How do you find the right colleges for you? College Planning Co. can guide you through the college search process. Learn how to find colleges that are a good fit for you, develop your college search strategy, and explore colleges with our college match search engine. College Planning Co. is a comprehensive look at a family's resources and how it affects their ability to pay for qualified education expenses.
How do you find the right colleges for you?  College Planning  Co. can guide you through the college search process.Learn how to find colleges that are a good fit for you, develop your college search strategy, and explore colleges with our college match search engine. College Planning Co. is a comprehensive look at a family's resources and how it affects their ability to pay for qualified education expenses.

Glossary of College Planning Co.

Glossary of College Planning Co.
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D-E

Default

Failure to repay a student loan according to the terms agreed to when you signed a promissory note. If you default, your school, the organization that holds your loan, the state, and the federal government can all take action to recover the money, including notifying national credit bureaus of your default. Your wages and/or tax returns may be garnished, and you will no longer be eligible to receive federal finance aid.

Deferment

An authorized period of time during which a borrower may postpone principal and interest payments. Deferments are available while borrowers are in school at least half time, enrolled in a graduate fellowship program or rehabilitation training program, and during periods of unemployment or economic hardship. Other deferments may be available depending on when and what you borrowed. Contact your lender for additional details.

Dependency Stuatue

When you apply for federal student aid, your answers to questions on the FAFSA will determine whether you are considered dependent or independent. All dependent students must report parental income and assets as well as their own. Most undergraduate students are dependent. You may be considered independent for federal programs if you meet one of the following conditions: 1) You were born before January 1, 1990. 2) You will be enrolled in a master's or doctorate program (beyond a bachelor's degree) at the beginning of the school year. 3) You are married as of the day you apply (or you're separated but not divorced). 4) You are currently serving on active duty in the military for purposes other than training. 5) You have children who will receive more than half their support from you between July 1, and June 30, next year. 6) You have dependents (other than your children or spouse) who live with you and who will receive more than half their support from you between July 1, and June 30, next year. 7) When you were 13 or older, both of your parents were deceased, you were in foster care, and/or you were a ward of the court. 8) As of the day you apply, you are an emancipated minor as determined by a court in your state of legal residence. 9) As of the day you apply, you are in legal guardianship as determined by a court in your state of legal residence. 10) At any time on or after July 1, last year, your high school or school district homeless liaison determined you were an unaccompanied youth who was homeless. 11) At any time on or after July 1, last year, the director of an emergency shelter program funded by the U.S. Department of Housing and Urban Development determined you were an unaccompanied youth who was homeless. 12) At any time on or after July 1, last year, the director of a runaway or homeless youth basic center or transitional living program determined you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless. 13) You are a veteran of the U.S. Armed Forces. Independent undergraduate students at College, some college are required to provide parental information including prior year tax returns until they reach the age of 26.

Disbursement

The release of loan funds to the school for delivery to the borrower. Disbursements for most loans are made in equal multiple installments, and made co-payable to the borrower and the school.

Eligible Program

A program of organized instruction or study that leads to an academic, professional or vocational degree or certificate or other recognized educational credential.

Entrance/Exit Interviews

Counseling sessions borrowers are required to attend before receiving their first loan disbursement and again before leaving school.

Expected Family Contribution (EFC)

An amount that a student and parents can reasonably be expected to contribute toward college costs. For federal aid purposes this is computed according to federal guidelines. For institutional aid purposes this is computed using data submitted on the college board profile. EFC is subtracted from total costs of attendance to arrive at an estimate of a student's demonstrated need.

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