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Federal Default Fee: A percentage
of the loan that is paid to the guaranty agency to insure against
default.
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Federal Direct Student Loan Program(FDSLP): A federal program in which certain institutions ("Direct Lenders") are provided federal government funds to loan to students |
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Federal Family Education Loan Program (FFELP): This federal program allows private lenders to offer federal loans including Federal Stafford Loans (Subsidized and Unsubsidized) and Parent Loans for Undergraduate Students (PLUS). Since FFELP loans are guaranteed against default by the federal government, they usually have low interest rates. |
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| Federal Loan: A loan guaranteed by the federal government. |
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Federal Stafford Loan: A low-interest
federally guaranteed loan for students. Stafford Loans are either
subsidized (need-based) or unsubsidized (non-need-based). The
government pays the interest on a subsidized loan while a student
is in school plus a six-month grace period after leaving school.
Interest accrues on unsubsidized Stafford Loans from the disbursement
date. A student can receive a subsidized loan and an unsubsidized
loan for the same enrollment period. |
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| Federal Supplemental Educational Opportunity Grant (FSEOG) : A grant for undergraduates with exceptional financial need. Federal Pell Grants recipients often get priority for a FSEOG, which has no repayment requirement |
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| Federal Work-Study: A federal program that provides jobs for undergraduate and graduate students with demonstrated financial need. The Federal Work-Study Program allows the student to earn money while encouraging community service work and often the employment relates to a student's course of study. |
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| Fellowship: Free aid that covers full or partial tuition and reasonable living expenses, usually awarded to students who display proven potential in their field of study |
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Financial Aid Administrator: Responsible for advising and counseling students regarding financial aid, and overseeing their financial aid packages. |
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Financial Aid Office: The office
within the medical school or university that determines financial
need and awards financial aid.
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Financial Aid Package: The total
amount of financial aid (federal and nonfederal) a student receives.
The school's financial aid office combines various forms of
aid into a package to help meet a student's need.
Financial Need: The Cost of Attendance (COA) minus the Expected Family Contribution (EFC) |
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Fixed Interest: Loan interest rates that do not change over the loan's lifecycle |
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Forbearance: Temporary postponement
or reduction of a repayment obligation. Interest continues to
accrue during periods of forbearance. Forbearance is typically
granted at a lender's discretion, usually in cases of extreme
financial hardship or other unusual circumstances and when a
borrower has either exhausted deferment eligibility or does
not qualify for a deferment
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| Free Application for Federal Student Aid (FAFSA): The submission of the FAFSA is required to determine eligibility for virtually all forms of government financial aid. The FAFSA form is available from the U.S. Department of Education or from any campus financial aid office. |
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