Financial Aid Glossary of Terms

Please select the first letter of the term
you are interested in learning about.
(links are to areas that provide more information)

A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z

A

Academic Level:
Grade level determined by the number of accumulated credits. The following academic levels are applicable to undergraduate students: Freshmen 0-23 Credits
Sophomore 24-56 Credits
Junior 57-87 Credits
Senior 88+ Credits

Award letter:
Formal written notice from the Office of Student Financial Aid and Employment detailing a student's financial aid, its terms and conditions.

B

Budget:
Estimated cost of attendance; usually includes tuition, fees, books, supplies, room, board, personal expenses, and transportation.

C

Campus-Based Financial Aid:
The Federal Perkins Loan, the Federal
Supplemental Educational Opportunity Grant,
and the Federal Work-Study programs. These three programs are called "campus-based" because the funds are administered directly by the school's financial aid office, which awards these funds to students using federal guidelines.

Capitalization:
A loan arrangement whereby you may add unpaid interest to the principal, rather than pay the interest when it is due.

US Citizen, Permanent Resident or Eligible Non-citizen:
You must be one of the following to receive federal student aid:

US citizen
US national (includes natives of American Samoa or Swain's Island)
US permanent resident who has an I-151, I-551, or I-551C (Alien Registration Receipt Card)

If you're not in one of these categories, you must have an Arrival-Departure Record (I-94) from the US Immigration and Naturalization Service (INS) showing one of the following designations in order to be eligible:

"Refugee"
"Asylum Granted"
"Indefinite Parole" and/or "Humanitarian Parole"
"Cuban-Haitian Entrant, Status Pending"
"Conditional Entrant" (valid only if issued before April 1, 1980)

If you have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you aren't eligible for federal student aid. If you're in the United States on an F1 or F2 student visa only, or on a J1 or J2 exchange visitor visa only, you can't get federal student aid. Also, persons with G series visas (pertaining to international organizations) are not eligible for federal student aid.

Cost of Attendance:
The student's cost of attendance includes not only tuition and fees, but the student's living expenses while attending school. The cost of attendance is estimated by Binghamton University in accordance with federal regulations. The cost of attendance is compared to the student's expected family contribution to determine the student's need for financial aid.

Credit Check:
Electronic process by which the Direct Loan Service verifies the credit (not employment) history of a PLUS applicant
and or endorser.

D

Debt:
An amount of money owed.

Default:
Failure to repay a loan according to the terms agreed to when you signed a promissory note. Default also may result from failure to submit requests for deferment or cancellation on time. The consequences of default are severe. For more information, see Borrower Responsibilities and Rights.

Dependents:
Any child of the student who receives more than half support from the student (the child does not live with the student), including a natural or adopted child, or a child for whom the student is legal guardian. Also, any person who lives with the student and receives more than half support from the student during the award year.

Dependent Student:
A student who does not qualify as an independent student.

Disbursement:
The process by which financial aid funds are made available to students for use in meeting educational and related living expenses.

E

Educational Opportunity Program (EOP):
A specialized program of admissions and financial aid at State University of New York colleges and universities. EOP is designed to provide economically disadvantaged students with the opportunity to attend college.

Eligibility Requirements:
The basic criteria established by the federal government which students must meet in order to qualify for federal financial aid. To be eligible for financial aid students must:

have financial need, except for some loan programs

have a high school diploma or a General Education Development (GED) Certificate, pass a test approved by the US Department of Education, or meet other standards established by the student's home state

be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program

be a US citizen or eligible noncitizen

have a valid Social Security number

make satisfactory academic progress

sign a statement of educational purpose and a certification statement on overpayment and default both found on the Free Application for Federal Student Aid

register with the Selective Service, if required

Exceptional Financial Need:
An eligibility criterion in the SEOG programs. Exceptional financial need for SEOG is defined as in statute as the lowest expected family contributions at an institution.

Expected Family Contribution (EFC):
A figure used to determine financial aid eligibility. The EFC is determined based upon a formula developed by the United States Congress. The EFC is printed on the front of the Student Aid Report. See also the EFC page.

F

Federal Direct Loan:
A federal loan program whereby loan funds from the federal government are channeled through the school directly to the student. No banks or lending institutions are involved with the federal direct loan program. This streamlines the lending process.

Federal Supplemental Educational
Opportunities Grant (FSEOG):
One of the campus-based programs. This is a grant to undergraduate students with exceptional financial need who have not completed their first baccalaureate degree and who are financially in need of this grant to help pay their educational expenses. Priority for FSEOG awards is given to Federal Pell Grant recipients.

Federal Work Study:
Part-time employment for students to help pay for college expenses. Eligibility for FWS is based on financial need.

Federal Work Study Confirmation Form:
Form generated by the Office of Student Financial Aid and Employment and made available to students eligible for federal work study (FWS). Students take this form to an interview for a FWS job.

Fellowship:
A grant or money for postgraduate study which may require the recipient to teach or conduct research. See also the Graduate Fellowship page.

Financial Aid Award Letter:
A letter which contains an offer of financial or in-kind assistance to a student attending college. This award letter may contain an offer of financial aid in any one of the following types:

Loan

Grant

Scholarship

Student Employment

Financial Aid Package:
A financial aid award to a student usually comprised of a combination of forms of financial aid (loans, grants, scholarships, and employment).

Financial Aid Transcript:
A form used by colleges and universities to collect data about any financial aid awards that a student received at other educational institutions if the student is a midyear transfer student.

Financial Need:
The difference between the student's cost of attendance and the expected family contribution.

Free Application for Federal Student Aid (FAFSA):
The application for all federal student aid. This form is completed by the student and lists household and financial information which is used to calculate financial aid eligibility. See also the FAFSA page.

G

Grace Period:
The period of time that begins when a loan recipient ceases to be at least half-time and ends when the repayment period begins. During the grace period interest does not accrue on the loan. In addition, no principal payments on the loan principal are required during the grace period.

Grant:
Financial award for which there is no expectation of repayment or services to be performed. See also the grants page.

H

Half-time Student:
An enrolled undergraduate student who is carrying a half-time academic load which is defined by Binghamton University as 6 credit hours per semester. For information on half-time status for enrolled graduate students, please see the Graduate Office.

I

I-9 Form:
Employment form required by the Immigration and Naturalization Service. Students seeking a FWS job or temporary service job will be asked to complete an I-9 form prior to beginning employment. See also the I9 Form page.

Independent Student:
For federal student aid purposes, students who meet at least one of the following criteria are considered independent students for the 2000-01 academic year:

Born before January 1, 1977

Married (as of the day you filed the FAFSA)

Veteran of the US Armed Forced

Ward of the court (until age 18) or both parent deceased

Legal dependents (other than spouse)

Additional criteria as specified by the Office of Student Financial Aid and Employment at Binghamton University

J

Job Board:
Listing containing available on-campus Federal Work Study jobs and Temporary Service jobs. The Job Board is located in the Student Wing of the Lecture Hall.

Job Locator Service:
Binghamton University students are encouraged to use the JLS to find part- time, off-campus employment during the Fall and Spring semesters. The JLS can also help students identify full-time
Summer positions. Students seeking off-campus employment may browse our new JOB LISTINGS or stop by the Office of Student Financial Aid and Employment where JLS job postings are listed. The JLS is free to all Binghamton University students.

K

L

Loan:
An award made to a student with a formal agreement for repayment with interest.

M

Matriculated:
Student admitted to a degree granting program.

Merit Based Aid:
Financial aid which is awarded based on demonstrated academic excellence, professional promise, and personal merit.

N

Need Based Financial Aid:
Financial aid that relies upon financial need. Financial need is considered to be total cost minus expected family contribution, as determined by Congress. The student is required to complete the Free Application for Federal Student Aid (FAFSA to assess need as the criterion for financial aid eligibility).

Non-Need Based Financial Aid:
Financial aid that does not require financial need as a criterion for financial aid eligibility. Examples of non-need based financial aid include the federal direct unsubsidized loan.

Federal Nursing Loan:
A low interest (5%) loan for students enrolled in a nursing program. Repayment begins nine (9) months after graduation, withdrawal, or enrollment less than half-time. These loans are for graduate and undergraduate students with exceptional need, as determined by Binghamton University. For undergraduate students, priority is given to Federal Pell Grant recipients. Maximum amounts at Binghamton University are as follows:

$2,500/yr. Undergraduate and graduate students

$10,000 Total undergraduate Nursing Loan debt

$20,000 Total graduate Nursing Loan debt

O

Origination Fee:
A 3% fee charged for administration of a federal direct loan. This fee is deducted from the loan prior to disbursement.

P

Federal Pell Grant:
An award to help undergraduate students pay for their college education. The maximum amount available for the 2003-04 academic year is $4,050. See also the Pell Grant page.

Federal Perkins Loan:
A low interest (5%) loan to help students pay for their education after high school. Repayment begins nine (9) months after graduation, withdrawal, or enrollment less than half-time. These loans are for undergraduate students with exceptional need, as determined by Binghamton University. For undergraduate students, priority is given to Federal Pell Grant recipients. Maximum amounts at Binghamton University are as follows:

$1,500/yr. Undergraduate Students

$15,000 Total Undergraduate Perkins Loan Debt

Q

Quality Assurance Program:
Federal financial aid program that exempts schools from collecting certain documents from students to verify the accuracy of information reported on the FAFSA. The Quality Assurance Program allows participating schools to collect data from a smaller number of students. Data collected from the sample is used the following year to address and correct errors in the FAFSA application process.

R

Renewal Free Application for Federal Student Aid (FAFSA):
Renewal form mailed to students who filed the FAFSA during the previous academic year. The renewal FAFSA reports information from the previous year's FAFSA application allowing students to update this information for the upcoming academic year. The renewal FAFSA serves the same purpose as the FAFSA.

S

Satisfactory Academic Progress:
The academic progress required of a financial aid recipient to receive federal and or state financial aid funds. See also the Satisfactory Academic Progress page.

Scholarship:
A form of financial assistance which does not require repayment or employment and is made to the student based upon criteria established by the donor(s). See also the Scholarship page.

Student Aid Report (SAR):
A federal output document generated by the FAFSA processor and mailed to the student. The SAR contains the family's financial information and other information as reported by the student on the FAFSA. The student's eligibility for financial aid is indicated by the EFC printed on the front of the SAR.

T

Temporary Service Job:
An on-campus, non-need based student employment position at Binghamton University.

Title IV Code:
Unique code used on the FAFSA to identify each school. Binghamton University's Title IV code is 002836.

Tuition Assistance Program (TAP):
A grant sponsored by New York State for New York residents attending an approved postsecondary institution on a full-time basis. At Binghamton University, the range of TAP varies up to 90% of SUNY tuition. Applicants must meet income and residency requirements. Students may apply for TAP by submitting both the FAFSA and Express TAP applications. Beginning 2000-01 most students who filed an Express TAP application (ETA) and received TAP will not be sent an ETA, but will be sent a "change form" to confirm that the information used to complete your TAP award is correct. About 40 percent of students will be mailed an ETA to compete and return, rather than a change form (which need not be returned if the information is correct).

U

University Fees:
Fees assigned to student's registering for courses at Binghamton University. For a complete listing of university fees at Binghamton University see
Student Accounts.

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V, W, X, Y, Z