Glossary Terms explain meaning of terms used on this website and in the Financial Aid industry. If you know what you're looking for just scroll down to the terms that interests you. In case you are
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1040 Form, 1040A Form, 1040EZ Form
The Federal Income Tax Return Form. Everyone has to file this form who had income during the previous year. You file this form by April 15.
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1099 Form
This is an IRS form used by business to report income paid to a non-employee.
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401 (k)
A type of retirement fund. You can borrow money from your 401(k) in order to pay for your child's education.
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91-Day Treasury Bill
The U.S. government issues short-term debt at a discount at a competitive auction., usually on a weekly basis. The 91-day rate is used as an index for different variable interest rate loans.
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Ability-to-Benefit
This is a criteria used to establish student eligibility in order to receive financial assistance. The student must have earned a high school diploma or its equivalent.
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Academic Year
The measure of the school work to be completed by a student each year as defined by the school.
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Accelerated Degree Program
This is a very intense, speeded up and shortened course of study. Mostly 3 years of a year-round course work.
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Acceleration
When a creditor claims the total balance of a loan is due immediately. This cannot usually occur unless the borrower has fallen behind on payments.
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Acceptance Form
The written acknowledgment by the student of receipt of an award letter. The form usually provides for acceptance of offered aid, possible declination of all or part of the package, and some means of requesting an appeal, if that is desired, to modify the award. Frequently, acceptance letters and award letters are combined into a single document.
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Access
Access to higher education focuses on providing students with the opportunity to pursue a college education. Choice focuses on allowing students the flexibility to choose among several options. Generally, need-based aid promotes access while merit-based aid promotes choice. Students with no debt are more likely to pursue advanced education (4 year instead of 2 year undergraduate, graduate and professional school) and more likely to pursue public service careers.
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Account / Account Number
A grouping of one or more of your Direct Loan(s) or TEACH Grant(s) disbursed by the U.S. Department of Education. Borrowers and TEACH Grant recipients can have one or more accounts. Each account has a unique number assigned to identify it. The format of an account number is your Social Security Number (SSN) plus a one-digit identifier added to the end (e.g., 123-45-6789-1). If you receive a notice that affects all of your possible accounts, the account number on the notice may be abbreviated to the Social Security Number only.
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Accreditation
The school must have accreditation from an accrediting body recognized by the U.S. Department of Education to be eligible to participate in the administration of federal student aid programs. Accreditation means that the school meets certain minimum academic standards, as defined by the accrediting body.
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Accrual Date
The date on which interest charges on an educational loan begin to accrue. See also Subsidized Loan.
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Accrue
The process where interest accumulates on a loan. When interest accrues on a loan, the interest due on the loan is accumulating.
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Accrued interest
Interest that accumulates on the unpaid principal balance of a loan.
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