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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Achievement Tests (SAT II)
A collection of tests that measure the student's proficiency and accumulated knowledge of specific subject areas. Different schools require different achievement tests as part of their admissions requirements. Since March 1994, these tests are now known as the SAT II tests. See also SAT and ETS.
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Acknowledgment Report
A form that summarizes the financial data from the financial aid form and shows the Estimated Family Contribution. Parents will receive this form in order to confirm the information and make changes if necessary.
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Adjusted Available Income
The portion of family income remaining after deducting federal, state, and local taxes, a living allowance, and other factors used in the Federal Need Analysis Methodology.
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Adjusted Gross Income (AGI)
Amount of your total annual income plus or minus any adjustments recorded on your Federal Income Tax Return
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Adjustment Amount
The dollar amount of an increase or decrease to a loan or TEACH Grant amount that was previously disbursed. A disbursement amount may be adjusted to correct an error or to cancel all or part of the amount disbursed. When an adjustment occurs, interest is recalculated based on the adjusted disbursement amount from the date of the disbursement.
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Administrative Cost Allowance (ACA)
Monies the federal government may pay a guaranty agency as reimbursement for administrative expenses incurred in the operation of its program. Agencies apply annually and are paid quarterly for ACA.
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Admit-Deny
A practice in which a school will admit marginal students, but not award them any financial aid. Very few schools use admit-deny, because studies have shown that lack of sufficient financial aid is a key factor in the performance of marginal students.
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Advanced Placement (AP)
Credit and/or advanced standing in certain course sequences that postsecondary institutions may offer to high school students who have taken high-level courses and passed certain examinations.
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Advanced Placement Test (AP)
Test used to earn credit for college subjects studied in high school. They are offered by ETS in the spring. AP tests are scored on a scale from 1 to 5 (the best possible score).
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Adverse Credit History
An applicant for a Direct PLUS Loan has an adverse credit history when he or she is 90 days or more delinquent on any debt or has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the five years preceding the date of the credit report.
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Aggregate Limit
The maximum amount a student can have outstanding under a certain loan program.
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Aggregator
An aggregator is a student who wins many scholarships with a cumulative value of more than $100,000. Some aggregators have published books with a theme "I won a gazillion dollars for college and you can too". Although these books contain some good advice, most students will not be able to pay for college entirely through scholarships. Very few students win more than $100,000 in scholarships, and doing so requires a combination of talent and luck. More than 90% of students do not receive any private scholarships, and the average amount received by students who do win scholarships is approximately $2,000.
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Agreement To Serve
A legally binding contract between the U.S. Department of Education and a TEACH Grant recipient. The ATS describes the service obligations of the grant, including how and when the qualifying teach service obligations must be completed and that the grant(s) are converted into loan(s) that must be repaid in the event the service obligations are not fulfilled.
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Alternative Documentation of Income Form
A form that is used to accurately identify the income level of borrowers on, or requesting to be on, the Income Contingent Repayment plan. The Alternative Documentation form is used in situations when obtaining income information from the IRS is inappropriate such as the first year or two of repayment on your loan(s) or when we are unable to obtain income information from the IRS.
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Alternative Loans
See Private Loans.
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