Financial Aid

Financial Aid Lingo

ACH:
Automated Clearinghouse, may be used to streamline the electronic transfer of funds
AGI:
Adjusted Gross Income, Income figure on federal tax returns used to perform need analysis
Borrower Status Types:
Periods during the life cycle of a student loan that define the borrower's status relative to the loan obligation:
  • In Grace: Out of school but not yet expected to make payments
  • In Repayment: Expected to make regular monthly payments unless granted a deferment or forbearance
  • In School: Attending an eligible institution at least half time; also known as the "interim" status
COA:
Cost of Attendance, an estimate of a student's total education expenses for an enrollment period
CSS/Profile:
College Board tool that collects information to help them award non-Federal student aid funds.
Default:
When a federal student loan payment is 270 days delinquent or when the borrower fails to meet other terms of the promissory note
Dependent Student:
A student who does NOT meet any of the following criteria:
  • Is at least 24 years old by December 31 of the school year
  • Is a graduate or professional student
  • Is a married person
  • Has legal dependents other than a spouse
  • Is a veteran of the U.S. Armed Forces
  • Is an orphan or ward of the court
ED:
U.S. Department of Education
EFC:
Expected Family Contribution, the amount a family can reasonably be expected to pay for a student's education, calculated by the Central Processing System based on the information contained on the Free Application for Federal Student Aid (FAFSA) and a federal need-analysis formula
Independent Student:
A student who meets one of the following criteria:
  • Is at least 24 years old by December 31 of the school year
  • Is a graduate or professional student
  • Is married
  • Has legal dependents other than a spouse, who receive more than half of their support from the student
  • Is a veteran of the U.S. Armed Forces
  • Is an orphan or ward of the court
MPN:
Master Promissory Note
NSLDS:
National Student Loan Data System, a database comprised of information from guarantors, schools, lenders, and the U.S. Department of Education (USDE) that contains data on Title IV student financial assistance, www.nslds.ed.gov
SAP:
Satisfactory Academic Progress, to remain eligible for most types of financial assistance/aid, students must maintain satisfactory academic progress as defined by the postsecondary institution
Student Aid Report (SAR):
Produced by the Central Processing System and sent to the student showing the student's calculated Expected Family Contribution (EFC)