- 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 air 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: The U.S. Department of Education that has the responsibility of administering federal student financial aid programs and for developing aid policies and procedures. (OSFA is associated Guaranty Agency for Dept. of Education in the State of Florida )
- 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. In the Federal Family Education Loan (FFELP) program, and campus-based programs, a payment period is the time between beginning and midpoint and end of the academic year or non-traditional program calendar.
- Promissory Note: A legally binding agreement, 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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