1040 Form, 1040A Form, 1040EZ Form
These are the official names of federal tax returns by individuals. Each American earning income must file one by April 15 every year.
1099 Form
This is a form businesses use to report money paid to non-employees, such as contractors. The Form is also used by banks to report interest paid to their customers. The 1099 Form is filed with the IRS.
401 (k)
The 401(k) derives its name from the governing section of the IRS code. It’s a retirement fund sponsored by employers which allows workers to set aside a tax deferred portion of their present earnings toward their retirement. A lot of employers also contribute to their employees’ 401(k) plans. It is possible to borrow money from your 401(k) toward paying for your own or your child’s education.
Academic Year
The part of the year that colleges and universities actually hold classes. Academic year is at least 30 weeks long, and at most colleges begins in early September and ends in late May.
Accrue
To grow, or accumulate, usually referring to interest in the context of financial aid.
Accrual Date
The actual date when interest charges begin accruing, and becoming part of your loan balance.
Achievement Tests (SAT II)
Achievement tests are used by colleges and universities to gauge a student’s aptitude for college level work, and proficiency in specific subject matters. SAT and the ACT are the two most popular achievement tests.
Adjusted Available Income
Adjusted Available Income is what the federal government uses to figure how much you can contribute to you or your child’s education costs. The Income is based on your discretionary net worth, such as savings accounts, certificates of deposit, etc., added to your income (after taxes and allowances) for the year.
Admit-Deny
Admit-Deny is the name of a policy where a school admits students whom they’re not sure are academically ready for college, but doesn’t give them financial aid. Admit-Deny rarely used any more.
Advanced Placement Test (AP)
Advanced Placement Tests are tests given for specific subject areas, such as English, Algebra, History, etc., by a company called ETS. AP tests are held every spring. High school students who score well on the tests may be able to skip and get credit hours for introductory college courses in that subject. The highest score is a 5 and the lowest score is a 1. Advanced Placement tests are a great way for high academic achievers to reduce the time and money spent acquiring a college education, and to spend their college years in more advances courses.
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