- Repayment Schedule: The legal addendum to the Promissory Note stating the terms of loan repayment and fulfilling disclosure requirements. The repayment schedule is a plan that indicates the total principal and the interest due, an installment amount and the number of installments required to the pay the loan in full. The schedule will compound the interest rate for the loan(s) included on the schedule, the due date of the first and subsequent installments and the how often the installments need to be made.
- Rehabilitation: A process by which a borrower may bring a FFELP loan out of default be adhering to specified and detailed repayment requirements.
- Scholarship: A form of financial aid given to undergraduate students to help pay for their education. Most scholarships are restricted to paying all or part of tuition expenses, though some scholarships also cover room and board.
- Student Aid Report (SAR): A federal output document sent to a student by the dept. of education. The SAR contains financial and other information reported by the student on the Free Application for Federal Student Aid (FAFSA). The student’s eligibility for aid is indicated by the EFC, which is printed on the front of the SAR. See “Financial Aid” brochure for a link to a sample SAR report.
- Scholarships: You may earn scholarships for academic or extra-curricular merit, involvement in organizations or service activities, or as a discount on tuition from college. There are merit-based scholarships from colleges, corporations, unions, and non-profit organizations. You do not need to repay scholarship funds.
- Subsidized Loan: A loan eligible for interest paid by the Federal government. The federal government pays interest that accrues on subsidized loans during the student’s in school, grace, authorized deferment, and (if applicable) post-deferment grace periods, if the loan meets certain eligibility requirements.
- Tuition and Fees: A payment or charge for instruction or compensation for services, privileges, or the use of equipment, books, or other goods.
- Title IV Student Financial Aid: TITLE IV Federal financial aid programs were established for students attending postsecondary educational institutions. The monies are authorized under Title IV of the Higher Education Act of 1965, as amended. The programs are administered by the U.S. Department of Education. Title IV programs include: Federal Work-Study (FWS), Federal Perkins Loans, Federal Family Education Loans (FFEL) Program loans, Federal Consolidation Loans, State Student Incentive Grants (SSIG), William D. Ford Federal Direct Loans, Robert C. Byrd Honors Scholarships.
- Transcript: A list of all courses that a student has taken at a particular high school or college with the listing of the grades earned in each course. Transcripts are usually required for most college applications. They need to be requested and sent directly from the school the student attended.
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