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A
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Advanced Placement (AP) Program
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By taking AP classes, offered by high schools and sponsored and regulated by the College Board, you may earn college credits while in high school, thus lowering the overall cost of your college education or allowing you to take more advanced courses earlier in college.
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Academic Year
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This is a measure of academic work to be accomplished by a student. A school defines its own academic year, but the federal statute and regulations set minimum standards to determine financial aid awards. The academic year must be at least 30 weeks of instructional time in which a full-time student is expected to complete at least 24 semester or trimester credit hours, 36 quarter credit hours, or 900 clock hours.
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Advanced Placement (AP) Program
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By taking AP classes, offered by high schools and sponsored and regulated by the College Board, you may earn college credits while in high school, thus lowering the overall cost of your college education or allowing you to take more advanced courses earlier in college.
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Associate Degree
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You can earn an associate degree in two years at Junior and Community colleges in Florida or other states.
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Award Letter
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An official document issued by a school's financial aid office listing all the financial aid awards given to the student. The award letter includes information about the cost of attendance, terms and conditions of their financial aid.
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Annual Percentage Rate/APR
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The total annual cost of a loan, including all fees and interest.
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Aid Package
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The combination of financial aid (loans, scholarships, grants, loans, work study) determined by the financial aid office of a college or university.
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B
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Bachelor’s Degree
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You may earn a bachelor’s degree at a four-year college or university in Florida. The Bachelor of Arts (BA), Bachelors of Science (BS) are the most standard bachelor degree designations.
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Borrower
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Anyone who obtains money from a lender. The borrower signs a promissory note, which serves as the formal promise to repay the loan.
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C
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Campus-based aid
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Financial aid programs administered by the University. The federal government provides each University with a fixed annual allocation that is awarded by the financial aid administrator to students.
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Consolidation
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Combining several loans from multiple lenders into a single loan to reduce the monthly payment and/or increase the repayment period for their student loan.
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D
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Default
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Failure to repay a loan in accordance with the terms of the promissory note. Default can also occur if students fail to submit requests for deferments or discharges (cancellations) in a timely manner.
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Dependent Student
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You are a dependent student if you are an undergraduate and your parents provide more than half of your financial support. You must be under twenty-four years of age, unmarried, and without your own dependents.
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E
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Expected Family Contribution (EFC):
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The amount a student and the student’s spouse or family are expected to pay toward the student’s cost of attendance.
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F
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Financial Aid
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Financial Assistance including scholarships, grants, work-study, and loans for education.
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Free Application for Federal Student Aid (FAFSA)
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The form the student must complete to apply for federal Title IV financial assistance, including Federal Stafford Loans.
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Federal Family Education Loan Program (FFELP)
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The Federal Family Education Loan Program offers Federal subsidized and unsubsidized Stafford, PLUS, SLS and Consolidation loans. These loan programs are funded by specific lenders, guaranteed by Guarantors, and reinsured by the federal government.
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Federal Work-Study (FWS)
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This is a campus-based aid program which is funded by the federal government and administered by colleges, which award funds to students to work part-time jobs to help cover college costs. Students usually work on campus for the college, in community service-oriented jobs, or in positions related to their course of study.
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G
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Grants
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Need based aid is awarded in the form of grants, which do not need to be repaid. The federal government offers the most grant aid; state of Florida and individual colleges and universities also offer significant support through grants.
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Guaranty Agency
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A state agency or private, nonprofit institution or organization that administers the financial aid programs within the Federal Family Education Loan (FFEL) Program. One major function is to insure Federal Family Education Loans.
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Grace Period
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Specified period of time between the date a student graduates or drops below half-time status. After the grace period is completed a date is determined to start repayment of your loan(s).
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H
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Halftime
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The school determines Half-time enrollment that you are attending. Please check with your registrar’s office to verify criteria for half-time enrollment. A student must attend school at least halftime to qualify for financial aid through FFELP or FDLP loans.
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I
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Identity
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A distinguishing character or personality of a consumer. Also, includes any unique information about a consumer such as a social security number.
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Independent student
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A student who is either married, 24 years of age or older, enrolled in a graduate or professional education program, has legal dependents other than a spouse, is an orphan or ward of the court, or a veteran of the U.S. Armed forces.
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L
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Lender
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A financial institution, agency, or school that provides the money to make a loan to a borrower.
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Loan Disclosure Statement
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A statement sent to a loan borrower by the lender before or at the time it disburses a loan, as well as before the start of the repayment period. The purpose of the disclosure is to provide the borrower with thorough and accurate information about the loan terms and the consequences of default.
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M
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Merit-based
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You may earn this kind of financial assistance for college based on academic, athletic, musical, artistic, or other talents and skills. Merit-based air is NOT tied to your need or family’s need.
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N
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Needs Analysis
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A standardized assessment of the ability of a student or of a student’s family to contribute toward their son or daughter’s educational expenses.
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O
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Office of Student Financial Assistance
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The U.S. Department of Education that has the responsibility of administering federal student financial aid programs and for developing aid policies and procedures. (OSFA is associated Guaranty Agency for Dept. of Education in the State of Florida )
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Origination Fee
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The origination fee is an upfront charge deducted from the loan to pay part of the loan’s administrative costs.
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P
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Payment Period
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A school defines the length of time for which financial aid funds are paid to the student. For programs using academic terms, a payment period is equal to a term. For programs not using academic terms, schools must designate at least two payment periods within an academic year, pursuant to all applicable regulations. In the Federal Family Education Loan (FFELP) program, and campus-based programs, a payment period is the time between beginning and midpoint and end of the academic year or non-traditional program calendar.
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Promissory Note
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A legally binding agreement, the borrower signs to obtain a loan, in which the borrower promises to repay the loan, with interest, in periodic installments.
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