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| FINANCIAL
AID TERMINOLOGY |
| FAFSA
(Free Application for Federal Student Aid) is
a required application for all students who wish to apply for federal
need-based aid. |
| CSS
Profile is the application used to determine SU's need-based
aid. Only entering students are required to complete this application. |
| Cost
of Attendance is determined each academic year. It includes
tuition and fees and allowances for housing and meals, books, supplies,
travel and personal expenses. The combination of your contribution
and the total amount of aid you are receiving cannot exceed the Cost
of Attendance. |
| Federal Aid is financial aid that is funded and regulated by the U.S. Department of Education. A FAFSA must be completed annually in order to determine eligibility for federal aid. The amount of federal financial aid is determined annually based on federal regulations, student eligibility and the availability of funds. |
| Expected Family Contribution is the amount you and your family are expected to contribute toward your education as calculated on your FAFSA. |
| Financial need is the cost of attendance minus the expected family contribution. |
| Gift aid is any grant and/or scholarship that is awarded to you. These funds do not have to be repaid. |
| Master
Promissory Note (MPN)
is the binding legal document you sign when applying for a Federal
Perkins, Stafford, or PLUS loan. It lists the conditions under which
you are borrowing and the terms under which you agree to pay back
the loan. It will include information about your interest rate and
about deferment and cancellation provisions. It is very important
to read and save this document because you will need to refer to it
later when you begin repaying your loan. You should only need to complete
one MPN per loan program during your educational career at SU. |
| Self-help
is the portion of your financial aid award that consists
of student loans and Federal Work-Study (FWS). You may visit the Student
Employment Services web site for more information on FWS: http://seo.syr.edu/faqs.htm |
| Student
Loans,
such as the Federal Stafford Loans and Perkins Loans, are funds that
you are required to repay after you graduate. You will have an entrance
interview before you obtain a student loan, and an exit interview
just before you graduate, so that you understand all of your loan
obligations. Feel free to visit the Loans
section of this web site for more information. |
| Parent
Loans, such as the Federal Parent Loan for Undergraduate
Students (PLUS), are federally sponsored, low-interest loans available
to parents and step-parents of undergraduate students. The PLUS Loan
allows parents to supplement their student's financial aid package
by borrowing money to cover any costs not already covered by the student's
aid. Families that need additional financing for educational expenses
should consider a Federal PLUS Loan. Feel
free to visit the Loans section of
this web site for more information. |
| Aggregate Loan Limit is the total amount that a person can borrow throughout his/her academic career. Aggregate limits vary by Graduate/Undergraduate career. |
| Deferments
are a period of time during repayment in which the borrower, upon
meeting certain conditions, is not required to make regular monthly
payments. Deferment types include: in school, military, unemployment,
economic hardship, graduate fellowship and rehabilitation training.
Interest does not accrue on Subsidized loans during deferments. |
| Forbearance
is a period of time during repayment in which the borrower is permitted
to temporarily postpone making regular monthly payments. For example,
a forbearance may be granted if the borrower does not qualify for
a deferment or is experiencing financial difficulty. Interest does
accrue during forbearances. |
| Adverse
Credit -
For Federal PLUS loan credit purposes, you are considered to have
adverse credit if your credit report shows: -- 90 days or more delinquent on repayment of any debt -- debt discharged in bankruptcy during the past 5 years -- default, foreclosure, tax lien, repossession, wage garnishment, or write-off of debt during the past 5 years. |
| Loan Forgiveness - Under certain circumstances, the federal government will cancel all or part of an educational loan. For more information, go to http://www.finaid.org/loans/forgiveness.phtml. |
For
comments on this web site, please contact sbluke@syr.edu
|
Copyright
© 2007 Syracuse University. All rights reserved. |