This application must be completed by all students who wish to be considered for financial aid at any college. Apply online at www.fafsa.ed.gov.
Federally sponsored loan programs, which include the Stafford Loan, Graduate PLUS Loan, and the Parent PLUS Loan (for parents of undergraduate students).
The formulas used to determine a student's eligibility for federal Title IV funds. The formulas take into account income, some assets, expenses, family size and other factors. FM is written by Congress rather than a peer community assessment and is not updated regularly.
A representative of the Financial Aid Office that reviews a student's application and awards aid, and helps the student in all aspects of the financial aid process.
The total financial aid a student receives. Federal and non-federal aid such as grants, loans, work-study, and scholarships are combined in a "package" to help meet the student's need.
The difference between what it costs to attend a particular college and the amount it has been determined that a student and her/his family can afford to pay toward those expenses. The term "demonstrated financial need" is typically used to describe an assessment based on Institutional Methodology for undergraduate need-based, institutional funding. The amount that an applicant can be expected to contribute is measured according to standardized formulas. These standardized formulas include the federal and institutional methodologies.
An authorized period of time during which the lender agrees to temporarily postpone a borrower's principal repayment obligation. Interest continues to accrue and usually must be paid during the forbearance period. Forbearance may be granted at the lender's discretion when a borrower is willing to repay their loan but is unable to do so.
A type of financial aid award based on need or merit that is not repaid by the student.
The period between the time a borrower leaves school or drops below half-time and the time they are obligated to begin repaying their loans - usually six or nine months, depending on the type of loan.
A nationally accepted standard used by many colleges, universities, graduate and professional schools, and private scholarship programs for assessing a family's financial eligibility to receive funding from the school to help meet the Cost of Attendance. While similar to the federal methodology, IM includes a comprehensive review of assets, income, family size, home equity, and other factors. Institutional Methodology also permits more generous treatment of medical/dental expenses, elementary and secondary school tuition payments, and child support payments in determining a family's total available income to pay for Cost of Attendance.
The Institutional Student Information Report (ISIR) is the name for the electronic version of SAR's delivered to schools by the FAFSA processors.
A fee charged for the use of borrowed money. Interest is calculated as a percentage of the principal loan amount. The rate may be constant throughout the life of the loan (fixed rate) or it may change at specified times (variable rate).
A detailed document obtained from the Internal Revenue Service which lists most line items from your tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. An IRS Tax Return Transcript can be ordered online at www.irs.gov.