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FAFSA: See Free Application for Federal Student Aid.

FAFSA Processor: An organization contracted by the Department of Education to provide the means for a student to apply for federal student aid. The FAFSA processor electronically enters the students FAFSA data into a computer system and then transmits the data to the Central Processing System.

Federal Family Education Loan (FFEL) Program : The collective name for the Federal Stafford (subsidized and unsubsidized), Federal PLUS Loan, and Federal Consolidated Loan programs. Funds for these programs are provided by private lenders and the loans are guaranteed by the federal government.

Federal Methodology (FM): See Federal Need Analysis Methodology.

Federal Need Analysis Methodology: A standardized method for determining a students ability to pay for postsecondary education expenses; also referred to as Federal Methodology (FM). The single formula for determining an Expected Family Contribution (EFC) for Pell Grants, campus-based programs, FFEL program, and Direct Loan program; the formula is defined in statute. The Federal Methodology is applied to the information on your FAFSA to derive the EFC.

Federal Pell Grant: A federal grant program for needy postsecondary students who have not yet received a baccalaureate or first professional degree; administered by the U.S. Department of Education. A unique feature of Federal Pell Grants is that they are portable. If you are eligible for a Federal Pell Grant, you may use it for study at any eligible school in any eligible program.

Federal Perkins Loan: One of the campus-based programs; a long term, low interest loan program for both undergraduate and graduate students at a current interest rate of 5%. The standard repayment period for a Perkins loan is 10 years. There are also cancellation provisions based on certain specifically defined criteria, such as teaching and community service.

Federal Stafford Loan (Subsidized and Unsubsidized): Long-term, low-interest loans administered by the Department of Education through private guarantee agencies. Formerly known as Guaranteed Student Loans (GSLs). Variable interest rate, not to exceed 8.25%. Federal Unsubsidized Stafford Loans may be used to replace EFC. Generally, repayment of principal begins six months after the student ceases to be enrolled in school at least half-time.

Federal Supplemental Educational Opportunity Grant (FSEOG): One of the campus-based programs; grants to undergraduate students of exceptional financial need who have not completed their first baccalaureate degree and who are financially in need of this grant to enable them to pursue their education. Priority for FSEOG awards must be given to Federal Pell Grant recipients with the lowest EFCs. The maximum annual FSEOG award is $4,000.

Federal Work-Study Program (FWS): One of the campus-based programs; a part-time employment program that provides jobs for undergraduate and graduate students who are in need of such earnings to meet a portion of their educational expenses. Funds are disbursed to students through bi-weekly or monthly payroll checks.

FFELP: See Federal Family Education Loan Programs.

Financial Aid: General term that describes any source of student assistance outside the student or the students family. Funds awarded to a student to help meet postsecondary educational expenses. These funds are generally awarded on the basis of financial need and include scholarships, grants, loans, and employment.

Financial Aid Administrator: An individual who is responsible for preparing and communicating information pertaining to student loans, grants or scholarships, and employment programs, and for advising, awarding, reporting, counseling, and supervising office functions related to student financial aid. He/she is accountable to the various publics that are involved, is a manager or administrator who interprets and implements federal, state, and institutional policies and regulations, and is capable of analyzing student and employee needs and making changes where necessary.

Financial Aid Award: An offer of financial or in-kind assistance to a student attending a postsecondary educational institution. This award may be in the form of one or more of the following types of financial aid: repayable loan, a non-repayable grant and/or scholarship, and/or student employment.

Financial Aid Consultant: A person who, for a fee, provides a variety of services to students, including preparing the FAFSA and other financial aid forms, estimating the Expected Family Contribution (EFC), and estimating financial need.

Financial Aid Notification: The letter from the postsecondary institution that lets the student know whether or not aid has been awarded. If the student will be receiving assistance, the notification also describes the financial aid package. State agencies and private organizations may send students financial aid notifications separately from the postsecondary institution. Also see Award Letter.

Financial Aid Package: A financial aid award to a student comprised of a combination of forms of financial aid (loans, grants and/or scholarships, employment). Students are customarily notified of their aid package by receiving an award letter.

Financial Aid Transcript (FAT): Provides a students financial aid history at previously attended schools needed to monitor certain aspects of student eligibility. This information is reported on SARs and ISIRs or schools can access a students financial aid history electronically through the National Student Loan Data System (NSLDS). In some cases, a school may require you to obtain a paper FAT.

Financial Need: The difference between the institutions cost of attendance and the familys ability to pay (i.e., Expected Family Contribution). Ability to pay is represented by the Expected Family Contribution for federal need-based aid and for many state and institutional programs.

Financial Need Equation: Cost of attendance minus Expected Family Contribution equals financial need (COA EFC = Need). The determination of need via this equation is central to the entire aid application process.

FM: See Federal Need Analysis Methodology.

Forbearance: Permitting the temporary cessation of repayments of loans, allowing an extension of time for making loan payments, or accepting smaller loan payments than were previously scheduled. A borrower applies to the loan servicer for forbearance and it is granted at the servicers discretion.

Foreign Student: A student belonging to or owing allegiance to another country. Foreign students are not eligible for the basic federal programs, although there are categories of non-U.S. citizens who owe permanent allegiance to the United States and are eligible for student aid.

Formula: See Need Analysis Formula.

Free Application for Federal Student Aid (FAFSA): The financial aid application document completed by the student and parents that collects household and financial information. The FAFSA is the foundation document for all federal need analysis computations and determines eligibility for all federal aid programs, as well as for many state and institutional (college) aid programs.

FSEOG: See Federal Supplemental Educational Opportunity Grant.

Full-time Student: In general, one who is taking a minimum of 12 semester or quarter hours per academic term; 24 semester or 36 quarter hours per year at institutions using credits but not terms; or 24 clock hours per week at institutions that measure progress in clock hours.