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Definitions (32)
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award letter
An official document, issued by the financial aid office, that lists all the financial aid awarded to the student. This letter generally provides the expected family contribution, cost of [..]
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capitalization
The process of adding unpaid interest to the principal balance of an educational loan, increasing the size of the loan that must be repaid.
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college foundation
A nonprofit organization created by the State of North Carolina in 1955. CFI's sole purpose is to assist North Carolina students in paying their education expenses beyond high school.
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consolidation
A loan program that allows a borrower to combine several educational loans into one new loan. This process extends the repayment period and allows for a single monthly payment. This simpl [..]
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cost of attendance
The total cost of an education - usually expressed as a yearly figure. COA includes tuition and fees, room and board, an allowance for books and supplies, transportation, and miscellaneous [..]
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default
Failure to repay a student loan according to the terms of a promissory note signed by the student. The organization that holds the loan (the state or the federal government) can take actio [..]
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deferment
This is an authorized period of time during which a borrower may postpone principal and interest payments. Deferments are available to borrowers who are in school at least half time, enro [..]
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dependent student
For financial aid purposes, an undergraduate student is usually classified as a dependent and is expected to have access to parental financial resources if he/she is not married, does not [..]
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expected family contribution (efc)
Determined by a formula, this figure indicates how much of a family's financial resources should be available to help pay for the student's education. The EFC is used in determining [..]
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fafsa
This is the federal aid application that must be completed by students who want to be considered for federal need-based financial aid.
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