Consortium Agreement: A Consortium Agreement is a written, formal agreement between two colleges or universities that are eligible to participate in the Title IV Federal funding programs. It allows students to enroll in classes at another school while working on a degree from Augusta State University.
Corrections: Corrections are made when an error occurred in completing the FAFSA. The student may make corrections themselves, or they may be done as a result of the verification process.
Cost of Attendance: Cost of Attendance is an estimate of what it should cost a student to go to school for a specified period. It includes estimates of tuition and fees, room and board, allowances for books and supplies, transportation, etc.
Default: A student in default on a loan has failed to make scheduled monthly payments according to the terms agreed upon in the Master Promissory Note.
Deferment: A period in which a borrower meeting certain criteria may suspend student loan payments.
Delinquent: Delinquent means that a student has failed to make monthly payments when due. This begins with the first missed payment. If several payments are missed, the loan goes into default.
Dependent: A dependent student is defined by the FAFSA as a student who is required to include parental income and signatures in order to file the FAFSA.
Disclosure Statement: The disclosure statement is a form from the lender that explains specific terms and conditions of student loans. It includes amounts borrowed, service fees charged, interest rates, etc.
Expected Family Contribution: The amount of money that a family is expected to be able to contribute to a student's education. This is determined by the Federal Methodology need analysis established by Congress.
Family Size: For dependent students, this is the number of people (including parents and the student applicant) that the parents support. For independent students, it is the number of people (including the student and spouse, if married) that the student will support.
Federal Processor: The organization that processes the information on the Free Application for Federal Student Aid (FAFSA) and uses it to compute eligibility for federal student aid.
First-Time Borrower: 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.
Forbearance: Temporary cessation of regularly scheduled payments or temporarily permitting smaller payments than were originally scheduled.
Full-time: Full-time enrollment is at least 12 semester hours per term for undergraduate students and 9 semester hours for graduate and professional students.
Half-time: Half-time enrollment for all students is 6 semester hours. All students must be enrolled in at least 6 semester hours to be eligible for student loans.