Award Package:
Notification from the
Financial Aid Office detailing the type and
amount of aid for which you are eligible.
Capitalization:
A loan arrangement whereby
you may add unpaid interest to the principal,
rather than pay the interest when it is due.
Citizen/ Eligible Non-Citizen:
A student must
fit one of the following categories to receive
federal student aid: a U. S. citizen, a U. S. national
(includes natives of American Samoa or Swain's
Island), a permanent U. S. resident who has an
I-151, I-551 or an I-551C, or has an I-94 from
the INS.
Consolidation:
A federally guaranteed
program that allows you to combine qualifying
student loans into one repayment plan.
Consortium Agreements:
A consortium
agreement is a contract between the student,
the host institution, and the College of Saint
Elizabeth. This agreement allows the College of
Saint Elizabeth to process Federal, State, and
possible CSE student aid for the student while
taking courses at another university.
Cost of Attendance:
The total amount it will
cost a student to attend school. The cost includes
tuition, room and board, fees and other educa-tional
expenses.
Default:
Failure to repay a student loan
according to the agreed upon terms. If you
default, your school, lender or the government
may take legal action to recover the money. You
may also harm your future credit rating.
Deferment:
A limited time during which those
eligible do not have to make loan or interest
payments. Deferments vary according to the loan
program. Those who qualify include full-time
graduate and undergraduate students and those
who are suffering a period of financial hardship.
Delinquent:
To be over due on one or more
payments on a loan.
Expected Family Contribution (EFC):
Federal calculation of the amount you are able to
contribute toward your education.
FAFSA:
Free Application for Federal Student
Aid which can be obtained through any high
school guidance office, any college or university
financial aid office or by simply going to
www.fafsa.ed.gov.
Financial Need:
The difference between the
student's cost of attendance and the expected
family contribution.
Forbearance:
An arrangement whereby the
lender may delay the repayment of a student
loan because of financial hardship.
Graduate Student:
A graduate or professional
student is a student who for a period of
enrollment is enrolled in a program above the
baccalaureate level at an institution of higher
education or is enrolled in a program leading to a
first professional degree; has completed the
equivalent of at least three academic years of full-time
study at an institution of higher education,
either before entrance into the program or as
part of the program itself; and in not receiving
aid under Title IV of the Act as an undergraduate
student for the same period of enrollment.
Guaranty Agency:
An organization that has
an agreement with the U. S. Secretary of
Education to administer the federally guaranteed
student loan programs. The agency may be
either part of your state government or a private
nonprofit agency.
Needs Analysis:
The process that determines
your eligibility for student aid.
Promissory Note:
A legal document that you
sign promising to repay a student loan. It lists the
conditions under which you are borrowing and
the terms under which you agree to pay back
the loan.
Second Baccalaureate Degree:
A student who has already earned a baccalaureate or
professional degree is eligible for additional loan
assistance, provided all applicable eligibility
criteria is met. The loan level will depend upon
the number of transferable credits that the
academic department will allow from the
student's first degree.
Self Help Aid:
Financial aid such as loans that
requires the student upon graduation to begin
repayment on loans borrowed.
Student Aid Report (SAR):
Received by the
student after applying for federal student aid.
SARs contain your FAFSA information and
indicate if you are eligible for the Federal
Pell Grant.
Subsidized Loan:
A subsidized loan is
awarded on the basis of financial need. You won't
be charged any interest before you begin
repayment or during authorized periods of
deferment. The federal government "subsidizes"
the interest during these periods.
Title IV code:
Code number assigned to every
school by the United States Department of
Education. The College of Saint Elizabeth's federal
code is 002600.
Unsubsidized Loan:
An unsubsidized loan is
not awarded on the basis of need. You'll be
charged interest from the time the loan is
disbursed until it's paid in full. If you allow the
interest to accrue (accumulate) while you're in
school or during other periods of nonpayment, it
will be capitalized that is, the interest will be
added to the principal amount of your loan, and
additional interest will be based on that higher
amount.
