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SAT: The SAT is the standardized test that colleges and universities use to predict how well a student might do at their college. The SAT tests math and verbal reasoning abilities, and compares it to the abilities of students from other high schools
| Satisfactory Academic Progress: Most federal aid requires satisfactory academic progress, which is based on maintaining a specific grade point average set forth by the institution. If the student does not show satisfactory academic progress, federal aid can be denied. |
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Scholarships: Free student aid based upon merit. Corporations, organizations, foundations, etc., will typically award scholarships to students based on grades, community involvement, extracurricular activities, athletics, and arts. |
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Secondary Market: When the original lender sells an education loan to another lender, the purchaser of the loan is in the secondary market. The terms of the loan will not change in the secondary market and the borrower will be notified whenever a sale has occurred |
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| Secured Loan: Loans secured by collateral such as houses, cars, or other assets. If the borrower defaults on this type of loan, the lender reserves the right to confiscate or sell the collateral used in acquiring the loan. |
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Servicer: An organization that collects
payments on behalf of the loan holder. The servicer also performs
other administrative tasks associated with maintaining a loan
portfolio, such as disbursing loans, monitoring loans while
the borrower is in school, collecting payments, processing deferments
and forbearances, responding to inquiries and ensuring compliance
with federal and guaranty agency requirements. |
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Simple Interest: Interest charged on the principal balance of a loan, but not charged on interest that has accrued over time.
Matching funds provided by the federal government to state governments to help state residents with financial aid.
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State Student Incentive Grants: Matching funds provided by the federal government to state governments to help state residents with financial aid. |
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Stipend: Fixed or regular pay; salary often awarded to the student with a fellowship, scholarship, or grant |
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| Student Aid Report: Compiles the
information reported in a FAFSA to determine student eligibility
for financial aid. The SAR is provided to a school's financial
aid office for use in creating an Award Letter. The SAR will
also indicate the Expected Family Contribution. |
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| Subsidized Loan: A need-based loan with interest paid by the federal government while the student is in school, in the grace period and during authorized periods of deferment. |
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