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| More 'F' terms |
Financial Aid Administrator - an individual who is responsible for preparing and communicating information pertaining to student loans, grants or scholarships, as well as employment programs, and for advising, awarding, reporting, counseling, and supervising office functions related to student financial aid.
Financial Aid Award – is an offer of financial or in-kind assistance to a student attending a postsecondary educational institution.
Financial Aid Consultant is a person who provides a variety of services to students and parents for free, including preparing the FAFSA and other financial aid forms, estimating the Expected Family Contribution, and estimating financial need.
Financial Aid Notification – the letter from the postsecondary institution that lets the student know whether or not aid has been awarded. In case the student will be receiving assistance, the notification also describes the financial aid package.
Financial Aid Package – is the total amount of financial aid, usually including public and private funds (grants, scholarships, loans, and employment opportunities) offered a student to meet the cost of attendance.
Financial Aid Transcript – is a record of all the federal financial aid that a student has ever received. This form is often required from the student when transferring to another school.
Fixed (interest rate) – is an interest rate on a loan that stays the same for the life of the loan.
Forbearance – a specified amount of time in which a loan does not need to be paid back; usually used by students who don’t qualify for deferment but are unable to make loan payments.
401(k) Plan - a program in which employees of participating companies automatically transfer a percentage of their pre-tax salaries into mutual funds; companies often match a certain percentage of these funds to encourage employees to save.
Free Money – financial aid that accrues no interest and does not need to be paid back.
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