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Financial aid programs administered by the university. The federal government provides the university with a fixed annual allocation which is awarded by the financial aid administrator to deserving students. The Perkins Loan Program, Supplemental Education Opportunity Grant (SEOG), and Federal Work-Study are examples of campus-based aid.
The term applied to the majority of postsecondary education; Federal Perkins Loan Program, Federal Work-Study (FWS) Program, and, Federal Supplemental Educational Opportunity Grant (FSEOG) Program (See individual program names).
This occurs when a borrower meets specific requirements that permit nullifying the borrower's obligation to repay all or a designated portion of principal and interest on a student loan. It may also be referred to as "discharge."
The interest is added to the principal amount of your loan and additional interest will be based upon the higher amount.
A process in which interest that has accrued but not been paid is added to the loan principal for both the FFEL and Federal Direct Loan Programs. Capitalizing is a consequence of delaying interest payments; it increases the amount of the principal and, consequently, the total amount that must be repaid.
An award granted for the successful completion of a sub-baccalaureate program of studies, usually requiring less than 2 years of full-time postsecondary study.
Verification that a student is enrolled on at least a half-time basis, making satisfactory academic progress, therefore qualifying them for federal and private loans. Certification must be made prior to disbursement of funds.
A student must be one of the following to receive federal student aid:
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U.S. citizen
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U.S. national (includes natives of American Samoa or Swain's Island)
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U.S. permanent resident who has an I-151, I-551, or I-551C (Alien Registration
Receipt Card)
If a student is not in one of these categories, he or she must have an
Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization
Service (INS) showing one of the following designations:
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"Refugee"
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"Asylum Granted"
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"Indefinite Parole and/or Humanitarian Parole"
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"Cuban-Haitian Entrant, Status Pending"
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"Conditional Entrant" (valid only if issued before April 1, 1980)
- Other eligible non-citizen with a Temporary Resident Card (I-688). A student can be eligible on the basis of the Family Unity Status category with an approved I-797 (Voluntary Departure and Immigrant Petition). If a student has only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), he or she is not eligible for federal student aid. If a student is in the U.S. on an F1 or F2 student visa, or on a J1 or J2 exchange-visitor visa only, he or she can't get federal student aid. In addition, persons with G series visas (pertaining to international organizations) are not eligible for federal student aid. Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, and Palau are eligible only for Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOGs), or Federal Work-Study. These applicants should check with their financial aid administrators for more information.
A person who signs the promissory note for a loan in addition to the borrower. The co-borrower becomes equally responsible for the debt. If the borrower does not pay, the co-borrower is responsible for payment of the debt.
Cost Of Attendance- The total cost of attending a post-secondary institution for one academic year. The student's budget usually includes tuition, fees, room, board, supplies, transportation, and personal expenses.
A group of individuals who have a statistical factor in common, for example, year of birth.
Property of a borrower that is pledged by the borrower to protect the interests of a lender. It may become property of the lender if the borrower fails to repay the associated loan. Collateral is the lender's security for loans made.
A postsecondary school that offers general or liberal arts education, usually leading to an associate's, bachelor's, master's, doctor's, or first-professional degree. Junior colleges and community colleges are included under this terminology.
A school that encompasses instruction at both the elementary and secondary levels. Examples of combined elementary and secondary school grade spans would be grades 1-12 or grades 5-12.
An institution whose primary function is making loans to businesses.
Interest that is periodically added to a principal sum, resulting in a new principal balance, which then triggers a new interest assessment.
Combining several federal (and possibly private) loans from multiple lenders into a single loan to reduce the monthly payment amount and/or increase the repayment period.
A consolidation loan combines several loans into one bigger loan. This sometimes results in a lower interest rate, as when a consumer loan is used to pay off credit card balances. Such loans often reduce the size of the monthly payment by extending the term of the loan. An extension of the term of the loan may also increase the overall cost of the loan. Consolidation loans also simplify the repayment process by allowing a single payment instead of several. Direct Consolidation Loans are available through the establishment of an Individual Education Account. A loan originated by the Student Loan Marketing Association (Sallie Mae) or other eligible lenders. The loan can combine multiple student loans made under Title IV programs, the Health Professions Student Loan (HPSL) Program, the Health Education Assistance Loan (HEAL) Program, and the recently included Nursing Student Loan Program (NSLP) into a single loan with one monthly payment. Delinquent or defaulted borrowers may be allowed to establish a repayment schedule through a consolidation loan. Compare FEDERAL DIRECT
A second creditworthy party who signs a promissory note with a borrower who does not have collateral or good credit history. The second party guarantees that the loan will be repaid if the borrower fails to make payments.
Section 472 of the Higher Education Act sets forth specific statutory
parameters for cost of attendance (COA) for Title IV aid programs.
A student's cost of attendance includes tuition and fees, room and board
expenses while attending school, allowances for books and supplies,
transportation, loan fees (if applicable), dependent-care costs, costs related
to a disability, and other miscellaneous expenses. In addition, reasonable
costs for a study-abroad program and costs associated with a student's
employment as part of a cooperative education program may be included. There
are also special rules for less-than-half-time students and
correspondence-study students. The cost of attendance is estimated by the
school. The cost of attendance is compared to a student's Expected Family
Contribution (EFC) to determine the student's need for aid.
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