Independent Status: A student is considered Independent if he or she:  is 24 years or older (as of 12/31 of the award year), is a graduate or professional student, is married, has legal Dependents, is an orphan or ward of the court; or is a veteran of the U.S. Armed Forces.

In-School Interest Rate: Rate at which interest accrues on Federal Stafford Loans while students are enrolled at least half-time in school.  The in-school rate is typically lower than the rate at which interest accrues when the loan is in repayment.

Interest: Amount charged to a student loan borrower for the privilege of using the lender's money. Interest is usually calculated as a percentage of the principal balance of the loan. The percentage rate may be fixed for the life of the loan or it may be variable, depending on the terms of the loan.