Enrollment Status |
According to a school or lender, the designation of the student as being full-time, less than full-time but at least half-time, or being less than half-time. |
Expected Family Contribution (EFC) |
An estimate of a student's personal and/or family money that should be available to help pay educational costs, based on the federal methodology. The EFC is calculated using the information provided on the FAFSA. |
FAFSA (Free Application for Federal Student Aid) |
The Free Application for Federal Student Aid (FAFSA) is a form that can be filled out annually by current and prospective university students (both undergraduate and graduate) - and sometimes their parents - to determine their eligibility for federal student financial aid (including grants, loans, and Federal Work-Study programs). In addition, most states and schools use information from the FAFSA to award non-federal aid. |
FAFSA on the Web |
The electronic version of the FAFSA that allows applicants to complete and file their annual federal financial aid applications online. |
Federal Family Education Loan Program (FFELP) |
The government program that made Stafford, Parent PLUS and Graduate PLUS loans possible. These loan programs were funded by private lenders such as banks, guaranteed by guarantors and reinsured by the federal government. This program ended in July 2010. |
Federal Methodology |
The formula that Congress sets to determine the Expected Family Contribution (EFC) for student financial aid applicants. |
Federal Processor |
Also called Central Processing Service (CPS), it's the “machine” (or more technically, a computer system) that takes your FAFSA, figures out the Expected Family Contribution (EFC), and then sends out the Student Aid Report (SAR). |
Final Disclosure(FD) |
Disclosure, provided after the borrower accepts the terms of the loan, which contains the specific terms such as the interest rate, fees, repayment terms, cost estimates and other key information about the private student loan. The disclosure provides the borrower a “right to cancel” period which allows the borrower to cancel the loan without penalty at any time by midnight of the third business day after receipt of the final disclosure. |
Financial Aid |
Money provided by federal and state governments and by the college to help pay for school. Private and corporate funding options may also be available. Financial aid can include grants, scholarships and loans. |
Financial Aid Eligibility |
The difference between a student's Expected Family Contribution (EFC) and the cost of attendance; also known as financial need. |
Fixed Interest Rate |
An interest rate that stays the same for the life of the loan, as opposed to a variable interest rate which changes. |
Forbearance |
When a lender allows the borrower to temporarily postpone repaying the loan principal, usually because of economic hardship. Interest continues to accrue. Note: If your loan is in default, you can't apply for forbearance. |
Free Application for Federal Student Aid (FAFSA) |
Completing the FAFSA is the first step in the financial aid process. It's the form used to apply for federal student financial aid, including grants, loans and Federal Work-Study. In addition, most states and schools use this application form to award non-federal student financial aid. It's like your key to just about every kind of financial aid, so we like to think of it as Financial Aid's First Step Always. The FASFA can be submitted online - and it's much easier that way. |
FSA ID |
An FSA ID is a username and password you must use to log in to certain U.S. Department of Education (ED) websites. It serves as your e-signature on the electronic FAFSA. Both students and parents can obtain a FSA ID. Create one at fsaid.ed.gov. |
Full Deferment Repayment |
Borrower makes no loan payments while enrolled in school full time or during any grace period after leaving school. Interest will accrue and be added to the principal loan amount upon entering repayment.
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Full-time Enrollment |
A period of time generally defined as a minimum of 12 semester hours per academic term or 24-clock-hours attendance. |