Office of Student Financial Aid - Financial Aid Terminology

Financial Aid Terminology

Financial aid has its own vocabulary, terms and abbreviations.
To help you speak the "language", here are some of
the most commonly used terms and abbreviations.

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Term	Definition
1040 Form, 1040A Form, 1040EZ Form, Tele-Tax Form	FAFSA term: The Federal Income Tax Return. Forms used to report income and income tax due/paid to the Internal Revenue Service each year.
1090 Form	FAFSA term - Form used to report interest income or dividend income.
1099 Form	FAFSA term - Form used by business to report income paid to a non-employee.
401(k)	FAFSA term - A popular type of retirement fund.
A.A. or A.A.S.	Academic terms - AA - An associate of arts degree. Can be earned at most two-year colleges. AAS - An associate of applied science degree. Can be earned at some two-year colleges. Also known as Associate Degree.
Ability to Benefit	FAFSA term: One of the criteria used to establish student eligibility in order to receive Title IV program assistance is that a student must have earned a high school diploma or its equivalent. Students who are not high school graduates (or who have not earned a General Education Development [GED] Certificate*) can demonstrate that they have the “ability to benefit” from the education or training being offered by passing an approved ability-to-benefit (ATB) test.
Academic Year	Academic term - The period during which school is in session, consisting of 30 weeks of instructional time. The school year runs from the end of August through the middle of May at WSU.
Accrue	Loan term: To accumulate; refers to interest on a loan.
Accrual Date	Loan term: The date on which interest charges on an educational loan begin to accrue. See also Unsubsidized Loan.
Academic Advisor	Academic term - The academic person from whom a student receives personal guidance in the processes of choosing a major, picking classes to fulfill graduation and major requirements, as well other academic issues.
AFDC	FAFSA term - AFDC (Aid to Families with Dependent Children) or ADC is a federal program to financially assist families with children.
AGI	FAFSA term - Adjusted Gross Income is a figure taken from the federal income tax form that has been filed in compliance with IRS regulations and guidelines.
Alternative Loans	See - Private Loans.
Amortization	Loan term - The process of gradually repaying a loan over an extended period of time through periodic installments of principal and interest.
Appeal	Financial aid term - A written request from a student or their parent(s) asking for consideration to due special or unusual circumstances. For example, if you believe the financial information on your financial aid application does not reflect your family's current ability to pay (e.g., because of death of a parent, unemployment or other unusual circumstances), you should definitely make an appeal. The financial aid administrator will require documentation of the special circumstances.
Assets	FAFSA term - Assets are elements of the student's and family's financial worth; includes stocks, bonds, checking and savings accounts, trusts, other securities, real estate (this does not include your the family home or family farm), income property, business equipment, and inventory. When calculating the expected family contribution (EFC), all assets are considered.
Asset Equity	FAFSA term - Asset Equity is the current market value of an asset minus any debt owed against it. Market value, not the insurance or tax value, is what it could be sold for at the present time. See also Equity.
Assistantship	See - Graduate Assistantship
Associate Degree	Academic term - The degree granted by two-year colleges. See - A.A./A.S.
Award Letter	Financial aid term - An official notices from the college's financial aid office to the student applicant providing an analysis of their financial need and the financial aid package awarded. Award letters include the amount, source and type of aid included in the package. The award letter will include the terms and conditions for the financial aid and information about the cost of attendance. Also called Financial Aid Award Notification.
Award Year	The academic year for which financial aid is requested (or received).
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B.A. or B.S.	Academic terms - These are undergraduate degrees. Also know as bachelor's degree. BA stands for bachelor of arts degree BS stands for bachelor of science degree. Both degrees can be earned at WSU. The type of degree awarded depends on the kinds of courses taken by the student.
Bankruptcy	Legal term - When a person is declared bankrupt, he is found to be legally insolvent and his property is distributed among his creditors or otherwise administered to satisfy the interests of his creditors. Federal student loans, however, cannot normally be discharged through bankruptcy.
Base Year	FAFSA term - For need analysis purposes, the calendar year preceding the award year for which financial aid is requested. (i.e. for the 2004-2005 award year, the base year would be the calendar year of 2003.)
BIA	Bureau of Indian Affairs - A federal agency responsible for the awarding and disbursement of federal funds to Native Americans.
BIA Grant	A Bureau of Indian Affairs grant program for enrolled members of a tribe (Indian, Eskimo, or Aleut) pursuing an undergraduate or graduate degree at an accredited post-secondary institution. In order to be eligible for a BIA grant, students must show financial need as determined by the institution they are attending.
Branch Campus	Academic term - A permanent location of a school that is geographically apart from the main campus. Now known as "urban campus". WSU has urban campuses in the areas of Spokane, Vancouver, and the Tri-Cities. See also "Learning Centers".
Borrower	Loan term - The person who signed the promissory note and is responsible for repaying the loan.
Budget	See - Cost of Attendance.
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Cancellation	Loan term - Certain loan programs provide for cancellation (erasing) of the loan under certain circumstances, such as death or permanent disability of the borrower. Some of the Federal student loan programs have additional cancellation provisions. For example, if the student becomes a teacher in certain national shortage areas, they may be eligible for cancellation of all or part of the balance of their educational loans. Not all loans have the same provisions.
Capitalized	Loan term - The practice of adding unpaid interest charges to the principal balance of an educational loan, thereby increasing the size of the loan. Interest is then charged on the new balance, including both the unpaid principal and the accrued interest. Capitalizing the interest increases the monthly payment and the amount of money you will eventually have to repay. If you can afford to pay the interest as it accrues, you are better off not capitalizing it. This refers to the Unsubsidized Stafford Loan.
Central Processing System (CPS)	FAFSA term - The federal computer system that receives the FAFSA and calculates the Expected Family Contribution (EFC) and delivers the Student Aid Report (SAR).
Citizen	Federal term - A native or naturalized member of the United States. To receive federal aid you must be a U.S. citizen, a U.S. national, or a permanent resident who has an I-151, I-551 or I-551C.
COA	See - Cost of Attendance
Collection Agency	Loan term - A company often hired by the lender or guarantee agency to recover defaulted loans.
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Color of Federal Forms	FAFSA term - The FAFSA and SAR change color each year in a four color rotation: Green (2001-2002), Blue (2002-2003), Yellow (2003-2004), Pink (2005-2006). This will help you make sure you're filing the right form for the year.
Commuter Student	Financial aid term - A student who lives at home with their parents and commutes to school every day.
Consolidation Loan	Loan term - Consolidation loans allow students to combine different loans, subsidized and unsubsized, from different lenders or schools to make repayment more manageable. Loans eligible for consolidation include: Stafford, PLUS, Perkins, SLS, NDSL, HPSL, and Direct loans. Participating lenders pay off the borrower's existing student loans, creating a new loan with a single monthly payment and an extended repayment term of up to 30 years. More information.
Consortium Agreement	Academic term - A Consortium Agreement is a written, formal agreement between two institutions eligible to participate in Title IV Federal funding programs. The Consortium Agreement allows a student to enroll in courses at another institution while working toward a degree or certificate from Washington State University. More information.
Cooperative Education	Academic term - A program where the student spends time engaged in employment related to their major in addition to regular classroom study. Also known as "co-op education"
Corrections	FAFSA term - The process of making changes to the original data submitted on the FAFSA. Corrections are made when an error occurred. Changing income information from estimated to actual tax information is one example of an allowable correction. Correction may be student made or school made depending on the type of information being changed. More information.
Co-signer	Loan term - A person who signs the promissory note in addition to the borrower and is responsible for the obligation if the borrower does not pay.
Cost of Attendance (COA)	Financial aid term - The COA is the an estimate of total amount it should cost the student to go to school for the period. The COA must include estimates for tuition and fees, room and board (or rent/food/utilities), allowances for books and supplies, transportation, and personal and incidental expenses. Also known as the "budget". See the College Costs page for more information.
CPS	See - Central Processing System
Credit Bureaus	Loan term - Organizations that maintain records on personal financial histories. There are currently three major credit bureaus: TRW, Inc., Equifax Credit Information Services, and TransUnion.
Credit Worthy	Loan term - An individual with no negative credit history per the criteria established by the lender.
Cumulative Grade Point Average	Academic term - The overall average of a student's grades based on a 4.0 scale. Also referred to as "cum gpa"
Custodial Parent	FAFSA term - If a student's parents are divorced or separated, the custodial parent is the one with whom the student lived the most during the past 12 months. The student's need analysis is based on financial information supplied by the custodial parent on the FAFSA.
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Debt	Loan/FAFSA term - An amount of money owed.
Default	Loan term - Failure to make scheduled monthly payments according to the agreed-upon terms. Default occurs at 180 days when the delinquency date is prior to 10/7/98, and 270 days when the delinquency date is on or after 10/7/98. Defaulting on a government loan will make you ineligible for future federal financial aid, unless a satisfactory repayment schedule is arranged, and can affect your credit rating.
Default Rate	Loan term - A school's default rate is the percentage of borrowers who are 120 days or more behind in their loan payments.
Deferment	Loan term - A period during which a borrower, who meets certain criteria, may suspend loan payments. For some loans the federal government pays the interest during a deferment. On others, the interest accrues and is capitalized, and the borrower is responsible for paying it.
Delinquent	Loan term - Failure to make monthly loan payments when due. Delinquency begins with the first missed payment. If the borrower misses several payments, the loan goes into default.
Departmental Scholarship	Financial aid term - An award of gift assistance that is specifically designated for a recipient in a particular academic department or educational program within WSU. More information.
Dependency Status	FAFSA term - Based on the FAFSA definition, a student who is required to include parental income and signatures in order to file the FAFSA. More information.
Dependent	FAFSA term - For a child or other person to be considered your dependent, they must live with you and you must provide them with more than half of their support. Spouses do not count as dependents in the Federal Methodology. (See also Independent.)
Direct Loans	Loan term - The William D. Ford Federal Direct Loan Program (aka the Direct Loan Program) is a federal program where the school becomes the lending agency and manages the funds directly, with the federal government providing the loan funds. WSU is a FFELP participant but not a Direct Loan participant.
Disbursement	School term - Payment - The process by which financial aid funds are made available to students for use in meeting educational and related living expenses. Funds are first applied to the student's tuition & fees account balance. More information
Discharge	Loan term - To release the borrower from his or her obligation to repay the loan. See also Cancellation.
Disclosure Statement	Loan term - Statement explaining specific terms and conditions of student loans, such as interest rate, loan fees charged, gross amount borrowed, and so on. Disclosure statements must accompany each loan disbursement.
Documentation	Financial aid term - A written or printed paper, a supporting reference, or a record that can be used to furnish evidence, proof, or information.
Doctorate	Academic term - Also known as a PhD - A graduate degree beyond a master's degree.
DRN	FAFSA term - The Data Release Number is assigned to a student as a protective measure. In order for the student to make corrections to or add schools to their SAR, the DRN must be used. It is found only on the paper Student Aid Report.
Due Diligence	Loan term - If a borrower fails to make payments on their loan according to the terms of the promissory note, the federal government requires the lender, holder or servicer of the loan to make frequent attempts to contact the borrower (via telephone and mail) to encourage him or her to repay the loan and make arrangements to resolve the delinquency.
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Early Action/ Early Admission/ Early Decision	Admission Office terms: An early action program has earlier deadlines and earlier notification dates than the regular admissions process. An early admission program allows exemplary high school juniors to skip their senior year and enroll directly in college. An early decision program has earlier deadlines and earlier notification dates than the regular admissions process and students who apply to an early decision program commit to attending the school if admitted (which means the student must accept the offer of admission before they see their financial aid package.)
EDE	See - Electronic Data Exchange
EdFund	Loan term - The FFELP (Stafford and PLUS) loan guarantee agency for Washington State University. More information.
EFT	See - Electronic Funds Transfer
Educational Opportunity Grant Program (EOG)	Financial aid term - The Educational Opportunity Grant is a state funded grant program aimed at the neediest students. The HECB identifies who is eligible and sends to WSU a list of the students to be awarded. See the State EOG page for more information.
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Educational Testing Service (ETS)	Admissions term: Company that produces and administers the SAT and other educational achievement tests.
EFC	See - Expected Family Contribution
e-Info Center	WSU term - Another name for WSU INFONET, the WSU web-based information system for students that allows students to check their individual status for billing, financial aid, grades, addresses, etc.
Electronic Data Exchange (EDE)	FAFSA term - Program used by schools to electronically receive FAFSA results from the federal processor and to submit corrections to the federal processor.
Electronic Funds Transfer (EFT)	Loan term - WSU and it's lenders wire funds for Stafford and PLUS loans directly to participating schools without requiring an intermediate check for the student to endorse. The money is transferred electronically instead of using paper, and hence is available to the student sooner.
Eligible Non-Citizen	Federal term - Someone who is not a US citizen but is nevertheless eligible for Federal student aid. You are an eligible non-citizen, generally, if you are: A U.S. permanent resident with an Alien Registration Receipt Card (I-551), A conditional permanent resident (I-551C), or Any other eligible non-citizen with an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service showing any of the following: "Refugee", "Asylum Granted", "Indefinite Parole", "Humanitarian Parole", or "Cuban-Haitian Entrant". Non-citizens who hold student visas or exchange visitor visas are not eligible for Federal student aid.
Eligible program	Federal term - A course of study that leads to a degree or certificate and meets the U.S. Department of Education's requirements for an eligible program. To get federal financial aid, you must be enrolled in an eligible program, with two exceptions: If a school has told you that you must take certain coursework to qualify for admission into one of its eligible programs, you can get a FFEL for up to 12 consecutive months while you're completing that coursework. You must be enrolled at least half time, and you must meet the usual student aid eligibility requirements. If you're enrolled at least half time in a program to obtain a professional credential or certification required by a state for employment as an elementary or secondary school teacher, you can apply for a Federal Perkins Loan, Federal Work-Study, a FFEL Stafford loan (or your parents can get a Parent PLUS Loan) while you're enrolled in that program.
Emancipated	Legal term - To release a child from the control of a parent or guardian. Declaring a child to be legally emancipated is not sufficient to release the parents or legal guardians from being responsible for providing for the child's education. The criteria to be found independent are much stricter. For more information see the Dependency Status page.
Emergency Loan	See - Short Term Loan
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Endowment	Scholarship term - Funds owned by an institution and invested to produce income to support the operation of the institution. Many educational institutions use a portion of their endowment income for financial aid. A school with a larger ratio of endowment per student is more likely to give larger financial aid packages.
Enrolled	Academic term - A student must register for class and complete and submit at least one lesson to be considered enrolled.
Enrollment Status	Academic term - An indication of whether you are a full-time or part-time student. Generally you must be enrolled at least half-time (and in some cases full-time) to qualify for financial aid.
Entitlement	Entitlement programs award funds to all qualified applicants. The Pell Grant is an example of such a program.
Entrance Counseling	Loan term - Counseling provided to a student loan borrower about debt and accumulated indebtedness. Counseling is required before the student receives the first disbursement of the student's first loan. Also referred to as entrance interview.
EOG	See - Educational Opportunity Grant Program
Equity	FAFSA term - The net dollar value of ownership in a piece of property.
Exceptional Need	Financial aid term - An eligibility criterion in the Federal SEOG and Federal Perkins Loan programs. Exceptional need for SEOG is defined in statute as the lowest expected family contributions at an institution. The law does not define the term for the Federal Perkins Loan Program.
Exit Counseling	Loan term - Counseling provided to a student loan borrower about debt and accumulated indebtedness. Counseling is required before the student leaves school either due to competition of a program (graduation) or ceasing of enrollment (withdrawal or transfer). Also referred to as exit interview.
Expected Family Contribution (EFC)	Federal term - The amount of money that the family is expected to be able to contribute to the student's education, as determined by the Federal Methodology need analysis formula approved by Congress. The EFC includes a parent contribution (if the student is dependent) and a student contribution (student and spouse if married and independent). It also looks at family size, number of family members in college, taxable and untaxed income and asset equity. The EFC is used to determine financial need which is the difference between the COA and the EFC.
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FAFSA	See - Free Application for Federal Student Aid
FAFSA on the Web	Federal term - The federal website where a student may complete and file the Free Application for Federal Aid application online..
Family Size	FAFSA term - For dependent students - the number of people (including parents and the student applicant) that the parents support. For independent students - the number of people (including the student and spouse-if married) that the student will support.
Federal Direct Student Loan Program (FDSLP)	Loan term - The collective name for Direct Subsidized, Direct Unsubsidized, and Direct PLUS Loan programs. The FDLP is similar to the FFELP, except that funding comes directly from the U.S. Treasury rather than from private lending institutions. WSU is not a FDSLP participant.
Federal Family Education Loan Program (FFEL)	Loan term - The collective name for Federal Stafford (both subsidized and unsubsidized) and Federal Parent PLUS Loan programs. Funds for these three programs are provided by commercial lenders and the loans are guaranteed by the federal government. *WSU is a FFEL participant.*
Federal Methodology (FM)	FAFSA term - Formula used to determine an expected family contribution (EFC) for Pell Grants, campus-based programs, and FFEL programs. The Federal Methodology takes family size, the number of family members in college, taxable and nontaxable income and asset equity (excluding family homes and family farms) into account.
Federal Processor	FAFSA term - The organization that processes the information submitted on the Free Application for Federal Student Aid (FAFSA) and uses it to compute eligibility for federal student aid.
Federal Stafford Subsidized and Unsubsidized Loan Programs	See Stafford Loans
Federal Parent PLUS Loan	See Parent Loan for Undergraduate Study
Federal Work-Study (FWS)	Financial aid term - Program providing undergraduate and graduate students with part-time employment during the school year. The federal government pays a portion of the student's salary, making it cheaper for departments and businesses to hire the student. For this reason, work-study students often find it easier to get a part-time job. Eligibility for FWS is based on need. Money earned from a FWS job is not counted as income for the subsequent year's need analysis process.
Fellowship	School term - A form of aid given to graduate students to help support their education. Some fellowships include a tuition waiver or a payment to the university in lieu of tuition. Most fellowships include a stipend to cover reasonable living expenses (e.g., just above the poverty line).
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FFELP	Financial aid term - Federal Family Education Loan Program
File	Financial aid term - The student's file is comprised of all paper and electronic documentation submitted to the Financial Aid Office for the student.
File Review	Financial aid term - The process of comparing documentation submitted by the student and/or parents against the information presented on the FAFSA to check for accuracy before making or finalizing awards.
Finalizing Awards	Financial aid term - Students new to WSU are sent a Preliminary Award Notification (if they filed their FAFSA and Admissions Application by the priority processing date of March 1st) in the early part of spring. These awards can not be "finalized" until WSU receives a commitment for all the financial aid funds for the year from the federal and state governments. When this information is finally received, a "finalized" award notification will be sent to all students, new and continuing.
Financial Aid	Financial aid term - Collectively, the term for all funds awarded to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and work). Funds may be from federal, state, university, or private sources.
Financial Aid Award Notification	Financial aid term - See - Award Letter.
Financial Aid Counselor	Financial aid term - Financial Aid Office personnel who are available to student and parents to answer questions about financial aid and to assist in the process of applying and receiving financial aid funds. Also called "Financial Aid Coordinators".
Financial Aid Office (FAO)	Financial aid term - The WSU office that is responsible for the determination of financial need and the awarding of financial aid. Also know as Office of Student Financial Aid (OSFA).
Financial Aid Package	Financial aid term - The complete collection of grants, scholarships, loans and work-study employment from all sources (federal, state, institutional and private) offered to a student to enable them to attend the college or university. Note that unsubsidized Stafford loans and PLUS loans could be considered financing options that are available to the family to help them meet the EFC.
Financial Aid PROFILE	Scholarship term - The CSS/Financial Aid PROFILE application is used by many colleges to gather information to help them award private, non-federal student aid funds. This form is not used at Washington State University.
Financial Aid Transcript (FAT)	Financial aid term - A record of all federal aid received by students at each school attended. The record is usually obtained electronically from the NSLDS - National Student Loan Data System. The record is used to assess the amount of federal financial aid the student has received and to prevent the award of federal funds for which the student or the parent of a dependent student is not eligible.
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Financial Need	Financial aid term - The difference between the COA and the EFC is the student's financial need -- the gap between the cost of attending the school and the student's resources. The financial aid package is based on the amount of financial need. The process of determining a student's need is known as need analysis. More information
First-Time Borrower	Loan term - A first-year undergraduate student who has no unpaid loan balances outstanding on the date he or she signs a promissory note for an educational loan.
Fixed Interest	Loan term - In a fixed interest loan, the interest rate stays the same for the life of the loan. The Perkins Loan has a fixed interest rate. (See also "variable interest" )
Forbearance	Loan term - Temporary cessation of regularly scheduled payments or temporarily permitting smaller payments than were originally scheduled.
Free Application for Federal Student Aid (FAFSA)	FAFSA term - Form used to apply for Pell Grants and all other need-based aid. As the name suggests, no fee is charged to file a FAFSA.
Full-time	Academic term - At schools measuring progress in semesters full-time enrollment is at least twelve semester hours per term for undergraduates and nine semester hours per term for graduate or professional degree students. Most financial aid programs require that the student be enrolled at least half-time to be eligible for aid. Some programs require the student to be enrolled full-time.
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Gapping	Financial aid term - When the student's full demonstrated need can not be met. See also Unmet Need.
Garnishment	Loan term - The practice of withholding a portion of a defaulted borrower's wages to repay his or her loan, without their consent.
Gift Aid	Financial aid term - A type of aid aid, such as grants and scholarships, which does not need to be repaid.
GPA	See - Grade Point Average
Grace Period	Loan term - The period that begins the day after a educational loan borrower ceases to be enrolled at least half time at an eligible school, ends the day before the repayment period begins, and during which payments of principal are not required. (There is no grace period for the PLUS Loan or the Private/Alternative Loans.)
Grade Level	Loan term - A student's academic class level, as provided by a school official on the student's application and promissory note. Determines the annual borrowing limit allowed for Stafford Loans. See
Grade Point Average (GPA)	Academic term - An average of a student's grades for the term: usually a grade is converted based on a 4.0 scale (4.0 is an A, 3.0 is a B, and 2.0 is a C, etc.) multiplied by the number of credits for which the grade was awarded. See also Cumulative Grade Point Average.
Graduate Assistantship	Academic term - There are two types of graduate assistantships: teaching assistantships (TA) and research assistantships (RA). TAs and RAs receive a full or partial tuition waiver and a small living stipend. TAs are required to perform teaching duties. RAs are required to perform research duties, not necessarily related to the student's thesis research.
Graduate Student	Academic term - A student in a postsecondary institution who is enrolled in a master's or higher level degree program.
Graduated Repayment	Loan term - A schedule where the monthly loan payments are smaller at the start of the repayment period and gradually become larger.
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Grant	Financial aid term - A type of financial aid based on financial need that the student does not have to repay.
Gross Income	Financial aid term - Income before taxes, deductions and allowances have been subtracted.
Guarantee Agency or Guarantor	Loan term - State agency or private non-profit institution that insures student loans for lenders and helps administer the FFELP. Guarantee agencies also oversee the student loan process and enforce federal and state rules regarding student loans. EdFund is the guarantee agency for WSU.
Guarantee Fee	Loan term - A small percentage of the loan that is paid to the guarantee agency to insure the loan against default. The insurance fee is usually 1% of the loan amount (and by law cannot exceed 3% of the loan amount).
Guaranteed Student Loan (GSL)	Loan term - Former name for the Stafford Loans.
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Half-Time	Academic term - At schools measuring progress in semesters half time enrollment is at least six semester hours per term for undergraduates or at least five semester hours per term for graduate or professional degree students. Most financial aid programs require that the student be enrolled at least half-time to be eligible for aid. Some programs require the student to be enrolled full-time.
Health Education Assistance Loan (HEAL)	Financial aid term - A low interest loan administered by the US Department of Health and Human Services (HHS). It is available to medical school students pursuing medicine, osteopathy, dentistry, veterinary medicine, optometry, podiatry, clinical psychology, health administration and public health. Undergraduate pharmacology students are also eligible.
Health Professions Loan (HPL)	Financial aid term - A low interest loan administered by the US Department of Health and Human Services (HHS). It is now known as the Primary Care Loan (PCL).
HECB	Financial aid term - The Higher Education Coordinating Board is the state of Washington agency that monitors state grant programs, and administers several need-based awards.
Holder	Loan term - The lender, institution or agency that holds legal title to a loan. The holder may be the bank that issued the loan, a secondary market that purchased the loan from the bank or a guarantee agency if the borrower defaulted on the loan.
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Income	FAFSA term - The amount of money received from employment (salary, wages, tips), profit from financial instruments (interest, dividends, capital gains), or other sources (welfare, disability, child support, Social Security, and pensions).
Income Contingent Repayment	Loan term - Under an income contingent repayment schedule, the size of the monthly payments depends on the income earned by the borrower. As the borrower's income increases, so do the payments. The income contingent repayment plan is not available for PLUS Loans.
Independent Student Status	FAFSA term - An independent student is one who is not required to provide parental information and signature when completing the FAFSA form. (See also Dependent Student Status.) More information
Individual Retirement Account (IRA)	FAFSA term - One of several popular types of retirement funds. It is not legal to borrow money from your IRA to help pay for your children's education.
INFONET	WSU term - Former name for e-Info Center, the WSU web-based information system for students that allows students to check their individual status for billing, financial aid, grades, addresses, etc.
INS	Federal term - Immigration and Naturalization Service - The former name of the federal agency responsible for administering immigration procedures and assigning citizenship status. Now known as USCIS - United States Citizen and Immigration Services.
In-State Student	Academic term - A student who has met the legal residency requirements for the state, and is eligible for reduced in-state student tuition at public colleges and universities in the state. (Also referred to as Resident)
Insurance Fee	Loan term - Fee passed on by the lender to the federal government as insurance against default. Insurance fees are charged as the loan is disbursed, and typically run to 1% of the amount disbursed. See also Guarantee Fee.
Interest	Loan term - Amount charged to the borrower for the privilege of using the lender's money. Interest is usually calculated as a percentage of the principal balance of the loan. The percentage rate may be fixed for the life of the loan, or it may be variable, depending on the terms of the loan. All federal loans issued since October, 1992 use variable interest rates that are pegged to the cost of US Treasury Bills.
Internal Revenue Service (IRS)	Federal term - Federal agency responsible for enforcing US tax laws and collecting taxes.
Internship	Academic term - Part-time job during the academic year or the summer months in which a student receives supervised practical training in a their field. Internships are often very closely related to the student's academic and career goals, and may serve as a precursor to professional employment. Some internships provide very close supervision by a mentor in an apprenticeship-like relationship. Some internships provide the student with a stipend, some don't.
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Learning Centers	WSU term - The WSU Learning Centers are part of the effort to increase access to higher education in the State of Washington. Learning Center offices are located in a number of geographically diverse areas and offer a combination of the "high tech" delivery methods of distance education and the "high touch" approach of on-site staff.
Lender	Loan term - A bank, credit union, savings & loan association, or other financial institution that provides funds to the student or parent for an educational loan. Note: Some schools (but not WSU) now participate in the Federal Direct Loan program and no longer use a private lender, since loan funds are provided by the US Government.
Loan	Loan term - A type of financial aid which must be repaid, with interest. The federal student loan programs (FFELP and FDSLP) are a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates and do not require a credit check or collateral. The Stafford Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms.
Loan Consolidation	See - Consolidation Loan.
Loan Debt Counseling	Loan term - Counseling provided to a student about debt and accumulated indebtedness. Counseling is required both before the student receives the first disbursement of the first loan and again whenever the student withdraws from the university, drops below half-time enrollment or is scheduled to complete an academic program. These are commonly referred to as entrance or exit counseling. Also know as entrance and exit interviews.
Loan Guarantee Agency	See Guarantee Agency
Loan Forgiveness	Loan term - The federal government cancels all or part of an educational loan because the borrower meets certain criteria (e.g., is performing military or volunteer service).
#s A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Married	FAFSA term - For establishing independency a student who is married at the time the FAFSA is filed for the first time for the year that aid is being requested.
Master's Degree	Academic term - One of several degrees granted by graduate schools.
Master Promissory Note (MPN)	Loan term - The Master Promissory Note takes the place of the annual loan applications for Stafford funds. After completing the initial application, students just need to complete the confirmation letter in order to receive funds. MPNs are valid for 10 years or until student changes school or lender and/or has a break in their education.
Maturity Date	Loan term - The date when a loan comes due and must be repaid in full.
Merit-based	Scholarship aid term - Financial aid that is merit-based depends on your academic, artistic or athletic merit or some other criteria, and does not depend on the existence of financial need. Merit-based awards use your grades, test scores, hobbies and special talents to determine your eligibility for scholarships.
Mortgage	Legal term - A loan of funds for purchasing a piece of property which uses that property as security for the loan. The lender has a lien on the property and will receive the property if the borrower fails to repay the loan.
MPN	See - Master Promissory Note (MPN)
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National Service Trust	Federal term - President Clinton's national community service program. If you participate in this program before attending school, the funds may be used to pay your educational expenses. If you participate after graduating, the funds may be used to repay your federal student loans. Eligible types of community service include education, human services, the environment and public safety.
Need	Financial aid term - The difference between the COA and the EFC is the student's financial need -- the gap between the cost of attending the school and the student's resources. The financial aid package is based on the amount of financial need. The process of determining a student's need is known as need analysis. More information
Need Analysis	Financial aid term - The process of determining a student's financial need by analyzing the financial information provided by the student and his or her parents (and spouse, if any) on a financial aid form. The student must submit a need analysis form to apply for need-based aid. The need analysis form is the Free Application for Federal Student Aid (FAFSA).
Need-Based	Financial aid term - Financial aid that is need-based depends on your financial situation as reported on the FAFSA. Most government sources of financial aid are need-based.
Need-Blind	Admission term - Under need-blind admissions, the school decides whether to make an offer of admission to a student without considering the student's financial situation. Most schools use a need-blind admissions process. A few schools will use financial need to decide whether to include marginal students in the wait list.
NELA	Loan term - Northwest Educational Loan Association. Located in Seattle, this organization previously served as the guarantee agency for WSU Stafford Loans. The current guarantee agency is EdFund.
Net Income	FAFSA term - This is income after taxes, deductions and allowances have been subtracted.
New Borrower	Loan term - See - First-Time Borrower.
Non-Filer's Statement	Financial aid term - A statement from a student, parent or spouse indicating that they did not file a federal tax return during the year in question and stating their total income for that same period.
Non-Resident Student	Academic term - A student who has not met the legal residency requirements for the state for fee-paying purposes. These students are charged a higher tuition rate than state residents. (Also known as "Out-of-State".)
Non-Transferable Funding	Financial aid term - This is college funding that cannot be transferred to another college or university. For example, all WSU Scholarships are non-transferable. If you leave or transfer from WSU, that money remains at WSU.
NSLDS	Federal term - National Student Loan Database System. This automated system maintained by the Dept. of Education and schools will replace all paper Financial Aid Transcripts except for mid-year transfer students. Students may access their total borrowing history via the NSLDS website.
Number in College	FAFSA term - The number of eligible students in the household that will be attending college at at least half-time between July 1 of the current year to June 30th of the future year in a program that leads to a degree or certificate.
Nursing Student Loan (NSL)	Loan term - A low interest loan program administered by the US Department of Health and Human Services (HHS) and available to students enrolled in nursing programs. This is a federal aid program.
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