- Federal Family Education Loan Program (FFELP)
A loan program that was authorized by the federal government under the Higher Education Act of 1965, as amended. This program included Federal Stafford, PLUS, and Consolidation Loans. These loans were funded by lenders, guaranteed by guaranty agencies, and ultimately insured by the federal government.
The Health Care and Education Affordability Reconciliation Act of 2010 prohibits lenders from originating federal student loans under the Federal Family Education Loan Program on or after July 1, 2010.
- Federal Interest Subsidy
- The federal government's payment of accrued interest on subsidized Stafford Loans to the lender on behalf of the borrower during in-school and deferment periods. For subsidized Stafford Loans with a first disbursement prior to July 1, 2012, the federal government also pays the accrued interest during the 6 month grace period.
- Federal Loan
- A loan available from the US government.
- Federal Supplemental Educational Opportunity Grants
- Government grants distributed by colleges, at their discretion, to students based on need.
- Federal Work-Study
- Part of the Federal Student Financial Assistance Program that provides part-time employment for college students who need income to help meet education costs
- A form of aid given to graduate students to help support their education. Some fellowships include tuition waivers or payments to universities in lieu of tuition. Most fellowships include a stipend to cover reasonable living expenses. Fellowships are a form of gift aid and do not have to be repaid.
- Finance Charge
- The cost of credit as defined by the Federal Truth-in-Lending Act, includes interest, loan origination fees, points and certain other loan fees. Late fees and returned check fees are not finance charges.
- Financial Aid
- Assistance provided in the form of grants, scholarships, work-study, and loans to provide funding for an education.
- Financial Aid Administrator (FAA)
- A staff member at a school who administers financial aid programs.
- Financial Aid Office
- A department at the school that provides assistance to students and parents about how to pay for school.
- Financial Aid Package
- The total amount of monetary assistance the student can receive including all grants, scholarships, work-study, and loans available from school, state and federal programs, as listed in a college's financial aid award letter. It does not include private student loans.
- Financial Aid Transcript
- A record of all federal aid received by a student for each school attended.
- Financial Need (Aid Eligibility)
- The difference between the total cost of attendance and the expected family contribution.
- Fixed Interest Rate
- An interest rate that remains the same for the life of the loan.
- A temporary postponement of payments.
- Free Application for Federal Student Aid (FAFSA®)
A standard federal form used to determine the eligibility for most types of financial aid, including federal student loans.
FAFSA is a registered service mark of the U.S. Department of Education.