- Merit-based: You may earn this kind of financial assistance for college based on academic, athletic, musical, artistic, or other talents and skills. Merit-based aid is NOT tied to your need or family’s need.
- Needs Analysis: A standardized assessment of the ability of a student or of a student’s family to contribute toward their son or daughter’s educational expenses.
- Office of Student Financial Assistance: A division of the Florida
Department of Education, OSFA administers Florida's state scholarships and grants
programs in addition to financial aid awareness to promote higher education access.
- Origination Fee: The origination fee is an upfront charge deducted from the loan to pay part of the loan’s administrative costs.
- Payment Period: A school defines the length of time for which financial aid funds are paid to the student. For programs using academic terms, a payment period is equal to a term. For programs not using academic terms, schools must designate at least two payment periods within an academic year, pursuant to all applicable regulations.
- Promissory Note: A legally binding agreement that the borrower signs to obtain a loan in which the borrower promises to repay the loan with interest
in periodic installments.
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