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AAccrued Interest – The interest that accumulates on the unpaid principal balance of a loan.ACG Grant – See Federal Academic Competitiveness Grant. Aggregate Loan Limit – The borrower's maximum allowable unpaid principal amount throughout the student's academic career. The outstanding principal is calculated by adding the total outstanding amount guaranteed after subtracting any refunds, prepayments, payments, cancellations, funds discharged, or any other reductions to the principal. Capitalized interest or any collection costs that may have been added to the principal balance are not included in the borrower's aggregate loan limit. Allowable Charges – Educational expenses that a student incurs and U.S. Department of Education permits a school to pay using Title IV Funds. These items include current tuition and fees and room and board. Other current charges that a student incurs for educationally related activities may be considered allowable charges if the school obtains the student's authorization to have such charges paid with Title IV Funds. Allowable charges may also include certain minor charges from the previous aid year. Alternative Loan – Non-federal loans offered by various lending institutions (lenders) to assist students in paying for their educational expenses. Interest rates and repayment terms vary by lender and eligibility often depends upon borrower or co-borrower's credit history. See our Alternative Loans page. Annual Loan Limit – The borrower's maximum allowable unpaid principal amount for one aid year. Award – As a noun, a specific amount of financial assistance to pay for education costs offered to a student through one or more financial aid programs. As a verb, approving financial assistance to students. Award Notice – A notice or letter (either paper or electronic) that reports to the student, by award description, the total amount of aid he or she has been awarded for an aid year. See our Award Notice page. BBorrower – The person who has signed and agreed to the terms in the loan promissory note and is responsible for repaying the loan.Budget – See Cost of Attendance. CCampus-Based
Programs – The Federal Perkins
Loan, Federal Work Study, and Federal Supplemental Educational Opportunity
Grant programs are collectively called the "campus-based" programs,
because the funds are administered directly by the school's financial
aid office and awarded to students under federal guidelines. Students
often must apply by schools' FAFSA priority deadline dates to ensure consideration
for these funds. Collapsing – A process the lender may use to combine loans with the same rate and term to possibly create one lower monthly payment. Consolidation – The combination of multiple student loans with various repayment schedules into one loan, making a single monthly payment. Consortium Agreement – See our Consortium Agreements page. Corrections – Any changes made to a Student Aid Report (SAR) by the student or to an Institutional Student Information Record (ISIR) by the school. While schools must submit corrections electronically, a student may correct their SAR either electronically (with a Federal Student Aid PIN) or on paper. Co-signer – See Co-borrower. Cost Attendance – Estimated by the school within guidelines established by federal law, the student's cost of attendance includes tuition and fees, living expenses, and other allowable costs. The cost of attendance is compared to the student's Expected Family Contribution (EFC) to determine the student's need for aid. The student's total amount of aid cannot exceed his or her cost of attendance and the total amount of need-based aid cannot exceed the student's financial need (the Federal Pell Grant Program is excluded from this concept). Credit History – An informative listing detailing how a person pays his or her creditors and whether he or she is creditworthy. A credit history is required when a borrower applies for a Federal Parent PLUS Loan, a Federal Graduate PLUS Loan, or alternative loan. DData Release Number (DRN) – A four-digit number assigned to all Title IV federal student aid applicants [students who have filed the Free Application for Federal Student Aid (FAFSA)]. It appears on the paper Student Aid Report (SAR). Default (on a loan) – The failure of a borrower (or co-borrower or endorser) to make installment payments on a loan when payments are due or to meet other terms of the promissory note or other written agreement(s) with the lender. Deferment (of a loan) – A period during which repaying loan principal is suspended as a result of the borrower meeting one or more of a number of situations or categories established by law. The borrower does not pay interest on subsidized loans during deferment; interest continues to accumulate during deferment of an unsubsidized loan. Delinquency – Incidents of late or missed loan payments, as specified in the terms of the promissory note and the selected repayment plan. Dependency Status – Determined by the Free Application for Federal Student Aid (FAFSA) through a series of questions, a student's dependency status is either dependent or independent. A student's dependency status determines types and amounts of aid awarded to a student. It may be overridden (changed from dependent to independent) by schools through professional judgment on a case-by-case basis. Dependent Student – A student who, according to federal law, is required to provide parental data on the Free Application for Federal Student Aid (FAFSA). On a case-by-case basis, a school may change a dependent student to an independent student using professional judgment. See our Dependency Status Appeal page for more information. Disbursement – A disbursement occurs when a school credits a student's account with award monies. Discharge (of a loan) – See Cancellation (of a loan). Disclosure Statement – A statement which includes information that is specific to the borrower's loan: the type of loan; interest rate; anticipated disbursement date(s), etc. It is provided by the lender or loan servicer to the borrower at the time the loan is made. Drop (a class) – A student is said to "drop" a class when he or she officially withdraws from one class yet remains enrolled for one or more classes during the same term. Also see Official Withdrawal, Unofficial Withdrawal, and Withdraw (from all classes). EEarned Aid – Determined in accordance with the Federal Return of Title IV Funds Policy, earned aid is the amount of financial aid a student is eligible for and entitled to based on the student's period of enrollment. It is used to compute whether Title IV Funds must be returned when a student withdraws from all classes. Electronic Funds Transfer (EFT) – The electronic transfer of loan proceeds from the lender to an account at the school, to the school's financial institution, or to the student. Electronic Master Promissory Note (eMPN) – An online (electronic) Master Promissory Note (MPN) that students and parents complete and sign on the Web as an alternative to using a paper MPN. Users must have a Federal Student Aid PIN to initiate the process. Electronic Signature – A paperless way to sign a document using an electronic symbol or process associated with the document. Endorser – See Co-borrower. Enrolled – The status of a student who has completed the registration requirements (except for the payment of tuition and fees) at the school he or she is attending. Enrollment Status – At those schools using semesters, trimesters, or quarters, and measuring progress in credit hours, enrollment status equals a student's credit-hour course load. At those schools measuring progress in clock hours, enrollment status equals a student's clock-hour course load. Enrollment statuses are full-time, three-fourths time, half-time, or less than half-time. Entrance Counseling – Each school participating in the Federal Family Education Loan Program (FFELP), excluding Federal PLUS Loan, must offer loan counseling to first-time loan borrowers. The school must offer this counseling before the first disbursement of any of these loan funds to a borrower at the school. Entrance counseling covers the borrower's rights and responsibilities, the terms and conditions of the loan, the use of a Master Promissory Note, and the consequences of default. Estimated Financial Assistance – For the Federal Family Education Loan Program (FFELP), the amount of student financial aid the student can expect from federal, state, school, or other sources, including scholarships, grants, loans, or need-based work programs. The school must report this estimate when certifying an FFELP loan application. Exit Counseling – Each school participating in the Federal Family Education Loan Program (FFELP), excluding Federal Parent PLUS Loan, must offer loan counseling to loan borrowers once the student ceases to be enrolled at least half-time (excluding Summer). During the counseling, the borrower's rights and responsibilities are reviewed, details about handling loan repayment are discussed, and the consequences of default are explained. The availability of the U.S. Department of Education's Student Loan Ombudsman's Office is also discussed. The average anticipated monthly repayment amount and the average indebtedness of the school's borrowers must be disclosed. Borrowers are also required to provide updated personal information, such as address, telephone number, employer (if known), etc. Expected Family Contribution (EFC) – The amount that the student's family is expected to contribute toward the cost of attendance. The EFC, together with the student's cost of attendance, helps determine the student's need for federal funds. The EFC is calculated by the Central Processing System (CPS) using the data submitted by the student and family on the student's Free Application for Federal Student Aid (FAFSA). External Scholarship – A scholarship granted to a student from a source external to the school. For example, a high school, church, club, etc. A scholarship is a form of gift aid that does not have to be repaid. It is often merit based or restricted to a select population. See our External Scholarships page. FFAFSA – See Free Application for Federal Student Aid (FAFSA). FAFSA on the Web – The U.S. Department of Education's online version of the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA available at www.fafsa.ed.gov. This site will check the data entered and prompt users when potential errors are made when completing the online FAFSA or Renewal FAFSA. This site can be mistaken with other sites that may ask users for a fee to complete the FAFSA. Never pay to have someone complete your FAFSA for you. Federal Academic Competitiveness Grant (ACG) – See our Federal Academic Competitiveness Grant page. Federal Aid Authorizations – See Title IV Authorizations. Federal Direct Loan Program (FDLP) – The Federal Family Education Loan Program consist of the Federal Stafford Loans (subsidized and unsubsidized), Federal Graduate PLUS Loan, Federal PLUS Loan, and Federal Consolidation Loan. Funding for these loan programs are provided by the U.S. Treasury rather than private lenders. Federal Family Education Loan Program (FFELP) – The Federal Family Education Loan Program consist of the Federal Stafford Loans (subsidized and unsubsidized), Federal Graduate PLUS Loan, Federal PLUS Loan, and Federal Consolidation Loan. Funding for these loan programs are provided by private lenders. Federal Graduate PLUS Loan – See our Federal Graduate PLUS Loan page. Federal National Science and Mathematics Access to Retain Talent (SMART) Grant – See our Federal National Science and Mathematics Access to Retain Talent Grant page. Federal Pell Grant – See our Federal Pell Grant page. Federal Perkins Loan – See our Federal Perkins Loan page. Federal Parent PLUS Loan – See our Federal Parent PLUS Loan page. Federal Stafford Loans – See our Federal Stafford Loans page. Federal Student Aid Personal Identification Number – Four-digit numbers assigned to students and parents by the U.S. Department of Education. Students and parents can apply for Federal Student Aid PINs at www.pin.ed.gov. Students can use their Federal Student Aid PINs to access their Free Application for Federal Student Aid (FAFSA) data, to make corrections to that data, and to electronically sign their FAFSA or Renewal FAFSA online at www.fafsa.ed.gov. The same PINs are also used to electronically sign electronic Master Promissory Notes (eMPNs) for Federal Family Education Loan Program (FFELP) loans. Federal Supplemental Educational Opportunity Grant (FSEOG) – See our Federal Supplemental Educational Opportunity Grant page. Federal Work Study – See our Federal Work Study page. Financial Aid History – Accessible from the National Student Loan Data System (NSLDS), a borrower's total outstanding balance of loans borrowed, as well as his or her most recent loans, and grants received. It also tells the school if the student owes an overpayment or is in default on Title IV funds and is therefore ineligible for further Title IV aid. Financial Aid Package – See Award Notice. Financial Need – The difference between the student's cost of attendance (COA) at a specific school and the student's Expected Family Contribution (EFC) plus the student's estimated financial assistance (EFA). [COA - (EFC + EFA) = student's financial need.] Forbearance (on a loan) – When a Federal Family Education Loan Program (FFELP) lender allows a temporary cessation of payments or reduction of payment amounts. In doing so, it allows an extended period for making payments or accepts smaller payments than were previously scheduled. Forbearance may be given for circumstances that are not covered by deferment. Interest expenses continue to accrue during forbearance. Forgiveness (of a loan) – See Cancellation (of a loan). Free Application for Federal Student Aid (FAFSA) – A student financial aid application completed by a student and his or her family to apply for federal student aid. It is the U.S. Department of Education's input document that serves as the foundation for all need analysis computations. The FAFSA gathers all the data to calculate the Expected Family Contribution (EFC). See FAFSA on the Web . Full-time Enrollment – For financial aid purposes, a student is said to be enrolled full-time at WSU if he or she is enrolled for at least twelve undergraduate credit hours as an undergraduate student or at least eight graduate credit hours as a graduate or professional student for a given term. GGift Aid – Grants and scholarships that are given to students. It does not have to be repaid. Grace Period – The time period which begins the day after a loan recipient ceases to be enrolled at least half-time and ends the day before the loan repayment period starts. Graduate PLUS Loan – See Federal Graduate PLUS Loan. Graduate Student – A student enrolled in a program that leads to a degree from the school that is higher than a baccalaureate degree. A graduate student may not be concurrently receiving Title IV aid as an undergraduate student. Grant – A form of gift aid often based on financial need. It does not need to be repaid. Guaranty Agency (Guarantor) – A state agency or private, nonprofit institution or organization that administers financial aid programs within the Federal Family Education Loan Program (FFELP). A major function is to insure FFELP loans. HHalf-time Enrollment – For financial aid purposes, a student is said to be enrolled half-time at WSU if he or she is enrolled between six and eight undergraduate credit hours as an undergraduate student or between four and seven graduate credit hours as a graduate or professional student for a given term.IIndependent Student – A student who, according to federal law, is not required to provide parental data on the Free Application for Federal Student aid (FAFSA). On a case-by-case basis, a school may change a dependent student to an independent student using professional judgment. See our Dependency Status Appeal page for more information. In-school Deferment (of a loan) – The temporary cessation of loan payments while a student is enrolled in school. Enrollment requirements to qualify for in-school deferment vary by loan type. Interest does not accrue on subsidized loans during periods of in-school deferment. Institutional Student Information Record (ISIR) – Made available to schools chosen by a student on his or her Free Application for Federal Student Aid (FAFSA), an ISIR is an electronic output document generated by the U.S. Department of Education's Central Processing System (CPS) that summarizes the information submitted on a student's FAFSA and provides financial-need calculations, including the student's Expected Family Contribution (EFC), on the basis of the submitted data. The ISIR includes full applicant data and information on reject reasons, comments, and assumptions. Interest – A charge made to a borrower for the use of a lender's money. The expense is calculated as a percentage of the principal amount borrowed. JKLLender – A financial institution that lends money for loans. Less Than Half-time Enrollment – For financial aid purposes, a student is said to be enrolled less than half-time at WSU if he or she is enrolled for less than six undergraduate credit hours as an undergraduate student or less than four graduate credit hours as a graduate or professional student for a given term. Licensure Student – A student enrolled in a program that leads to a teaching certificate from the State. Loan – A form of financial aid that must be repaid. Loan Period – All or part of the aid year for which the student is enrolled and may receive loans. Loan Servicer – A business hired by a lender to handle processing functions of a loan. MMaster Promissory Note – More than one loan may be approved from this type of promissory note. This allows the borrower to complete only one promissory note (per loan type) during the student's academic career. Multiple Disbursement – Disbursement at predestinated times of an award, usually in two or more installments of approximately equal increments. NNational Student Loan Data System (NSLDS) – A federal data system that gives Title IV aid recipients information about their federal financial aid history including grants, loans, and other financial aid. Title IV aid recipients with a Federal Student Aid PIN can access their NSLDS information at www.nslds.ed.gov. Need – See Financial Need. Need Analysis – The standard formula used to calculate a student's Expected Family Contribution (EFC). Need-Based Aid – Any aid that is awarded based on a student's financial need. Non-need Based Aid – Any aid that is awarded based on factors other than a student's financial need. OOfficial Withdrawal – An official withdrawal occurs when a student withdraws from a class (either in person at the Office of the Registrar or online via WINGS Express) and is no longer considered registered for that class. Also see Drop (a class), Unofficial Withdrawal, and Withdraw (from all classes). Ombudsman – An officer of the U.S. Department of Education that helps a student loan borrower resolve difficulties with the school, lender, loan servicer, or guarantor. Origination Fee – A fee charged to offset the cost of administering a loan. Over-Award – Any amount of need-based aid that exceeds the student's financial need or any amount of financial aid that exceeds the student's cost of attendance (certain types of aid, like the Federal Pell Grant, are excluded from this concept). When possible, a school must resolve an over-award by either returning undisbursed funds or reducing or canceling future aid disbursements within the same aid year. Overpayment – Any financial aid amount paid to a student in excess of the amount the student is eligible to receive. This situation may arise due to a student's change in enrollment status, withdrawal, or change in financial situation. The student would be required to repay the excess funds received unless adjustments could be made to the student's aid during subsequent payment periods within the same aid year. PParent Loan for Undergraduate Students (PLUS) – See Federal Graduate PLUS Loan and/or Federal Parent PLUS Loan. Pell Grant – See Federal Pell Grant. Perkins Loan – See Federal Perkins Loan. Personal Identification Number (PIN) – See Federal Student Aid Personal Identification Number (PIN). PLUS Loan – See Federal Graduate PLUS Loan and/or Federal Parent PLUS Loan. Prepayment – Any amount paid on a loan before the loan is required to be repaid as set forth in the terms of the promissory note. There is no penalty for prepaying principal or interest on a federal student loan. Principal Loan Balance – The unpaid loan balance on which the lender charges interest. At the time of application, it is the amount borrowed. Professional Judgment – While the method for determining a student's financial need for federal student aid is defined in the law, the law does give the financial aid administrator the flexibility to make individual adjustments, based on the administrator's professional judgment, in three different ways: to override the student's dependency status (from dependent to independent); to adjust the components of the student's cost of attendance; and to adjust the data elements used to calculate the student's Expected Family Contribution (EFC). These adjustments must be documented in the student's file. Professional Student – A student enrolled in a program that leads to a degree from the school that is higher than a baccalaureate degree. A professional student may not be concurrently receiving Title IV aid as an undergraduate student. WSU has two types of professional students: Boonshoft School of Medicine students and School of Professional Psychology students. Promissory Note – A contract between a lender and a borrower that contains the terms and conditions of the loan, including how the loan must be repaid. It becomes legally binding when signed (executed) by the borrower, either on paper or electronically (online). QRRefund Policy – A school policy that determines the conditions under which a student is entitled to a refund of payments made to the school by or on the student's behalf. The policy also determines the amount of that refund. Repayment Period – The period during which payments by the borrower of principal and interest on a loan are required. The repayment period follows any applicable in-school or grace period and excludes any period of authorized deferment or forbearance. Repayment Schedule – A specific timetable that details the amount due in each repayment installment and the number of payments that will be required to pay off the loan in full. Additionally, a repayment schedule lists the loan's interest rate, the due date of the first loan payment, and the frequency of loan payments. Requirements – Any documents or tasks needed in order to finalize a process. WSU students can view their financial aid requirements online via WINGS Express. Resources – Other student aid that must be taken into account to prevent an over-award. Examples of resources include: external scholarships, third-party payments, tuition fee remissions, veteran's benefits, etc. Return of Title IV Funds – A federal policy used by schools to calculate the amount of Title IV Funds a recipient did not earn when the recipient of Title IV Funds officially or unofficially withdraws from all of his or her classes during a term in which he or she began attendance. Unearned Title IV Funds must be returned by the school to the appropriate Title IV Funds programs. The return of funds often creates a balance owed by the student to WSU for the unearned Title IV Funds. SSatisfactory Academic Progress (SAP) – See our Satisfactory Academic Progress (SAP) page. Scholarship – A form of gift aid that does not have to be repaid. It is often merit based and/or restricted to a select population. School Code – Also known as the Title IV School Code or Federal School Code, it is the six-digit code assigned by the U.S. Department of Education to identify a school. WSU's School Code is 003078. Selective Service – A system existing under U.S. law that provides manpower to the U.S. Armed Forces in an emergency and serves as an Alternative Service Program for men classified as conscientious objectors during a draft. Self-Help Aid – Loans (which must be repaid) and employment, such as Federal Work Study. Servicer – See Loan Servicer. SMART Grant – See Federal Science and Mathematics Access to Retain Talent (SMART) Grant. SSN – Social Security Number. Stafford Loans – See Federal Stafford Loans. Student Aid Report (SAR) – A report for the Title IV aid applicant from the U.S. Department of Education's Central Processing System (CPS) that summarizes information reported on the Free Application for Federal Student Aid (FAFSA). It displays the applicant's Expected Family Contribution (EFC). The applicant can use the SAR to make corrections to their FAFSA data. Applicants with a Federal Student Aid PIN can access and make corrections to their SAR at www.fafsa.ed.gov. Student Expense Budget – See Cost of Attendance. Subsidized – Borrowers that have subsidized loans are not charged interest while they are enrolled in school at least half-time or are in a grace or deferment period. Subsidized loans are awarded on the basis of financial need. Subsidized Stafford Loan - See Federal Stafford Loans. TTerm – A specific period of study,
such a semester, trimester, quarter, etc. Three-Fourths
Time Enrollment – For financial
aid purposes, a student is said to be enrolled three-fourths time at WSU
if he or she is enrolled between nine and eleven undergraduate credit
hours as an undergraduate student. Title
IV Funds – Title IV of the
Higher Education Act of 1965, as amended, established the following aid
programs: Academic Achievement Incentive Scholarship Program; Robert C.
Byrd Honors Scholarships; Federal Family Education Loan Program (FFELP);
Federal Direct Loan Program (FDLP); Federal Pell Grant Program; Federal
Perkins Loan Program; Federal Supplemental Educational Opportunity Grant
(FSEOG) Program; Federal Work Study Program; Academic Competitiveness
Grant (ACG); National Science and Mathematics Access to Retain Talent
(SMART) Grant; Gaining Early Awareness and Readiness for Undergraduates
Program (GEAR UP) grants; Leveraging Educational Assistance Partnership
(LEAP) Program; and Special Leveraging Educational Assistance Partnership
(SLEAP) Program grant. Title IV Authorizations – Students must authorize schools to use Title IV Funds to pay for current non-institutional charges, such as fines, application fees, etc., and to pay for minor prior year charges. At WSU, students are prompted to specify their Title IV Authorizations before accessing their Award Notice on WINGS Express. Authorizations are held on file with the Office of the Bursar. UUndergraduate
Student – A student who is
enrolled at a school in a course of study above the secondary level, but
at or below the baccalaureate level that usually does not exceed four
academic years or is up to five academic years in length and is designed
to lead to a first degree from the school. Unearned
Aid – Determined in accordance
with the Federal Return of Title IV Funds Policy, unearned aid is the
amount of Title IV Funds that must be returned based on the student's
date of withdrawal. Unofficial Withdrawal – An unofficial withdrawal occurs when a student stops attending a class or all classes without officially withdrawing from the class(es). At WSU, a professor indicates a student has unofficially withdrawn from a registered class by assigning an X (Unofficial Withdrawal) grade to the class at the end of the term on the student's grade report. Also see Drop (a class), Official Withdrawal, and Withdraw (from all classes). Unsubsidized – Unsubsidized loans are not awarded on the basis of financial need and interest on an unsubsidized loan is charged to the borrower throughout the life of the loan. Unsubsidized Stafford Loan – See Federal Stafford Loans. VVariable Interest Rate – An interest rate that changes, usually annually. Verification – Central Processing System (CPS) selects a percentage of Free Applications for Federal Student Aid (FAFSAs), some randomly and others based on certain edit criteria, for data verification. Schools must verify certain data elements reported on these FAFSAs, using documentation provided by the student. Some schools also choose to verify additional applications beyond those selected by the CPS during processing. Verification Worksheet – A document used by schools to collect data from Free Application for Federal Student Aid (FAFSA) applicants who have been selected for the verification process. At WSU, verification worksheets appear as requirements on WINGS Express. WWINGS – A portal for the WSU Community (faculty, staff, and students) to access various systems, services, and information online from one location. To access WINGS, you must have a Campus username and password. For more information about WINGS visit the WINGS Resource Center. WINGS Express – WSU's online self-service tool used to provide personalized information to students and staff. Students can use WINGS Express to register for classes, check their grades, view and approve financial aid awards, etc. Staff can use WINGS Express to view pay stubs and leave balances. To access WINGS Express you must have a University ID Number (UID) and six-digit WSU Personal Identification Number (PIN). The link to login to WINGS Express is found inside WINGS. For more information about WINGS Express, visit the WINGS Resource Center. Withdraw (from all classes) – A student is said to withdraw if he or she no longer attends any of his or her classes. Students can either officially or unofficially withdraw. Also see Drop (a class), Official Withdrawal, and Unofficial Withdrawal. Work Study - See Federal Work Study. XYZ |
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