Appeal: To request possible financial aid reinstatement
Award Letter: An official summary of a student's financial aid package for the academic year.
Campus-based funds: Campus-based funds are administered by the university. The federal government provides the university with a fixed allocation each academic year. These are awarded on a first-come, first-serve basis. Students who have not been awarded any campus-based funds may request to be added to our Campus Based Funds Request List.
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.
Independent student: An independent student based on the federal definition is at least 24 years old as of January 1 of the academic year, is married, is a graduate or professional student, has a legal dependent other than a spouse, is a veteran of the US Armed Forces, or is an orphan or ward of the court (or was an orphan or ward of the court until age 18). A parent refusing to provide support for their child's education is not sufficient for the child to be declared independent.
Master Promissory Note: When applying for a Direct Loan, a student must complete a Master Promissory Note (MPN) with the Department of Education in order to receive loan funds. The MPN is good for 10 years or until the student changes schools.
PIN: The Personal Identification Number is required when a student intends to file a Renewal FAFSA over the internet. It is also used to make corrections to FAFSA online. Students can request the code over the internet and it is then mailed to the student.
Probation: Students who have lost financial aid eligiblity due to failure to meet Satisfactory Academic Progress (SAP) standards and have been granted an appeal are placed on probation. During the probation period, they must maintain SAP. Failure to do so will result in the termination of his or her financial aid eligiblity.
Satisfactory Academic Progress: A student must make Satisfactory Academic Progress (SAP) in order to continue receiving federal aid. See Augusta State University's Satisfactory Academic Progress Standards.
Selective Service Registration: Selective Service Registration is registration for the military draft. Male students who are US citizens and have reached the age of 18 and were born after December 31, 1959, must be registered for Selective Service to be eligible for federal financial aid.
Special Circumstances: If you or your family have special circumstances that might affect your need for student financial aid, you may want to apply for special circumstances. The director will require documentation that supports your claim of special circumstances. Professional judgement will be used in these situations. Should your special circumstances be approved, the director will adjust the EFC, COA or change the dependency status (with proper documentation).
Student Aid Report (SAR): The Student Aid Report summarizes the information supplied on the FAFSA and is provided to the student by the federal processor. It will indicate Pell Grant eligibility, if any, and the EFC. Students may also use their SARs to make manual corrections to data on the FAFSA.
Subsidized loan: The government pays the interest on subsidized loans while the student is in school, during the six month grace period, and during any deferment periods. They are awarded based on financial need.
Title IV School Code: When completing the FAFSA, you must supply the Title IV School Code(s) of the school(s) you wish to receive your FAFSA information. ASU's Title IV School code is 001552.
Unmet Need: Unmet need is difference between a student's cost of attendance (COA) and the student's ability to pay for his or her education (EFC plus financial aid awarded).
Unsubsidized loan: The borrower is responsible for all interest on unsubsidized loans from the date the loan is disbursed. These loans are not based on financial need.
Verification: Students may be randomly selected for verification by the Federal Processor. This means that the school is required to request certain documentation from a student and/or parent in order to ensure accuracy of the data provided on the FAFSA.
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Last Modified: November 16, 2011 by AAZ
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