Designation of the student as first-year (freshman), second-year (sophomore), etc., Used to determine annual loan limits.

An income figure taken from the federal income tax form that has been filed in compliance with the IRS regulations and guidelines.

Cash on hand in checking and savings accounts, trusts, stocks, bonds, other securities, real estate, home equity, income-producing property, business equipment, and business inventory. Considered in determining expected family contribution.

A means of notifying financial aid applicants of the assistance being offered. The award letter usually provides information on the types and amounts of aid offered.

A specific amount of financial assistance offered to a student  to pay for educational costs, such as scholarships

The failure of a borrower to make and installment payment when due, or to meet other terms of the promissory note or when it can be concluded that the borrower no longer intends to honor the obligation to repay.

A statement set to the borrow by the lender, as well as at, or prior to, the beginning of the repayment period.

Commonly called EFT, is a method by which funds are electronically transferred from one person or organization to another.

The figure that indicates how much of a family’s financial resources should be available to help pay the expenses of post-secondary education. This figure is determined according to statutory formulas with data from the FAFSA.

A form used by post-secondary institutions to collect data about any financial aid awards that a student received at other educational institutions.