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Below is a list of common Financial Aid Terms that may help you better understand the FAFSA, Award Letters, and other documents that you come across. To view the definition, click on the appropriate word.

 

Academic Year
Accrual Date
Award Letter
Capitalization
Citizen/Eligible Noncitizen
Cost of Attendance
Default
Deferment
Direct Costs
Disbursement
Eligibility
Entrance Loan Counseling
Exit Loan Counseling
Expected Family Contribution
Financial Aid Package
First-Time Borrower
Forbearance
Free Application for Federal
Student Aid (FAFSA)

Gift Aid
Indirect Costs
Interest
Loan
Loan Terms
Need
Need-Based Financial Aid
Origination Fee
Principal
Promissory Note
Repayment
Repayment Schedule
Satisfactory Academic Progress
Scholarships
Self-Help Money
Subsidized Loan
Unsubsidized Loan
Variable Interest Rate