loan servicerA company that collects payments, responds to customer service inquiries, and performs other administrative duties associated with maintaining a Federal student loan on behalf of a lender or the U.S. Department of Education (ED). loan servicerA company that collects payments, responds to customer service inquiries, and performs other administrative duties associated with maintaining a Federal student loan on behalf of a lender or the U.S. Department of Education (ED). Loan servicerA company that collects payments, responds to customer service inquiries, and performs other administrative duties associated with maintaining a Federal student loan on behalf of a lender or the U.S. Department of Education (ED). Loan ServicersA company that collects payments, responds to customer service inquiries, and performs other administrative duties associated with maintaining a Federal student loan on behalf of a lender or the U.S. Department of Education (ED). loan servicersA company that collects payments, responds to customer service inquiries, and performs other administrative duties associated with maintaining a Federal student loan on behalf of a lender or the U.S. Department of Education (ED). loan servicer'sA company that collects payments, responds to customer service inquiries, and performs other administrative duties associated with maintaining a Federal student loan on behalf of a lender or the U.S. Department of Education (ED). academic yearThe amount of academic work you must complete each year, and the time period in which you are expected to complete it, as defined by your school.Academic YearsThe amount of academic work you must complete each year, and the time period in which you are expected to complete it, as defined by your school.academic yearThe amount of academic work you must complete each year, and the time period in which you are expected to complete it, as defined by your school.academic yearsThe amount of academic work you must complete each year, and the time period in which you are expected to complete it, as defined by your school.AccreditedA school that meets standards established by a national or regional accrediting agency recognized by the U.S. Department of Education. A school must be accredited to pay Federal financial aid to an eligible student.accreditedA school that meets standards established by a national or regional accrediting agency recognized by the U.S. Department of Education. A school must be accredited to pay Federal financial aid to an eligible student.accrueThe process of interest accumulating on the money you deposit in your savings account.AccruesThe process of interest accumulating on the money you deposit in your savings account.accrueThe process of interest accumulating on the money you deposit in your savings account.accruesThe process of interest accumulating on the money you deposit in your savings account.Adjusted Gross IncomeYour or your family’s wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a Federal income tax return. AGIYour or your family’s wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a Federal income tax return. adjusted gross incomeYour or your family’s wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a Federal income tax return. Aggregate Loan LimitThe maximum amount of Federal student loans that you are allowed to borrow.aggregate loan limitThe maximum amount of Federal student loans that you are allowed to borrow.Annual Loan LimitThe maximum amount you may borrow for your grade level for one academic year. annual loan limitThe maximum amount you may borrow for your grade level for one academic year. Arkansas Academic Challenge ScholarshipThe Academic Challenge Program provides scholarships to Arkansas residents pursuing a higher education. Funded in large part by the Arkansas Scholarship Lottery, the Academic Challenge Scholarship is available to students regardless of their academic status, whether just graduating from high school, currently enrolled in college, enrolling in college for the first time, or re-enrolling after a period of time out of college.
arkansas academic challenge scholarshipThe Academic Challenge Program provides scholarships to Arkansas residents pursuing a higher education. Funded in large part by the Arkansas Scholarship Lottery, the Academic Challenge Scholarship is available to students regardless of their academic status, whether just graduating from high school, currently enrolled in college, enrolling in college for the first time, or re-enrolling after a period of time out of college.
Associate’s DegreesAn undergraduate academic degree awarded for a course of study that generally takes a minimum of two full-time academic years to complete.associate’s degreesAn undergraduate academic degree awarded for a course of study that generally takes a minimum of two full-time academic years to complete.associate's degreeAn undergraduate academic degree awarded for a course of study that generally takes a minimum of two full-time academic years to complete.Award LetterAn offer from a school that states the type and amount of financial aid the school is willing to provide if you accept admission, register, and begin attendance at that school.award letterAn offer from a school that states the type and amount of financial aid the school is willing to provide if you accept admission, register, and begin attendance at that school.Award YearA school year for which financial aid is used to fund your education. Generally, this is the 12-month period that begins on July 1 of one year and ends on June 30 of the following year.award yearA school year for which financial aid is used to fund your education. Generally, this is the 12-month period that begins on July 1 of one year and ends on June 30 of the following year.BudgetA financial plan that helps you track your money, make informed spending decisions, and plan for your financial goals.budgetA financial plan that helps you track your money, make informed spending decisions, and plan for your financial goals.capitalizedThe addition of unpaid interest to the principal balance of your Federal student loan. If the interest is not paid as it accrues during periods of in-school status, grace period, deferment, or forbearance, your loan servicer may capitalize the interest. Capitalization may increase the amount of your monthly payment and the total amount to be repaid over the life of the loan.capitalizedThe addition of unpaid interest to the principal balance of your Federal student loan. If the interest is not paid as it accrues during periods of in-school status, grace period, deferment, or forbearance, your loan servicer may capitalize the interest. Capitalization may increase the amount of your monthly payment and the total amount to be repaid over the life of the loan.Certificate of DepositA bank deposit that earns a fixed interest rate for a specified amount of time. Often there is a penalty for withdrawing money before the end of the deposit period.certificate of depositA bank deposit that earns a fixed interest rate for a specified amount of time. Often there is a penalty for withdrawing money before the end of the deposit period.CollateralProperty or other assets a borrower pledges as a guarantee that a loan will be paid. If the loan isn’t repaid, the bank can take the collateral.collateralProperty or other assets a borrower pledges as a guarantee that a loan will be paid. If the loan isn’t repaid, the bank can take the collateral.collection agencyAn entity that recovers unpaid debt from borrowers who have defaulted on their Federal student loan. collection agencyAn entity that recovers unpaid debt from borrowers who have defaulted on their Federal student loan. Collection AgencyAn entity that recovers unpaid debt from borrowers who have defaulted on their Federal student loan. collection agencyAn entity that recovers unpaid debt from borrowers who have defaulted on their Federal student loan. Collection CostsExpenses charged on a defaulted Federal student loan that are added to the outstanding principal balance of the loan. collection costsExpenses charged on a defaulted Federal student loan that are added to the outstanding principal balance of the loan. Collection CostExpenses charged on a defaulted Federal student loan that are added to the outstanding principal balance of the loan. collection costExpenses charged on a defaulted Federal student loan that are added to the outstanding principal balance of the loan. Collection FeesExpenses charged on a defaulted Federal student loan that are added to the outstanding principal balance of the loan. Collection FeeExpenses charged on a defaulted Federal student loan that are added to the outstanding principal balance of the loan. collection feesExpenses charged on a defaulted Federal student loan that are added to the outstanding principal balance of the loan. collection feeExpenses charged on a defaulted Federal student loan that are added to the outstanding principal balance of the loan. ConsolidationThe process of combining one or more Federal student loans into a single new loan.consolidationThe process of combining one or more Federal student loans into a single new loan.Cost of AttendanceThe estimated total amount it will cost you to attend a particular school. COA for a full-time student includes tuition and fees, room and board, books, supplies, transportation, loan fees, and dependent care. It can also include miscellaneous personal expenses including an allowance for a personal computer and costs related to a disability.Cost of AttendanceThe estimated total amount it will cost you to attend a particular school. COA for a full-time student includes tuition and fees, room and board, books, supplies, transportation, loan fees, and dependent care. It can also include miscellaneous personal expenses including an allowance for a personal computer and costs related to a disability.cost of attendanceThe estimated total amount it will cost you to attend a particular school. COA for a full-time student includes tuition and fees, room and board, books, supplies, transportation, loan fees, and dependent care. It can also include miscellaneous personal expenses including an allowance for a personal computer and costs related to a disability.cost of attendance (COA)The estimated total amount it will cost you to attend a particular school. COA for a full-time student includes tuition and fees, room and board, books, supplies, transportation, loan fees, and dependent care. It can also include miscellaneous personal expenses including an allowance for a personal computer and costs related to a disability.COAThe estimated total amount it will cost you to attend a particular school. COA for a full-time student includes tuition and fees, room and board, books, supplies, transportation, loan fees, and dependent care. It can also include miscellaneous personal expenses including an allowance for a personal computer and costs related to a disability.credit hoursA unit of measure by which schools assess academic progress usually based on the number of classroom hours in a given term.credit hoursA unit of measure by which schools assess academic progress usually based on the number of classroom hours in a given term.credit hourA unit of measure by which schools assess academic progress usually based on the number of classroom hours in a given term.Credit HourA unit of measure by which schools assess academic progress usually based on the number of classroom hours in a given term.Credit ReportA report produced by a national credit bureau and provided to a lender in order for them to assess your creditworthiness. credit reportA report produced by a national credit bureau and provided to a lender in order for them to assess your creditworthiness. Credit Reporting AgenciesAgencies that track and report your credit, including your history of paying bills, and calculate your ability to repay future loans. credit reporting agenciesAgencies that track and report your credit, including your history of paying bills, and calculate your ability to repay future loans. credit reporting agencyAgencies that track and report your credit, including your history of paying bills, and calculate your ability to repay future loans. Credit Reporting AgencyAgencies that track and report your credit, including your history of paying bills, and calculate your ability to repay future loans. Credit reporting agenciesAgencies that track and report your credit, including your history of paying bills, and calculate your ability to repay future loans. Credit ScoreA number that indicates a person’s creditworthiness or likelihood of repaying a debt. The score is based on several factors such as the amount of money currently owed, payment history, and length of credit history.credit scoreA number that indicates a person’s creditworthiness or likelihood of repaying a debt. The score is based on several factors such as the amount of money currently owed, payment history, and length of credit history.defaultedThe failure to repay a Federal student loan according to the terms of the promissory note. For most student loans, you are in default if you have not made a payment in more than 270 days.defaultedThe failure to repay a Federal student loan according to the terms of the promissory note. For most student loans, you are in default if you have not made a payment in more than 270 days.defaultingThe failure to repay a Federal student loan according to the terms of the promissory note. For most student loans, you are in default if you have not made a payment in more than 270 days.defaultThe failure to repay a Federal student loan according to the terms of the promissory note. For most student loans, you are in default if you have not made a payment in more than 270 days.DefaultingThe failure to repay a Federal student loan according to the terms of the promissory note. For most student loans, you are in default if you have not made a payment in more than 270 days.DefaultThe failure to repay a Federal student loan according to the terms of the promissory note. For most student loans, you are in default if you have not made a payment in more than 270 days.DefermentA period of time in which you may postpone payment on a Federal student loan under certain conditions. During this time, interest does not accrue on Federal Subsidized Loans and Federal Perkins Loans. For all other Federal student loans, interest continues to accrue during the deferment period. Unpaid interest that has accrued during the deferment period may be capitalized and added to the principal balance of the loan, increasing the total amount you owe.defermentA period of time in which you may postpone payment on a Federal student loan under certain conditions. During this time, interest does not accrue on Federal Subsidized Loans and Federal Perkins Loans. For all other Federal student loans, interest continues to accrue during the deferment period. Unpaid interest that has accrued during the deferment period may be capitalized and added to the principal balance of the loan, increasing the total amount you owe.DefermentsA period of time in which you may postpone payment on a Federal student loan under certain conditions. During this time, interest does not accrue on Federal Subsidized Loans and Federal Perkins Loans. For all other Federal student loans, interest continues to accrue during the deferment period. Unpaid interest that has accrued during the deferment period may be capitalized and added to the principal balance of the loan, increasing the total amount you owe.defermentsA period of time in which you may postpone payment on a Federal student loan under certain conditions. During this time, interest does not accrue on Federal Subsidized Loans and Federal Perkins Loans. For all other Federal student loans, interest continues to accrue during the deferment period. Unpaid interest that has accrued during the deferment period may be capitalized and added to the principal balance of the loan, increasing the total amount you owe.DelinquentA Federal student loan is delinquent when a loan payment is not received by the due date.delinquencyA Federal student loan is delinquent when a loan payment is not received by the due date.delinquentA Federal student loan is delinquent when a loan payment is not received by the due date.dependent undergraduate studentsAn undergraduate student who is single, under 24 years of age, has no legal dependents, is not an orphan or ward of the court, and is not a veteran of or serving on active duty in the U.S. Armed Forces. Parents of a dependent student must submit parental information on the FAFSA for their child to be considered for Federal financial aid. dependent undergraduate studentAn undergraduate student who is single, under 24 years of age, has no legal dependents, is not an orphan or ward of the court, and is not a veteran of or serving on active duty in the U.S. Armed Forces. Parents of a dependent student must submit parental information on the FAFSA for their child to be considered for Federal financial aid. Dependent StudentAn undergraduate student who is single, under 24 years of age, has no legal dependents, is not an orphan or ward of the court, and is not a veteran of or serving on active duty in the U.S. Armed Forces. Parents of a dependent student must submit parental information on the FAFSA for their child to be considered for Federal financial aid. dependent studentAn undergraduate student who is single, under 24 years of age, has no legal dependents, is not an orphan or ward of the court, and is not a veteran of or serving on active duty in the U.S. Armed Forces. Parents of a dependent student must submit parental information on the FAFSA for their child to be considered for Federal financial aid. dependentAn undergraduate student who is single, under 24 years of age, has no legal dependents, is not an orphan or ward of the court, and is not a veteran of or serving on active duty in the U.S. Armed Forces. Parents of a dependent student must submit parental information on the FAFSA for their child to be considered for Federal financial aid. DependentAn undergraduate student who is single, under 24 years of age, has no legal dependents, is not an orphan or ward of the court, and is not a veteran of or serving on active duty in the U.S. Armed Forces. Parents of a dependent student must submit parental information on the FAFSA for their child to be considered for Federal financial aid. Direct Consolidation loansA Federal loan made by the U.S. Department of Education (ED) that combines one or more of your Federal student loans into one new loan. direct consolidation loanA Federal loan made by the U.S. Department of Education (ED) that combines one or more of your Federal student loans into one new loan. Direct Consolidation LoansA Federal loan made by the U.S. Department of Education (ED) that combines one or more of your Federal student loans into one new loan. direct consolidation loansA Federal loan made by the U.S. Department of Education (ED) that combines one or more of your Federal student loans into one new loan. Direct Consolidation LoanA Federal loan made by the U.S. Department of Education (ED) that combines one or more of your Federal student loans into one new loan. Direct DepositAn automatic electronic deposit of your paycheck made by your employer into your bank account.direct depositAn automatic electronic deposit of your paycheck made by your employer into your bank account.Direct Loan ProgramThe Federal program that provides loans to eligible student and parent borrowers under Title IV of the Higher Education Act. Funds are provided by the Federal government to eligible borrowers through participating schools.direct loan programThe Federal program that provides loans to eligible student and parent borrowers under Title IV of the Higher Education Act. Funds are provided by the Federal government to eligible borrowers through participating schools.Direct LoanA Federal student loan that eligible students and parents at participating schools borrow directly from the U.S. Department of Education (ED). Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans are types of Direct Loans.direct loanA Federal student loan that eligible students and parents at participating schools borrow directly from the U.S. Department of Education (ED). Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans are types of Direct Loans.Direct PLUS LoansA Federal student loan available to graduate students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Direct Plus LoanA Federal student loan available to graduate students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Direct Plus LoansA Federal student loan available to graduate students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.direct plus loanA Federal student loan available to graduate students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.direct plus loansA Federal student loan available to graduate students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Direct PLUSA Federal student loan available to graduate students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Direct PLUS loansA Federal student loan available to graduate students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Direct PLUS LoanA Federal student loan available to graduate students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Direct Subsidized LoanA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status.direct subsidized loanA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status.direct subsidized loansA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status.Direct Subsidized loansA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status.Direct Unsubsidized LoanA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.direct unsubsidized loanA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Direct Unsubsidized loansA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.direct subsidized loansA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.DisbursementPayment of Federal student aid made to you by the school. You will generally receive your Federal student aid in two or more payments.disbursementPayment of Federal student aid made to you by the school. You will generally receive your Federal student aid in two or more payments.DisbursementsPayment of Federal student aid made to you by the school. You will generally receive your Federal student aid in two or more payments.disbursementsPayment of Federal student aid made to you by the school. You will generally receive your Federal student aid in two or more payments.DischargedThe release of a borrower from the obligation to repay his or her Federal student loan. dischargedThe release of a borrower from the obligation to repay his or her Federal student loan. DischargeThe release of a borrower from the obligation to repay his or her Federal student loan. dischargeThe release of a borrower from the obligation to repay his or her Federal student loan. EndorserA person who does not have an adverse credit history and agrees to repay the Federal student loan if the borrower does not repay it.endorserA person who does not have an adverse credit history and agrees to repay the Federal student loan if the borrower does not repay it.enrollment statusInformation reported by your school that indicates whether you are enrolled full time, half time, less than half time, withdrawn, graduated, etc. Generally, you must be enrolled at least half time to qualify for Federal financial aid.
Information reported by your school that indicates whether you are enrolled full time, half time, less than half time, withdrawn, graduated, etc. Generally, you must be enrolled at least half time to qualify for Federal financial aid.
Entrance CounselingA mandatory information session that takes place before you receive your first Federal student loan that explains your responsibilities and rights as a student borrower.entrance counselingA mandatory information session that takes place before you receive your first Federal student loan that explains your responsibilities and rights as a student borrower.exit counselingA mandatory information session that takes place when you graduate or attend school less than half time that explains your loan repayment responsibilities and when repayment begins.exit counselingA mandatory information session that takes place when you graduate or attend school less than half time that explains your loan repayment responsibilities and when repayment begins.Expected Family ContributionThe amount your family is expected to contribute toward your cost of education based on your family’s income, net assets, savings, household size, and number of children in college.Expected Family ContributionThe amount your family is expected to contribute toward your cost of education based on your family’s income, net assets, savings, household size, and number of children in college.EFCThe amount your family is expected to contribute toward your cost of education based on your family’s income, net assets, savings, household size, and number of children in college.expected family contribution (efc)The amount your family is expected to contribute toward your cost of education based on your family’s income, net assets, savings, household size, and number of children in college.expected family contribution (EFC)The amount your family is expected to contribute toward your cost of education based on your family’s income, net assets, savings, household size, and number of children in college.expected family contributionThe amount your family is expected to contribute toward your cost of education based on your family’s income, net assets, savings, household size, and number of children in college.efcThe amount your family is expected to contribute toward your cost of education based on your family’s income, net assets, savings, household size, and number of children in college.Federal Deposit Insurance CorporationA public corporation that insures deposits of member banks up to a specific amount.federal deposit corporationA public corporation that insures deposits of member banks up to a specific amount. FDICA public corporation that insures deposits of member banks up to a specific amount. Federal Deposit Insurance Corporation (FDIC)A public corporation that insures deposits of member banks up to a specific amount.Federal Family Education Loan StaffordUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.federal family education loan (ffel) staffordUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.ffelUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.federal family education loan staffordUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.FFELUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.Federal Family Education Loan StaffordUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.Federal grantsFinancial aid, usually based on financial need, that does not need to be repaid.federal grantsFinancial aid, usually based on financial need, that does not need to be repaid.federal grantFinancial aid, usually based on financial need, that does not need to be repaid.Federal GrantFinancial aid, usually based on financial need, that does not need to be repaid.Federal Pell Grant Lifetime Eligibility UsedThe amount of all Federal Pell Grant aid (in percentage) awarded to you, divided by the amount of Pell Grant aid you would have been eligible to receive based on full-time enrollment. The amount of Federal Pell Grant funds you may receive is limited by Federal law to be the equivalent of six years of Pell Grant funding.Federal Pell Grant LEUThe amount of all Federal Pell Grant aid (in percentage) awarded to you, divided by the amount of Pell Grant aid you would have been eligible to receive based on full-time enrollment. The amount of Federal Pell Grant funds you may receive is limited by Federal law to be the equivalent of six years of Pell Grant funding.Federal Pell Grant Lifetime Eligibility UsedThe amount of all Federal Pell Grant aid (in percentage) awarded to you, divided by the amount of Pell Grant aid you would have been eligible to receive based on full-time enrollment. The amount of Federal Pell Grant funds you may receive is limited by Federal law to be the equivalent of six years of Pell Grant funding.Federal Pell GrantA Federal grant for undergraduate students with financial need.federal pell grantA Federal grant for undergraduate students with financial need.Federal Perkins LoanA Federal student loan funded by the Federal government and administered by the school to undergraduate and graduate students. The amount awarded is based on financial need and the funds available at the school.federal perkins loanA Federal student loan funded by the Federal government and administered by the school to undergraduate and graduate students. The amount awarded is based on financial need and the funds available at the school.Federal Perkins LoansA Federal student loan funded by the Federal government and administered by the school to undergraduate and graduate students. The amount awarded is based on financial need and the funds available at the school.federal perkins loansA Federal student loan funded by the Federal government and administered by the school to undergraduate and graduate students. The amount awarded is based on financial need and the funds available at the school.Federal Student Aid IDA username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.federal student aid IDA username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms. FSA IDA username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms. federal student aid id (FSA ID)A username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms. Federal Student Aid IDA username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.Federal student aidFinancial aid from the Federal government that is used to help pay for your education expenses at an eligible school. Grants, loans, and work study are types of Federal student aid. You must complete the FAFSA to apply for this aid.federal student aidFinancial aid from the Federal government that is used to help pay for your education expenses at an eligible school. Grants, loans, and work study are types of Federal student aid. You must complete the FAFSA to apply for this aid.Federal Subsidized LoanA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status. federal subsidized loanA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status. Federal SubsidizedA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status. federal subsidizedA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status. Federal Supplemental Educational Opportunity GrantA Federal grant for students who have the most exceptional financial need. Students who receive Federal Pell Grants have priority. A FSEOG is awarded by your school’s financial aid office.
federal supplemental educational opportunity grantA Federal grant for students who have the most exceptional financial need. Students who receive Federal Pell Grants have priority. A FSEOG is awarded by your school’s financial aid office.
FSEOGA Federal grant for students who have the most exceptional financial need. Students who receive Federal Pell Grants have priority. A FSEOG is awarded by your school’s financial aid office.
Federal Supplemental Educational Opportunity GrantA Federal grant for students who have the most exceptional financial need. Students who receive Federal Pell Grants have priority. A FSEOG is awarded by your school’s financial aid office.
Federal Unsubsidized LoanA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.federal unsubsidized loanA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Federal Work Study ProgramA Federal student aid program that provides part-time employment to help pay your educational expenses while you are enrolled in school.Federal Work Study Program (FWS)A Federal student aid program that provides part-time employment to help pay your educational expenses while you are enrolled in school.federal work study (FWS) programA Federal student aid program that provides part-time employment to help pay your educational expenses while you are enrolled in school. FWSA Federal student aid program that provides part-time employment to help pay your educational expenses while you are enrolled in school. Federal Work Study ProgramA Federal student aid program that provides part-time employment to help pay your educational expenses while you are enrolled in school.Federal Work StudyA Federal student aid program that provides part-time employment to help pay your education expenses while you are enrolled in school.Federal work studyA Federal student aid program that provides part-time employment to help pay your education expenses while you are enrolled in school.FICO ScoreA number that indicates a person’s creditworthiness or likelihood of repaying a debt. The score is based on several factors such as the amount of money currently owed, payment history, and length of credit history.FICO scoreA number that indicates a person’s creditworthiness or likelihood of repaying a debt. The score is based on several factors such as the amount of money currently owed, payment history, and length of credit history.Financial Aid Award LetterAn offer from a school that states the type and amount of financial aid the school is willing to provide if you accept admission, register, and begin attendance at that school.financial aid award letterAn offer from a school that states the type and amount of financial aid the school is willing to provide if you accept admission, register, and begin attendance at that school.Financial Aid PackageThe total amount of financial aid (Federal and nonfederal) you are offered by your school. The school’s financial aid staff combines various forms of aid into a “package” to help meet your education costs. financial aid packageThe total amount of financial aid (Federal and nonfederal) you are offered by your school. The school’s financial aid staff combines various forms of aid into a “package” to help meet your education costs. Financial InstitutionAn organization that deals with financial transactions such as deposits, loans, and investments. Common financial institutions are banks and credit unions.financial institutionAn organization that deals with financial transactions such as deposits, loans, and investments. Common financial institutions are banks and credit unions.Financial NeedThe difference between the Cost of Attendance (COA) at a school and your Expected Family Contribution (EFC).financial needThe difference between the Cost of Attendance (COA) at a school and your Expected Family Contribution (EFC).First-Time BorrowerSomeone who has no outstanding balance on a Direct Loan or Federal Family Education Loan (FFEL) Program loan when he or she receives a Direct Loan or FFEL Program loan on or after a specific date.first-time borrowerSomeone who has no outstanding balance on a Direct Loan or Federal Family Education Loan (FFEL) Program loan when he or she receives a Direct Loan or FFEL Program loan on or after a specific date.Fixed Interest RateA fixed interest rate will not change throughout the life of the loan and is based on the terms of the promissory note.fixed interest rateA fixed interest rate will not change throughout the life of the loan and is based on the terms of the promissory note.ForbearanceA period of time during which the monthly payment of a Federal student loan is temporarily suspended or reduced. A loan servicer may grant a forbearance if you are willing but unable to make loan payments due to certain types of financial hardship. During the forbearance period, principal payments are postponed but the interest continues to accrue. Unpaid interest that has accrued during the forbearance period may be capitalized and added to the principal balance of the loan, increasing the total amount you owe.forbearanceA period of time during which the monthly payment of a Federal student loan is temporarily suspended or reduced. A loan servicer may grant a forbearance if you are willing but unable to make loan payments due to certain types of financial hardship. During the forbearance period, principal payments are postponed but the interest continues to accrue. Unpaid interest that has accrued during the forbearance period may be capitalized and added to the principal balance of the loan, increasing the total amount you owe.forgivenessThe release of your obligation to repay all or a designated portion of principal and interest on a Federal student loan. ForgivenThe release of your obligation to repay all or a designated portion of principal and interest on a Federal student loan. forgivenThe release of your obligation to repay all or a designated portion of principal and interest on a Federal student loan. ForgivenessThe release of your obligation to repay all or a designated portion of principal and interest on a Federal student loan. Free Application for Federal Student AidThe free form that you or you and your parents must complete to apply for Federal student aid.
free application for federal student aidThe free form that you or you and your parents must complete to apply for Federal student aid.
FAFSAThe free form that you or you and your parents must complete to apply for Federal student aid.
FSA IDStands for Federal Student Aid ID. It is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.Federal Student Aid ID (FSA ID)Stands for Federal Student Aid ID. It is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.full-timeTo be a full-time undergraduate student, you must carry an academic workload of at least 12 semester, trimester, or quarter hours per academic term in a program using credit hours, or 24 clock hours per week for a program using clock hours. If you are a graduate or professional student, your school will define the workload required for each graduate program.
full timeTo be a full-time undergraduate student, you must carry an academic workload of at least 12 semester, trimester, or quarter hours per academic term in a program using credit hours, or 24 clock hours per week for a program using clock hours. If you are a graduate or professional student, your school will define the workload required for each graduate program.
GarnishedA process that allows the government to have your employer withhold a portion of your earnings to collect unpaid Federal student loan debt. garnishedA process that allows the government to have your employer withhold a portion of your earnings to collect unpaid Federal student loan debt. General Educational DevelopmentA certificate that a student receives if he or she passes a specific, approved high school equivalency test. Students with a GED certificate are eligible to receive Federal student aid. general educational development (GED) certificateA certificate that a student receives if he or she passes a specific, approved high school equivalency test. Students with a GED certificate are eligible to receive Federal student aid. General Educational Development CertificateA certificate that a student receives if he or she passes a specific, approved high school equivalency test. Students with a GED certificate are eligible to receive Federal student aid. GEDA certificate that a student receives if he or she passes a specific, approved high school equivalency test. Students with a GED certificate are eligible to receive Federal student aid. General Educational Development certificateA certificate that a student receives if he or she passes a specific, approved high school equivalency test. Students with a GED certificate are eligible to receive Federal student aid. Gift AidFinancial aid, such as grants and scholarships, that does not have to be repaid.gift aidFinancial aid, such as grants and scholarships, that does not have to be repaid.Grace PeriodA specific period of time between the date you graduate, leave school, or drop below half-time enrollment and the date loan repayment begins in which you are not required to make payments on certain Federal student loans. Interest will accrue on certain types of student loans during the grace period, and if the interest is unpaid, it will be capitalized and added to the principal balance of the loan when the repayment period begins.grace periodA specific period of time between the date you graduate, leave school, or drop below half-time enrollment and the date loan repayment begins in which you are not required to make payments on certain Federal student loans. Interest will accrue on certain types of student loans during the grace period, and if the interest is unpaid, it will be capitalized and added to the principal balance of the loan when the repayment period begins. Grace PeriodsA specific period of time between the date you graduate, leave school, or drop below half-time enrollment and the date loan repayment begins in which you are not required to make payments on certain Federal student loans. Interest will accrue on certain types of student loans during the grace period, and if the interest is unpaid, it will be capitalized and added to the principal balance of the loan when the repayment period begins. grace periodsA specific period of time between the date you graduate, leave school, or drop below half-time enrollment and the date loan repayment begins in which you are not required to make payments on certain Federal student loans. Interest will accrue on certain types of student loans during the grace period, and if the interest is unpaid, it will be capitalized and added to the principal balance of the loan when the repayment period begins.Graduate StudentsA student who has obtained a bachelor’s degree and is seeking an advanced degree.
graduate studentsA student who has obtained a bachelor’s degree and is seeking an advanced degree.
GraduateA student who has obtained a bachelor’s degree and is seeking an advanced degree.
graduateA student who has obtained a bachelor’s degree and is seeking an advanced degree.
Graduate StudentA student who has obtained a bachelor’s degree and is seeking an advanced degree.
graduate studentA student who has obtained a bachelor’s degree and is seeking an advanced degree.
GrantFinancial aid, usually based on financial need, that does not need to be repaid.grantFinancial aid, usually based on financial need, that does not need to be repaid.GrantsFinancial aid, usually based on financial need, that does not need to be repaid.grantsFinancial aid, usually based on financial need, that does not need to be repaid.Gross IncomeIncome from all sources prior to deductions for taxes and other elections such as 401k contributions.gross incomeIncome from all sources prior to deductions for taxes and other elections such as 401k contributions.Half-Time StatusThe number of classes as determined by the school you attend that includes at least half of the academic workload required by Federal regulations for full-time enrollment in your program of study. You must attend school at least half time to be eligible to receive a Federal student loan.half-time statusThe number of classes as determined by the school you attend that includes at least half of the academic workload required by Federal regulations for full-time enrollment in your program of study. You must attend school at least half time to be eligible to receive a Federal student loan. half timeThe number of classes as determined by the school you attend that includes at least half of the academic workload required by Federal regulations for full-time enrollment in your program of study. You must attend school at least half time to be eligible to receive a Federal student loan. Half TimeThe number of classes as determined by the school you attend that includes at least half of the academic workload required by Federal regulations for full-time enrollment in your program of study. You must attend school at least half time to be eligible to receive a Federal student loan. half-timeThe number of classes as determined by the school you attend that includes at least half of the academic workload required by Federal regulations for full-time enrollment in your program of study. You must attend school at least half time to be eligible to receive a Federal student loan. Half-timeThe number of classes as determined by the school you attend that includes at least half of the academic workload required by Federal regulations for full-time enrollment in your program of study. You must attend school at least half time to be eligible to receive a Federal student loan.Home SchoolA school in which children are educated at home either by parents, legal guardians, or tutors, rather than in a traditional public or private school.home schoolA school in which children are educated at home either by parents, legal guardians, or tutors, rather than in a traditional public or private school.Income-Based Repayment PlanMonthly payments are based on your income and family size. Any debt remaining after 25 years of qualifying payments is forgiven. (Federal Family Education Loan (FFEL) Stafford Loans and Direct Loans.)income-based repayment planMonthly payments are based on your income and family size. Any debt remaining after 25 years of qualifying payments is forgiven. (Federal Family Education Loan (FFEL) Stafford Loans and Direct Loans.)independentYou are an independent student if you meet at least one of the following criteria: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, someone with legal dependents other than a spouse, an emancipated minor, or someone who is homeless or at risk of becoming homeless. Independent students do not have to put their parent’s information on the FAFSA.independent studentYou are an independent student if you meet at least one of the following criteria: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, someone with legal dependents other than a spouse, an emancipated minor, or someone who is homeless or at risk of becoming homeless. Independent students do not have to put their parent’s information on the FAFSA.InterestA loan expense calculated as a percentage of the unpaid principal loan amount that is charged for the use of borrowed money.
interestA loan expense calculated as a percentage of the unpaid principal loan amount that is charged for the use of borrowed money.
InvestingPurchasing an asset such as stocks, bonds, or property with the intent that it will increase in value.investingPurchasing an asset such as stocks, bonds, or property with the intent that it will increase in value.Iraq and Afghanistan Service GrantA Federal grant awarded if you are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution but you meet the remaining Federal Pell Grant eligibility requirements, and your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and you were under 24 years old or enrolled in college at least part-time at the time of your parent’s or guardian’s death.iraq and afghanistan service grant (IASG)A Federal grant awarded if you are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution but you meet the remaining Federal Pell Grant eligibility requirements, and your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and you were under 24 years old or enrolled in college at least part-time at the time of your parent’s or guardian’s death.Iraq and Afghanistan Service GrantA Federal grant awarded if you are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution but you meet the remaining Federal Pell Grant eligibility requirements, and your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and you were under 24 years old or enrolled in college at least part-time at the time of your parent’s or guardian’s death.IASGA Federal grant awarded if you are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution but you meet the remaining Federal Pell Grant eligibility requirements, and your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and you were under 24 years old or enrolled in college at least part-time at the time of your parent’s or guardian’s death.iraq and afghanistan service grantA Federal grant awarded if you are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution but you meet the remaining Federal Pell Grant eligibility requirements, and your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and you were under 24 years old or enrolled in college at least part-time at the time of your parent’s or guardian’s death.IRS Data Retrieval ToolAllows certain FAFSA on the Web applicants to request and retrieve income and tax data from the IRS. The retrieved data can be transferred to the FAFSA on the Web.IRS data retrieval toolAllows certain FAFSA on the Web applicants to request and retrieve income and tax data from the IRS. The retrieved data can be transferred to the FAFSA on the Web.IRS DRTAllows certain FAFSA on the Web applicants to request and retrieve income and tax data from the IRS. The retrieved data can be transferred to the FAFSA on the Web.IRS W-2The Federal form that lists an employee’s wages and taxes withheld. The IRS requires an employer to issue a W-2 for each employee by January 31st of each year.The Federal form that lists an employee’s wages and taxes withheld. The IRS requires an employer to issue a W-2 for each employee by January 31st of each year.lenderAn organization that lends money to a borrower. A lender can be your school, a bank, a credit union, or another lending institution. The U.S. Department of Education is also a lender.An organization that lends money to a borrower. A lender can be your school, a bank, a credit union, or another lending institution. The U.S. Department of Education is also a lender.Less Than Full TimeCarrying less than the requirements for a full-time student. To be a full time undergraduate student, you must carry an academic workload of at least 12 semester, trimester, or quarter hours per academic term in a program using credit hours, or 24 clock hours per week for a program using clock hours. If you are a graduate or professional student, your school will define the workload required for each graduate program.less than full timeCarrying less than the requirements for a full-time student. To be a full time undergraduate student, you must carry an academic workload of at least 12 semester, trimester, or quarter hours per academic term in a program using credit hours, or 24 clock hours per week for a program using clock hours. If you are a graduate or professional student, your school will define the workload required for each graduate program.Less Than Half-Time EnrollmentCarrying less than half of the academic workload of a full-time student in your program of study.less than half-time enrollmentCarrying less than half of the academic workload of a full-time student in your program of study.Less than half-time enrollmentCarrying less than half of the academic workload of a full-time student in your program of study.Loan PeriodsThe period for which a Federal student loan is intended. The loan period must coincide with a period established by your school for which institutional charges are generally assessed such as a semester, trimester, quarter, length of your program of study or academic year. The loan period is also referred to as the period of enrollment.loan periodsThe period for which a Federal student loan is intended. The loan period must coincide with a period established by your school for which institutional charges are generally assessed such as a semester, trimester, quarter, length of your program of study or academic year. The loan period is also referred to as the period of enrollment.Loan PeriodThe period for which a Federal student loan is intended. The loan period must coincide with a period established by your school for which institutional charges are generally assessed such as a semester, trimester, quarter, length of your program of study or academic year. The loan period is also referred to as the period of enrollment.loan periodThe period for which a Federal student loan is intended. The loan period must coincide with a period established by your school for which institutional charges are generally assessed such as a semester, trimester, quarter, length of your program of study or academic year. The loan period is also referred to as the period of enrollment.Long TermGoals that will take an extended amount of time to accomplish.long-termGoals that will take an extended amount of time to accomplish.Master Promissory NoteA binding legal document that you must sign for a Federal student loan. The MPN can be used to make one or more student loans for up to 10 academic years. The MPN lists the terms and conditions under which you agree to repay the student loan and explains your rights and responsibilities as a borrower.master promissory noteA binding legal document that you must sign for a Federal student loan. The MPN can be used to make one or more student loans for up to 10 academic years. The MPN lists the terms and conditions under which you agree to repay the student loan and explains your rights and responsibilities as a borrower.MPNA binding legal document that you must sign for a Federal student loan. The MPN can be used to make one or more student loans for up to 10 academic years. The MPN lists the terms and conditions under which you agree to repay the student loan and explains your rights and responsibilities as a borrower.Maximum Eligibility PeriodThe period of time, measured in academic years, equal to 150% of the published length of your current educational program. maximum eligibility periodThe period of time, measured in academic years, equal to 150% of the published length of your current educational program. MEPThe period of time, measured in academic years, equal to 150% of the published length of your current educational program. Maximum Eligibility Period (MEP)The period of time, measured in academic years, equal to 150% of the published length of your current educational program. Merit-BasedAid based on your skill or ability. For example, a merit-based scholarship might be awarded based on your high school grades.merit-basedAid based on your skill or ability. For example, a merit-based scholarship might be awarded based on your high school grades.money market accountAn interest-bearing bank account that typically earns higher interest rates than other bank accounts, often requiring a higher minimum balance and restricting the number of monthly deposits and withdrawals.Money Market AccountAn interest-bearing bank account that typically earns higher interest rates than other bank accounts, often requiring a higher minimum balance and restricting the number of monthly deposits and withdrawals. money market accountAn interest-bearing bank account that typically earns higher interest rates than other bank accounts, often requiring a higher minimum balance and restricting the number of monthly deposits and withdrawals.National Credit BureausAgencies that track and report your credit, including your history of paying bills, and calculate your ability to repay future loans. national credit bureausAgencies that track and report your credit, including your history of paying bills, and calculate your ability to repay future loans. Net Price CalculatorA tool that allows you to estimate the net price of attending a particular school. Net price is the amount you pay to attend an institution in a single academic year after subtracting scholarships and grants that you may receive. net price calculatorA tool that allows you to estimate the net price of attending a particular school. Net price is the amount you pay to attend an institution in a single academic year after subtracting scholarships and grants that you may receive. NSLDSThe National Student Loan Data System is a centralized database that stores information on all Federal student loans and grants. Your school enrollment information is also listed in the National Student Loan Data System. NSLDSThe National Student Loan Data System is a centralized database that stores information on all Federal student loans and grants. Your school enrollment information is also listed in the National Student Loan Data System. national student loan data systemThe National Student Loan Data System is a centralized database that stores information on all Federal student loans and grants. Your school enrollment information is also listed in the National Student Loan Data System. (NSLDS)The National Student Loan Data System is a centralized database that stores information on all Federal student loans and grants. Your school enrollment information is also listed in the National Student Loan Data System. Offline TransactionA debit card payment method that sends funds from a checking account to a retailer across a digital credit card network. The card user signs a receipt for the purchase.offline transactionA debit card payment method that sends funds from a checking account to a retailer across a digital credit card network. The card user signs a receipt for the purchase.online transactionA password-protected method of using a debit card (usually a personal identification number or PIN) that transfers money from a checking account to a retailer by electronic funds transfer.Online TransactionA password-protected method of using a debit card (usually a personal identification number or PIN) that transfers money from a checking account to a retailer by electronic funds transfer.Out-of-NetworkAn automatic teller machine (ATM) that is not within the banking network of the debit card being used.out-of-networkAn automatic teller machine (ATM) that is not within the banking network of the debit card being used.OverawardsThe amount by which your aid package from the school exceeds your need. overawardsThe amount by which your aid package from the school exceeds your need. OverpaymentsThe disbursement of more Federal student aid funds to you than you are eligible to receive.overpaymentsThe disbursement of more Federal student aid funds to you than you are eligible to receive.overpaymentThe disbursement of more Federal student aid funds to you than you are eligible to receive.OverpaymentThe disbursement of more Federal student aid funds to you than you are eligible to receive.Pay As You Earn Repayment PlanMonthly payments are based on your income, family size, and total Federal student loan debt. Any debt remaining after 20 years of qualifying payments is forgiven. (Direct Loans only.)PAYEMonthly payments are based on your income, family size, and total Federal student loan debt. Any debt remaining after 20 years of qualifying payments is forgiven. (Direct Loans only.)PLUS LoanA Federal student loan available to graduate and professional students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest on this loan regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.PLUS loanA Federal student loan available to graduate and professional students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest on this loan regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.PrepaymentThe amount you pay in excess of the monthly payment amount due on a Federal student loan.prepaymentsThe amount you pay in excess of the monthly payment amount due on a Federal student loan. prepaymentThe amount you pay in excess of the monthly payment amount due on a Federal student loan. PrepaymentsThe amount you pay in excess of the monthly payment amount due on a Federal student loan.principalThe total sum of money borrowed for a Federal student loan plus any interest that has been capitalized. principalThe total sum of money borrowed for a Federal student loan plus any interest that has been capitalized. Private education loanA nonfederal loan made by a lender such as a bank, credit union, state agency, or school. private educational loanA nonfederal loan made by a lender such as a bank, credit union, state agency, or school. Professional DegreesAn academic degree granted to individuals who have completed both the requirements for a bachelor’s degree and for beginning practice in a profession such as law school or medical school. professional degreesAn academic degree granted to individuals who have completed both the requirements for a bachelor’s degree and for beginning practice in a profession such as law school or medical school. rehabilitationThe process of bringing a Federal student loan out of default and removing the default notation from your credit report.rehabilitationThe process of bringing a Federal student loan out of default and removing the default notation from your credit report.Repayment OptionsA repayment schedule agreed upon by you and your loan servicer regarding repayment of a Federal student loan.repayment optionsA repayment schedule agreed upon by you and your loan servicer regarding repayment of a Federal student loan.repayment plansA schedule agreed upon by you and your loan servicer regarding repayment of a Federal student loan.repayment planA schedule agreed upon by you and your loan servicer regarding repayment of a Federal student loan. Repayment plansA schedule agreed upon by you and your loan servicer regarding repayment of a Federal student loan. repayment plansA schedule agreed upon by you and your loan servicer regarding repayment of a Federal student loan.Return of FundsThe transfer or repayment of Federal student aid funds required when a school must correct an overaward or an overpayment, or the return of funds that may be required if you withdraw or otherwise cease attendance during a period of enrollment.return of fundsThe transfer or repayment of Federal student aid funds required when a school must correct an overaward or an overpayment, or the return of funds that may be required if you withdraw or otherwise cease attendance during a period of enrollment.SARA summary of the information you submitted on the Free Application for Federal Student Aid (FAFSA). This will contain your EFC, which is the number used to determine your eligibility for Federal student aid. A summary of the information you submitted on the Free Application for Federal Student Aid (FAFSA). This will contain your EFC, which is the number used to determine your eligibility for Federal student aid. Satisfactory Academic ProgressA school’s standards for measuring your progress toward a degree or certificate.satisfactory academic progressA school’s standards for measuring your progress toward a degree or certificate. SAPA school’s standards for measuring your progress toward a degree or certificate.savingsA bank account that earns interest.SavingsA bank account that earns interest.scheduled award amountThe maximum grant amount you are eligible to receive for the award year if you are enrolled full time for the full school year.scheduled award amountThe maximum grant amount you are eligible to receive for the award year if you are enrolled full time for the full school year.ScholarshipA financial aid award that does not have to be repaid. Scholarships are based on academic or other achievements and are used to help pay for education expenses.scholarshipsA financial aid award that does not have to be repaid. Scholarships are based on academic or other achievements and are used to help pay for education expenses.ScholarshipsA financial aid award that does not have to be repaid. Scholarships are based on academic or other achievements and are used to help pay for education expenses.scholarshipA financial aid award that does not have to be repaid. Scholarships are based on academic or other achievements and are used to help pay for education expenses.Selective ServiceRegistration with the Federal Selective Service agency that administers the military draft. If you are a male between the ages of 18 and 25, registration is required to receive Federal financial aid.selective serviceRegistration with the Federal Selective Service agency that administers the military draft. If you are a male between the ages of 18 and 25, registration is required to receive Federal financial aid.Self-Help AidMoney awarded to a student that must be paid back or must be earned in some way. Types of self-help aid include student loans and work study. self-help aidMoney awarded to a student that must be paid back or must be earned in some way. Types of self-help aid include student loans and work study. state aidFinancial aid received from your state of legal residence.state aidFinancial aid received from your state of legal residence.Student Aid ReportA summary of the information you submitted on the Free Application for Federal Student Aid (FAFSA). The SAR will contain your EFC, which is the number used to determine your eligibility for Federal student aid. student aid reportA summary of the information you submitted on the Free Application for Federal Student Aid (FAFSA). The SAR will contain your EFC, which is the number used to determine your eligibility for Federal student aid. Student Aid ReportA summary of the information you submitted on the Free Application for Federal Student Aid (FAFSA). The SAR will contain your EFC, which is the number used to determine your eligibility for Federal student aid. subsidizedA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status. subsidized loanA Federal student loan based on financial need for which the Federal government pays the interest that accrues while you are in an in-school, grace, or deferment status. Teacher Education Assistance for College and Higher EducationA Federal grant that provides up to $4,000 per year to students who agree to teach for four years in a high need field at an elementary school, secondary school, or educational service agency that serves students from low-income families and meet other requirements. If the service obligation is not met, the grant is converted to a Direct Unsubsidized Loan.Teacher Education Assistance for College and Higher Education GrantA Federal grant that provides up to $4,000 per year to students who agree to teach for four years in a high need field at an elementary school, secondary school, or educational service agency that serves students from low-income families and meet other requirements. If the service obligation is not met, the grant is converted to a Direct Unsubsidized Loan.TEACH GrantA Federal grant that provides up to $4,000 per year to students who agree to teach for four years in a high need field at an elementary school, secondary school, or educational service agency that serves students from low-income families and meet other requirements. If the service obligation is not met, the grant is converted to a Direct Unsubsidized Loan.Transfer Student Monitoring ProcessA process through which your school will send your information to NSLDS so that the school can be notified of relevant changes to your financial aid history and eligibility.transfer student monitoring processA process through which your school will send your information to NSLDS so that the school can be notified of relevant changes to your financial aid history and eligibility.TransferYou are a transfer student if you leave or graduate from one school and enroll at another school.transferYou are a transfer student if you leave or graduate from one school and enroll at another school.TransferringYou are a transfer student if you leave or graduate from one school and enroll at another school.transferringYou are a transfer student if you leave or graduate from one school and enroll at another school.U.S. Department of Education EDThe agency of the Federal government that is responsible for funding and administering Federal financial aid programs. U.S. Department of EducationThe agency of the Federal government that is responsible for funding and administering Federal financial aid programs. U.S. department of educationThe agency of the Federal government that is responsible for funding and administering Federal financial aid programs. U.S. Department of EDThe agency of the Federal government that is responsible for funding and administering Federal financial aid programs. U.S. Department of Education (ED)The agency of the Federal government that is responsible for funding and administering Federal financial aid programs. undergraduateA degree-seeking student who has not earned a first bachelor’s degree. undergraduate studentA degree-seeking student who has not earned a first bachelor’s degree. undergraduate studentsA degree-seeking student who has not earned a first bachelor’s degree. Undergraduate StudentsA degree-seeking student who has not earned a first bachelor’s degree. Unsubsidized LoanA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.unsubsidized loanA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Unsubsidized LoansA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.unsubsidized loansA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.VerificationThe process your school uses to confirm that the information reported on your FAFSA is accurate. Your school has the authority to contact you for documentation that supports income and other information you reported.verificationThe process your school uses to confirm that the information reported on your FAFSA is accurate. Your school has the authority to contact you for documentation that supports income and other information you reported.Wage garnishmentProcess by which a guarantor, for FFEL Program, or the U.S. Department of Education may take a portion of the wages of a Federal student aid borrower who is not making required payments. wage garnishmentProcess by which a guarantor, for FFEL Program, or the U.S. Department of Education may take a portion of the wages of a Federal student aid borrower who is not making required payments. William D. Ford Federal Direct LoanThe Federal program that provides loans to eligible student and parent borrowers under Title IV of the Higher Education Act. Funds are provided by the Federal government to eligible borrowers through participating schools.William D. Ford Federal Direct Loan ProgramThe Federal program that provides loans to eligible student and parent borrowers under Title IV of the Higher Education Act. Funds are provided by the Federal government to eligible borrowers through participating schools.WithheldA debt collection tool using Federal income tax refund offset that allows the government to seize income tax refunds from individuals to help repay their defaulted Federal student loan debt.withheldA debt collection tool using Federal income tax refund offset that allows the government to seize income tax refunds from individuals to help repay their defaulted Federal student loan debt.WitholdingA debt collection tool using Federal income tax refund offset that allows the government to seize income tax refunds from individuals to help repay their defaulted Federal student loan debt.witholdingA debt collection tool using Federal income tax refund offset that allows the government to seize income tax refunds from individuals to help repay their defaulted Federal student loan debt.Work StudyA Federal student aid program that provides part-time employment to help pay your education expenses while you are enrolled in school.work studyA Federal student aid program that provides part-time employment to help pay your education expenses while you are enrolled in school.Write-offA write off of a loan occurs when an official determines, after all appropriate collection tools have been used, that no further collection activity is warranted, and active collection of the account ceases.
written offA write off of a loan occurs when an official determines, after all appropriate collection tools have been used, that no further collection activity is warranted, and active collection of the account ceases.
graceA specific period of time between the date you graduate, leave school, or drop below half-time enrollment and the date loan repayment begins in which you are not required to make payments on certain Federal student loans. Interest will accrue on certain types of student loans during the grace period, and if the interest is unpaid, it will be capitalized and added to the principal balance of the loan when the repayment period begins. A specific period of time between the date you graduate, leave school, or drop below half-time enrollment and the date loan repayment begins in which you are not required to make payments on certain Federal student loans. Interest will accrue on certain types of student loans during the grace period, and if the interest is unpaid, it will be capitalized and added to the principal balance of the loan when the repayment period begins. half timeThe number of classes as determined by the school you attend that includes at least half of the academic workload required by Federal regulations for full-time enrollment in your program of study. You must attend school at least half time to be eligible to receive a Federal student loan.The number of classes as determined by the school you attend that includes at least half of the academic workload required by Federal regulations for full-time enrollment in your program of study. You must attend school at least half time to be eligible to receive a Federal student loan.graduateA student who has obtained a bachelor's degree and is seeking an advanced degree.A student who has obtained a bachelor's degree and is seeking an advanced degree.Bachelor's DegreesAn undergraduate academic degree awarded for a course of study that takes a minimum of four full-time academic years to complete. bachelor's degreesAn undergraduate academic degree awarded for a course of study that takes a minimum of four full-time academic years to complete. FAFSAThe free form that you, or you and your parents, must complete to apply for Federal student aid. The free form that you, or you and your parents, must complete to apply for Federal student aid. grantsFinancial aid, usually based on financial need, that does not need to be repaid.Financial aid, usually based on financial need, that does not need to be repaid.undergraduate studentsA degree-seeking student who has not earned a first bachelor's degree. A degree-seeking student who has not earned a first bachelor's degree. PLUS loansA Federal student loan available to graduate and professional students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest on this loan regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.A Federal student loan available to graduate and professional students and parents of dependent undergraduate students. The borrower is fully responsible for paying the interest on this loan regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.unsubsidizedA Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.A Federal student loan for which you are fully responsible for paying the interest regardless of the student loan status. Interest accrues from the date of the loan disbursement and continues throughout the life of the loan.Family Federal Education Loan StaffordUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.Family Federal Education LoanUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.Family Federal Education LoansUnder this program, private lenders provided loans to students that were guaranteed by the Federal government. Federal student loans under the FFEL Program are no longer made by private lenders. Instead, all new Federal student loans are made directly from the U.S. Department of Education (ED) under the Direct Loan Program.forbearancesA period of time during which the monthly payment of a Federal student loan is temporarily suspended or reduced. A loan servicer may grant a forbearance if you are willing but unable to make loan payments due to certain types of financial hardship. During the forbearance period, principal payments are postponed but the interest continues to accrue. Unpaid interest that has accrued during the forbearance period may be capitalized and added to the principal balance of the loan, increasing the total amount you owe.A period of time during which the monthly payment of a Federal student loan is temporarily suspended or reduced. A loan servicer may grant a forbearance if you are willing but unable to make loan payments due to certain types of financial hardship. During the forbearance period, principal payments are postponed but the interest continues to accrue. Unpaid interest that has accrued during the forbearance period may be capitalized and added to the principal balance of the loan, increasing the total amount you owe.withholdingA debt collection tool using Federal income tax refund offset that allows the government to seize income tax refunds from individuals to help repay their defaulted Federal student loan debt.A debt collection tool using Federal income tax refund offset that allows the government to seize income tax refunds from individuals to help repay their defaulted Federal student loan debt.Master's DegreesA graduate academic degree granted to individuals who have completed a bachelor’s degree and have completed coursework that demonstrates mastery of a specific field of study.master's degreesA graduate academic degree granted to individuals who have completed a bachelor’s degree and have completed coursework that demonstrates mastery of a specific field of study.short-termGoals that will take a brief amount of time to accomplish.Goals that will take a brief amount of time to accomplish.
accrueThe process of interest accumulating on the principal balance of your Federal student loan.AccruesThe process of interest accumulating on the principal balance of your Federal student loan.accrueThe process of interest accumulating on the principal balance of your Federal student loan.accruesThe process of interest accumulating on the principal balance of your Federal student loan.InterestWhen you deposit money in some form of savings account with a bank or other financial institution, you get paid for their use of that money. The payment is interest on savings and is based on an annual percentage of the balance in your account, called the interest rate.interestWhen you deposit money in some form of savings account with a bank or other financial institution, you get paid for their use of that money. The payment is interest on savings and is based on an annual percentage of the balance in your account, called the interest rate.
Once you have completed the Free Application for Federal Student Aid (FAFSA) and become eligible to receive Federal financial aid such as a loan, grant, or work study funds, you must continue to meet basic eligibility criteria throughout the academic year. Completing and submitting the FAFSA is free, and it is your access to the largest source of financial aid for college. You must also make Satisfactory Academic Progress (SAP) and meet certain time frames for how long you can receive Federal financial aid.
Basic eligibility for Federal financial aid
To qualify for Federal financial aid, you must meet the following basic eligibility requirements:
Be registered with the Selective Service, if you are a male
Have a high school diploma or a recognized equivalent of a high school diploma such as a General Educational Development certificate (GED) or complete a high school education in a home school setting approved under state law
Be enrolled as a regular student working toward a degree or certificate in an eligible program at an eligible institution
Be enrolled at least half time to be eligible for Direct Loan program funds
Make Satisfactory Academic Progress (SAP), as determined by the college
Not be in default on a Federal student loan or owe a Federal grant overpayment or Federal loan overpayment
Satisfactory Academic Progress
To continue receiving Federal financial aid, you must make Satisfactory Academic Progress (SAP), which includes maintaining a certain grade point average and completing enough classes to keep moving toward successful completion of your degree or certificate program in a specific time period set by your school.
Each school is required to have a written SAP policy for financial aid purposes. To view your school’s policy, check its website or contact the financial aid office for information. Your school’s SAP policy should list
The grade-point average (or equivalent standard) you need to maintain;
How quickly you should be moving toward graduation (for instance, how many credits you should successfully complete by the end of each year);
How an incomplete class, withdrawal, repeated class, change of major, or transfer of credits from another school will affect your SAP;
How often your school will evaluate your progress;
What happens if you fail to make SAP;
Whether you are allowed to appeal your school’s decision that you have not made SAP (reasons for appeal may be the death of a member of your family or if you are ill); and
How you can regain eligibility for Federal student aid.
If your academic performance does not meet the requirements of the school’s SAP policy, you will become ineligible to receive Federal financial aid. If this happens, contact your school’s financial aid office for the steps to regain eligibility.
Direct Subsidized Loan eligibility time limit
If you are a first-time borrower on or after July 1, 2013, there is a limit to the maximum period of time (measured in academic years) that you can receive a Direct Subsidized Loan. If you are under this limit, you may not receive a Direct Subsidized Loan for more than 150 percent of the published length of your program of study. This time period is known as the Maximum Eligibility Period (MEP). The periods of time that count against your MEP are periods of enrollment for which you receive a Direct Subsidized Loan. The MEP is based on the published length of your current program of study. The published length of any program of study will be listed in your school’s catalog or on their website.
The chart below shows examples of MEP based on different program lengths.
Maximum Eligibility Period (MEP) Chart
Program Length
Maximum Eligibility Period (MEP)
4 years
6 years
2 years
3 years
1 year
1.5 years
12 weeks
18 weeks
Because your MEP is based on the length of your current program of study, the MEP can change if you switch to a program that has a different length. Also, if you receive a Direct Subsidized Loan for one program and then change to another program, the Direct Subsidized Loan you received for the earlier program will generally count toward your MEP for the new program. If you receive a Direct Subsidized Loan when you are enrolled less than full time, the period that is counted against your MEP will be reduced.
If you continue to be enrolled in an undergraduate program after you have reached your MEP, and you did not complete the program or do not enroll in a longer program, you are no longer eligible to receive additional Direct Subsidized Loans. However, you may be eligible to receive a Direct Unsubsidized Loan.
In addition, if you enroll in any undergraduate program after you have reached your MEP, the Federal government will no longer pay the interest that accrues on your Direct Subsidized Loan. This is called losing interest subsidy. If the interest subsidy is lost, you become responsible for paying the interest on your Direct Subsidized Loan during periods of
in-school status,
grace,
deferments, or
certain periods of repayment under the Income-Based Repayment Plan or Pay As You Earn Repayment Plan (PAYE).
The chart below provides examples of when you become responsible for paying the interest on your Direct Subsidized Loan:
Loss of Interest Subsidy Chart
Do I become responsible for paying the interest that accrues on my Direct Subsidized Loan because …
Yes
No
I am no longer eligible for a Direct Subsidized Loan because I met the 150% limit and I stay enrolled in my current program?
X
I am no longer eligible for a Direct Subsidized Loan because I met the 150% limit, did not graduate from my prior program, and am enrolled in an undergraduate program that is the same length or shorter than my prior program?
X
I transferred into a shorter program and lost eligibility for a Direct Subsidized Loan because I have received Direct Subsidized Loans for a period that equals or exceeds my new, lower maximum eligibility period, which is based on the length of the new program?
X
I was no longer eligible for a Direct Subsidized Loan, did not graduate from my prior program, and am enrolled in an undergraduate program that is longer than my prior program?
X
I lose eligibility for a Direct Subsidized Loan and immediately withdraw from my program?
X
I graduated from my program prior to or upon meeting the 150% limit, and enroll in a subsequent undergraduate program that is the same length or shorter than my prior program?
X
I enroll in a graduate or professional program?
X
I enroll in preparatory coursework that I am required to complete to enroll in a graduate or professional program?
X
I enroll in a teacher certification program and my school does not award an academic credential?
If you become responsible for the interest that accrues on your Direct Subsidized Loan, any interest that you do not pay will accrue and be capitalized at the end of grace, deferment, and other periods. Capitalized interest will increase your loan principal, increase your monthly payment amount under most Direct Loan repayment plans, and cause you to pay more interest over the life of the loan. Your loan servicer will notify you if you become responsible for paying the interest on your Direct Subsidized Loan.
If you become ineligible for a Direct Subsidized Loan because you have reached your MEP, you may again become eligible to receive a Direct Subsidized Loan if you enroll in a new program of study that is longer than your previous program. If you regain eligibility to receive an additional Direct Subsidized Loan for this reason, the Federal government will pay the interest that accrues on your new loan during grace, deferment, and other periods. However, you will continue to be responsible for paying all of the interest that accrues on your previous Direct Subsidized Loan.
Federal Pell Grant lifetime eligibility
The amount of Federal Pell Grant funds you may receive over your lifetime is limited by Federal regulations to be the equivalent of six years. This limit is called the Federal Pell Grant Lifetime Eligibility Used (LEU). Since the maximum amount of Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%. The LEU provision applies to all students regardless of when they received their first Pell Grant award.
To calculate the amount of the maximum six years of Federal Pell Grant funding you use each year, the U.S. Department of Education (ED) will compare the actual amount you receive for the award year with your scheduled award amount for that award year. A scheduled award is the maximum amount of Pell Grant funding you can receive for an award year. An award year is the period from July 1 of one calendar year to June 30 of the next calendar year.
If you receive the full amount of your scheduled award, you will use 100% of your LEU. If you do not receive your entire scheduled award for an award year, the amount of your LEU is calculated based on the percentage that you did receive. The most common reasons for not receiving the full amount of your scheduled award is because you were not enrolled for the full year or you were not enrolled full time.
The U.S. Department of Education (ED) keeps track of your LEU by adding together the percentages of the Federal Pell Grant scheduled award you receive for each award year. If your LEU equals or exceeds 600%, you may no longer receive Pell Grant funding. Also, if your LEU is greater than 500% but less than 600%, while you will be eligible for a Pell Grant for the next award year, you will not be able to receive a full scheduled award.
To view the amount of your Federal Pell Grant LEU, sign on to NSLDS. Once you have signed into your NSLDS account, click on each loan to find your loan servicer contact information.The Pell Grant LEU can be found on the Financial Aid Review page. If you have questions about your Pell Grant or feel that your LEU is incorrect, contact your school’s financial aid office.
Dropping classes or withdrawing from school
As a basic eligibility requirement to receive most Federal financial aid, you must be enrolled at least half time. Any time you change your enrollment status, it may be necessary for your school to re-evaluate your eligibility for Federal financial aid and to adjust the amount of aid you receive.
Before making a decision to drop a class or withdraw from school, be sure that you have considered all of your options. Talk to your teachers or faculty advisor to see if there are alternative ways to allow you to continue in your classes. Contact your school’s financial aid office to find out how changes to your enrollment may affect your current and future Federal financial aid.
Possible changes to your Federal financial aid due to dropping classes or withdrawing from school are as follows:
The six-month grace period will begin for your Federal student loan if you drop to less than half-time enrollment. Repayment of your student loan will begin after the end of the six-month grace period.
The nine-month grace period will begin for a Federal Perkins Loan if you drop to less than half-time enrollment. Repayment of this student loan will begin after the end of the nine-month grace period.
An in-school deferment status that you have on a previous loan will end if you drop to less than half-time enrollment.
A Federal student loan you were originally set to receive may be adjusted or canceled if you are no longer enrolled at least half time.
You may have to repay Federal financial aid according to the Federal return of funds policy if you withdraw from your last class, and you did not complete 60 percent of the semester.
Federal Pell Grant funds may be recalculated based on changes made to your enrollment status.
A TEACH Grant award may be adjusted due to changes in your enrollment status.
Adjustments to other Federal financial aid programs may be made to prevent overawards or to address overpayments that result from changes to your enrollment status.
Changes in enrollment may affect your Satisfactory Academic Progress, which may limit future Federal financial aid. For more information, see “Satisfactory Academic Progress”.
Changes in enrollment may affect your Federal Pell Grant Lifetime Eligibility Used (LEU) amount. For more information, see “Lifetime Eligibility Used (LEU)”.
If you decide to drop a class or withdraw from school, contact your school’s financial aid office for procedures concerning your Federal financial aid and to see if you are required to complete exit counseling. Also, it is important to notify your loan servicer if you are dropping to less than half-time enrollment or withdrawing from school. Be sure to keep all documentation.
Changing your major
Part of your college education is choosing a major field of study at some point. This is an important decision that will set the course for your program of study and help determine your career after college. During your time in college, you may decide to change your major. A change in your major may affect Federal financial aid.
Before making a decision to change your major, be sure that you have considered all of your options. Talk to your teachers or faculty advisor to discuss resources available to help you make your decision. Changing your major may extend the time it takes for you to complete your degree. Classes that you have already completed may not count toward your new degree. Contact your school’s financial aid office to find out how changes to your major may affect your Federal financial aid.
Possible changes to your Federal financial aid due to changing your major program of study may include the following:
A TEACH Grant award may be adjusted.
Your Satisfactory Academic Progress may be affected, which may limit future Federal financial aid. For more information, see “Satisfactory Academic Progress”.
Your Direct Subsidized Loan Maximum Eligibility Period (MEP) limit may be affected and cause a loss of interest subsidy. For more information, see “Maximum Eligibility Period (MEP)”.