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)