|
| A |
Alternative Loans
The same thing as Private Loans.
American College Test (ACT)
The ACT is one of the two major college entrance exams used by American colleges and universities. ACT measure proficiency in English, math, reading, and science. Optional writing test involves writing an essay.
Amortization
Amortization is simply a term for reducing a loan balance by paying it back in regular installments.
Appeal
A student who’s denied financial aid, or been granted less than they think they qualify for, may file an appeal with the college or university. In case an appeal is approved, the financial aid office will look at the student’s situation in more depth, and will ask the student to explain why the decision should be changed, and provide documentation of their actual need and extenuating financial circumstances.
Asset
An asset is something of value. This would include things such as savings accounts, home equity, equity in a business, real estate such as rental properties, certificates of deposit, stocks, rare coin collections, etc. An asset is anything that has substantial monetary value, except for approved retirement funds.
Asset Protection Allowance
Federal guidelines have been created to outline how much a family is expected to contribute to their child’s college costs, based on their finances. But not everything parents own is counted. Asset Protection Allowance is the portion of the parents’ assets that isn’t counted. For the normal family, this is around $40,000, but that’s an average, and it varies widely. The older the parents are, the larger the asset protection allowance is.
Associate Degree
A two year degree.
Award Letter
The award letter is the also known as Financial Aid Notification. The award letter is the official document issued by a college or university containing all the details of the financial aid package awarded to a student. The letter will explain how they figured the student’s need, list the various types of aid given, and discuss terms and conditions of the aid offered, and how much it will cost for the student to attend. The student must sign a copy of the letter, either accepting or rejecting the offer, and return it to the financial aid office of the school.
Award Year
The school year for which financial aid is being applied for.
|
|
