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Gift Aid: Educational funds such as grants or scholarships that do not require repayment. Gift aid can be awarded on the basis of financial need, academic merit, or a combination of both.

Grace Period: The period of time that begins when a loan recipient ceases to be enrolled at least half-time and ends when the repayment period starts. Loan principal need not be paid and, generally, interest does not accrue during this period. For most FFEL Program and Direct Loans the grace period is six months after the student ceases to be a half-time student.

Grant: A type of financial aid that does not have to be repaid; usually awarded on the basis of need, possibly combined with some skills or characteristics the student possesses. Also see Gift Aid.