeful these definitions are helpful:
Grants: Federal and state governments tend to the main sources for student grants. A well-known example is the federal Pell-Grant program.
Loan: An education loan is a sum of money borrowed to finance post-secondary education or higher education-related expenses.
The total cost of attendance: The average annual cost to attend a particular college or university. This includes tuition and fees, room and board, books, supplies and other expenses.
Tuition and fees: Tuition is the price colleges charge for classes. Students also pay other fees related to enrolling in and attending a college. The cost of tuition and fees varies by college.
Room and board: The price paid to cover on-campus living and meal plan expenses usually paid for a semester or year at a time.
Questions? Need additional information? Contact us anytime — we're here to help!