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- 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)