Please browse the terms below or click
a letter for terms in alphabetical order.
| Academic Transcripts: |
A certified, official copy of a student's permanent
academic record |
Award Package: |
The amounts and types of financial aid (federal
and nonfederal) that has been offered to a student. Usually presented
in the form of an Award Letter. |
Award Year: |
FHSU’s award year runs from the beginning
of the fall semester to the end of the summer session. |
Capitalization: |
Addition of unpaid interest to the principal balance
of an Unsubsidized Stafford Loan, which increases the total outstanding
balance to be paid. The less a loan is capitalized, the better! |
Cost of Attendance (COA): |
The total amount it will cost a student to go
to a particular school - usually expressed as a yearly figure.
The COA is figured using rules established by the U.S. Congress
and the U.S. Dept. of Education. Figure
an estimate of your COA at FHSU. |
Default: |
Failure to repay your loan according to the terms
agreed upon in the promissory note. |
Deferment: |
An authorized period of time during which loan
payments may be postponed. |
Disbursement: |
The release of financial aid funds to students
once their financial aid file is complete. |
| Disclosure Statement: |
Sent by a servicing agency that states the amount
of a loan, the repayment schedule and where payments are to
be sent. |
| Eligible
Program: |
A course of study that leads to a degree or certificate
and meets the U.S. Dept. of Education's requirements for an
eligible program. |
| Enrollment
Level |
The following table outlines the various levels
of enrollment for both undergraduate and graduate students:
| |
Full-time |
3/4-time |
Half-time |
Less
than
Half-time |
Undergraduate
(Fall & Spring) |
12 or more hours |
|
8-6 hours |
|
|
|
|
|
|
Undergraduate
(Summer) |
|
N/A |
|
2 hours or less |
|
|
|
|
|
Graduate
(Fall & Spring) |
9 or more hours |
|
5 hours |
|
|
|
|
|
|
Graduate
(Summer) |
6 or more hours |
|
3 hours |
not eligible for aid |
|
|
|
|
|
| *The above enrollment levels
are based on all undergraduate
hours or all graduate hours.
If you plan to enroll in mixture of undergraduate and
graduate hours, we recommend you contact our office about
how this will affect your financial aid. |
|
| Entrance/Exit Counseling: |
Counseling sessions that borrowers must attend
before receiving their first loan disbursements and again before
leaving school. Complete
entrance counseling online. Complete
exit counseling online. |
| Expected Family Contribution
(EFC): |
The dollar amount that a family is expected to
contribute to a student's education. This figure is determined
by the federal government using the information reported on
the FAFSA.
Go to EFC Calculator. |
| Financial
Aid Transcripts (FAT): |
A document sent from one school's Financial Aid
Office to another in order to determine if a student has received
any other financial aid and the status of that aid.
FAT Request Form. |
| Free Application for Federal
Student Aid (FAFSA): |
This is the first step in applying for federal
student aid. Anyone wanting federal aid must fill this out.
Complete your FAFSA
on the Web. |
| Grace Period: |
A specified period between the time you leave
school (or drop below half-time study) and the time you begin
repaying your loan(s). |
| Guarantee Agency: |
An organization that insures the repayment of
Federal Family Education Loans. |
| Interest
Rate: |
A percentage of your outstanding principal loan
amount charged for the use of borrowed money. |
| Need |
Original Need - The Federal Government defines
need as the student's cost of attendance (COA) minus their
Expected Family Contribution (EFC).
Remaining Need - The amount of aid remaining after all other
forms of aid are subtracted from Original Need. |
| Principal: |
The loan amount you borrow. |
| Promissory Note: |
A legally binding contract between you and your
lender that contains all the conditions and terms under which
you agree to repay your loan(s) with interest. |
| Satisfactory
Academic Progress (SAP): |
To be eligible to receive federal student aid,
you must maintain SAP while working toward a degree or certificate.
View
FHSU’s SAP policy. |
| Selective Service: |
Registering for this is a requirement for all
males over the age of 18. It is also a requirement for financial
aid eligibility. Register
for Selective Service. |
| Servicer: |
An organization that provides borrower services
and performs administrative functions associated with education
loans. Usually, a servicer collects loan payments. |
| Student Aid Report (SAR): |
The notification to the student of the results
of processing the FAFSA. |
| Subsidized: |
A Stafford loan awarded on the basis of financial
need. The federal government pays the interest on the loan until
you begin repayment and during periods of authorized deferment. |
| Unsubsidized: |
A Stafford loan not awarded on the basis of financial
need. The student is responsible for all interest payments on
the loan. |
| Verification: |
The process to confirm an individual student's
submitted FAFSA data. Usually, students must submit a completed
FHSU Verification Worksheet, tax returns and W-2’s before
financial aid will be processed. |
| Work-Study: |
This program allows students to earn money to
help finance their education. Get
more information on work study. |
