- Unsubsidized Loan: A non-need based loan such as unsubsidized Federal Stafford Loan or PLUS loan. The borrower is responsible for paying the interest on an unsubsidized loan during the in-school, grace and deferment periods, in addition to the repayment period(s).
- University: An institution of higher education that consists of a liberal arts college, a diverse graduate program, and usually two or more professional schools or faculties. They are empowered to confer degrees in various fields of study.
- Verification: A procedure where a school checks the information a student reported on the FAFSA, usually by requesting a copy of signed federal tax returns by the student and, if applicable, the student’s parent(s), and spouse. Schools must verify students selected for verification by following the federal procedures and regulations.
- Vocational Education: Organized educational programs, services, and activities that are directly related to the preparation of individuals for a career that does not require a bachelors or advanced degree.
- Work Study: A generic term for programs designed to provide part-time employment as a source of funds to pay for postsecondary education as well as a federal program that is administered through a postsecondary institution.
- W2 Form: The form that lists an employee’s wages and taxes withheld. The IRS requires employers to complete the form for each employee before February 28th of the given tax year for filing purposes.
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