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Frequently Asked Questions and Glossary of Financial Aid Terms

Frequently Asked Questions
Glossary of Financial Aid Terms

Select a topic below to learn more!

Budgets

Courses in a Program of Study (CPOS)

Disbursements and Refunds

FAFSA

Federal Student Aid (FSA) ID

FERPA

Financial Aid Offer

Financial Check-In (FCI)

Grants

Loans

Financial Aid Satisfactory Academic Progress (SAP)

Scholarships

Verification

Withdrawal/Drop Policy

Work-Study

Select a term below to learn more!

The following terms are loosely defined for the reader’s comprehension and should not be taken as legal definitions.

Accrued Interest

Financial Aid Offer

Borrower

Capitalizing Interest

Cohort

Consolidation Loans

Cost of Attendance

Default

Deferment

Delinquency

Dependent Student

Disbursement

Discharge

Entrance Counseling

Exit Counseling

Expected Family Contribution (EFC)

Extended Repayment Plan

Federal Direct Loan Program (FDLP)

Federal Family Education Loan (FFEL) Program

Federal Pell Grant

Federal Student Aid ID (FSA ID)

Federal Supplemental Educational Opportunity Grant (FSEOG)

Federal Work-Study Program

FDLP

FFEL

Financial Aid Satisfactory Academic Progress (SAP)

Financial Check-In (FCI)

Free Application for Federal Student Aid (FAFSA)

Grace Period

Graduate Student

Graduated Repayment Plan

Grants

Guarantee Agency

Half-Time Student

HEA

Income Based Repayment Plan

Income Contingent Repayment Plan

Income Sensitive Repayment Plan

Independent Student

In-School Period

Interest

Interest Benefits

IRS Data Retrieval Tool

IRS Offset

Loans

Loan Limits

Loan Principal

Loans in Repayment

Master Promissory Note (MPN)

Origination Fee

Parent PLUS Loan

Pre-payment

Public Service Loan Forgiveness

Refund

Rehabilitation Loans

Reinsurance Payments (Reinsurance Default Claims)

Repayment Period

Repayment Schedule

Scholarships

Special Allowance

Subsidized Loan (FDLP and FFEL)

Unsubsidized Loan (FDLP and FFEL)

Standard Repayment Plan

Student Aid Report (SAR)

Title IV
Undergraduate Student
Variable Interest

Verification

Virginia Tuition Assistance Grant (VTAG)

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