An individual to whom inquiries may be made regarding another person's character, ability, or whereabouts. A lender generally will ask a borrower to provide the names, phone numbers, and addresses of at least three individuals to be used as references for the borrower. In the event that the lender loses track of the borrower's whereabouts, the lender will contact these individuals to try to find the borrower.
A FAFSA application that is used for subsequent-year applications after the initial FAFSA has been filed.
The period during which interest accrues on the borrower's loan and principal payments are required. For FFELP loans, the repayment period excludes any period of authorized deferment or forbearance; however, interest will continue to accrue during these periods for unsubsidized Federal Stafford, Federal SLS, and Federal PLUS loans.
The legal addendum to the Promissory Note stating the terms of loan repayment and fulfilling disclosure requirements. The Repayment Schedule is a plan that indicates the total principal and interest due, an installment amount, and the number of installments required to pay the loan in full. The Repayment Schedule also contains the interest rate for the loan(s) included on the schedule, the due date of the first and subsequent installments, and the frequency of installments.
: Funds used to pay for higher education that do not have to be repaid. Scholarships may be awarded based on any number of criteria, such as academics, achievements, hobbies, talents, and affiliations with various groups, or career aspirations. They usually do not provide funds for living expenses.
Financial aid in the form of loans or student employment.
Supplemental Educational Opportunity Grant Program. Federal grant funds made available through some schools to a limited number of undergraduate students with financial need.
The date the student ceases to be enrolled on at least a half-time basis at an eligible school.
Loans, both subsidized (need based) and unsubsidized (non-need based), guaranteed by the federal government and available to students to fund education.
Standard Repayment Schedule
A repayment schedule under which the borrower pays the same amount for each installment payment throughout the entire repayment period or pays an amount that is adjusted to reflect annual changes in the loan's variable interest rate. The Standard Repayment Schedule cannot exceed 10 years, excluding in-school, grace, deferment, or forbearance periods.
A loan eligible for interest benefits paid by the federal government. The federal government pays the interest that accrues on subsidized loans during an in-school, grace, authorized deferment, and (if applicable) post-deferment grace periods if the loan meets certain eligibility requirements
A list of all the courses that a student has taken at a particular high school or college with the grades that the student earned in each course. Transcripts are usually required for college applications.
The amount of money colleges charge for classroom and other instruction, and use of some facilities such as libraries.
A non need-based loan such as an unsubsidized Federal Stafford loan or a Federal PLUS loan. The borrower is responsible for paying the interest on an unsubsidized loan during in-school, grace, and deferment periods, and to repayment periods.
A form sent by the college to students who are selected for verification by the Department of Education's Central Processing System (CPS).
A program, awarded by the college, through which students work part-time to help fund their education.