Academic Year (AY)

The period of time beginning with the start of the fall semester and ending with the close of the spring semester.

American College Testing (ACT)

A national educational test.

Appeal Process (for Reasonable Academic Progress)

Students not meeting the Reasonable Academic Progress standards may appeal to have their aid reinstated.

Assets

Financial holdings such as cash on hand in checking and savings accounts, trusts, stocks, bonds, other securities, home (if owned), other real estate, business equipment, and business inventory.

Assistantship

Employment offered by individual graduate departments. Most assistantships are for ten or twenty hours per week and focus on research or teaching. Students are paid monthly and taxes are withheld.

Automatic Consideration for Scholarships

If a scholarship states "qualified students are automatically considered--no application is required," you will be considered if you: a) have a valid admissions status by May 1(Beginning with the 2003-2004 academic year, the Admissions deadline with be APRIL 1ST not MAY 1ST), b) have filed a FAFSA (if applicable) no later than April 1, and c) are from a specific area/high school (if applicable).

Award Notification

The document issued to a student that indicates the type and amount of aid they are eligible to receive. The notification also includes the student's estimated cost for attending the UI, the expected parental and student contributions and the student's financial need.

Award Revision

A change in the award resulting in an increase, decrease, program substitution, or cancellation of a recipient's award. This may be necessitated by factors such as a change in the financial circumstances of the family or student or additional aid not reported on the original award notification. Students are sent a revised award notification with an explanation of the change.

Board

Cost of food allowance or meal plan.

Campus-based Programs

The term applies to three federal Title IV student aid programs administered by the UI. These programs are the Federal Perkins Loan, Work-Study, and Supplemental Educational Opportunity Grant programs. The institution (campus) receives funding from the U.S. Department of Education and then awards the funds based on their own award guidelines.

Cancellation of Loan

The forgiveness of all or part of a loan by fulfilling certain terms contained in the promissory note, i.e. active military service, disability, etc.

Cost of Attendance (COA)

Cost of estimated educational expenses for a specific enrollment period, based on a standard of living that is conservative but adequate. The components include: tuition and fees, cost of room and board, cost of books and supplies, cost of transportation, and personal expenses. Also referred to as the student budget.

Cumulative Grade Point Average

For financial aid purposes, the cumulative grade-point average only includes credits earned at The University of Iowa.

Default

The failure of a borrower either to make an installment payment when due or to comply with other terms of the promissory note.

Deferment of Loan

A period of time during which payments on the loan principle are postponed as a result of the borrower meeting one of a number of conditions. During this period, Federal Perkins Loan borrowers and most Federal Direct Subsidized Stafford Loan borrowers will also not have to pay interest on the loan.

Delinquent Borrower

One who has failed to make an installment payment on its due date.

Department of Education (ED)

The agency of the federal government which administers education programs nationally.

Department of Human Services (DHS)

State agency responsible for administering benefits to students who meet their requirements.

Departmental Scholarship

An award of gift assistance that is specifically designated for a recipient in a particular department within the university. This may or may not be a need-based award.

Dependent Student

Student who is dependent is required to provide income and asset information for his/her parents to determine financial aid eligibility. In general, a student is considered dependent unless one of the federal criteria for self-supporting status is met. (See self-supporting student.)

Disbursement

The process by which financial aid funds are made available to students for use in meeting educational and related living expenses. The University Billing Office is responsible for the disbursement of financial aid.

Documentation

Written statements or notes which explain the reasons for any action taken regarding a student's application or award. The purpose of documentation is to provide a step-by-step record of decisions made about a student's financial aid package.

Edit

Review of financial aid application for completeness and accuracy of information. (Called verification at other institutions.)

Educational Benefits

Funds, primarily federal, awarded to certain categories of students (i.e., veterans and students with physical disabilities) to help finance their post secondary education.

Eligible Noncitizen

A student aid applicant who is not a U.S. citizen, but is eligible to receive Title IV assistance.

EOP

Educational Opportunity Program. Grant program for students in the UI Support Services Program (SSP).

Exceptional Financial Need

Definition of exceptional financial need varies depending upon the program for which the student is being considered. Contact the Office of Student Financial Aid regarding specific programs and their requirements.

Exit Interview

An interview between a student borrower and the University of Iowa Student Loan Accounting Office when the student borrower terminates at least half-time enrollment at the UI. The interview provides an opportunity to discuss the borrower's financial responsibilities for repayment of the loan and to obtain information about the borrower which may aid in collecting the loan.

Expected Family Contribution (EFC)

The amount that the student and, if the student is dependent, his/her parents can theoretically contribute to the student's education. This EFC is determined by analyzing the family's financial information on the Free Application for Federal Student Aid.

FAFSA

The Free Application for Federal Student Aid (FAFSA) is the federal form required to determine financial need at The University of Iowa. The FAFSA should be filed immediately after January 1 of the year of your fall admission and no later than April 1 in order to be considered for scholarships that include financial need among the criteria.

Federal Family Education Loans (FFEL)

Loan program where funds are provided by private lenders, such as banks, credit unions and savings and loan associations. The University of Iowa no longer participates in the FFEL program. The University participates in the Federal Direct Student Loan program, which offers the same loan options.

Federal Direct Student Loan Program

Federal student loan program which includes Federal Stafford Loan, Federal Unsubsidized Federal Stafford Loan, and Federal Parent Loans for Undergraduate Students (PLUS). Established by the Student Loan Reform Act of 1993, the UI began participating in the program in the 1995-96 academic year. The University approves the loan and pays the student directly with funds provided by the U.S. Department of Education. Responsibility for servicing the loan, including collections, is assumed by the Department of Education.

Federal Direct Subsidized Stafford Loan

Loan from the Federal Government which does not incur interest indebtedness while the student is enrolled at least half-time, during the grace period or during deferments. Must show financial need to be eligible.

Federal Direct Unsubsidized Stafford Loan

Loan from the Federal Government which does incur interest indebtedness while the student is enrolled in school, during the grace period and during deferment. Not a need-based loan.

Federal Direct PLUS Loan

For parents without adverse credit history who want to borrow for their dependent students.

Federal Methodology

A need analysis formula used to analyze the information on the Free Application for Federal Student Aid. The outcome generates the amounts that a student and/or family can pay for post secondary education.

Federal Pell Grant

A grant program for undergraduate students who have not yet completed a first baccalaureate course of study. It is designed to assist financially needy students with basic educational expenses. If a student applies, meets all eligibility criteria, and is enrolled in an eligible program at an eligible institution, he/she will receive a Federal Pell Grant.

Federal Pell Grant Payment Schedule

A chart published annually by the Secretary of Education, delineating the scheduled Federal Pell Grant awards for the Expected Family Contribution.

Federal Perkins Loan

Low-interest loan for undergraduate and graduate students with exceptional need. Repayment of the loan begins when the student graduates, withdraws, or drops below half-time enrollment status. The borrower makes payments to the UI Student Loan Accounting Office which, in turn, deposits those payments into the Federal Perkins Loan Fund. Repayments are then loaned to other eligible students from this revolving loan fund.

Federal Processor

Organization that processes the information submitted on the Free Application for Federal Student Aid. The current contractor is National Computer Systems (NCS) in Iowa City.

Federal Register

The government publication, published each weekday (except federal holidays), which lists regulations, regulatory amendments, notices and proposed regulatory changes for all federal executive agencies. The Department of Education sends reprints of excerpts from the Federal Register pertaining to student financial aid to all schools participating in Title IV programs.

Federal Stafford Loan

(Formerly Guaranteed Student Loan) The student loan program authorized by Title IV-B of the Higher Education Act of 1965 (reauthorized and amended in 1986). Source of funds is private capital (e.g., banks, savings and loan associations, credit unions, and similar types of lending institutions); schools, state agencies, and private nonprofit agencies may also qualify as lenders. Beginning with the 1995-96 academic year, this program was replaced at the UI with the Federal Direct Student Loan program.

Federal Supplemental Educational Opportunity Grant (SEOG)

Grants to students who have exceptional financial need. These grants are awarded by the institution directly to the student.

Fellowship

Awarded by individual graduate departments or the graduate college. Students are paid monthly and taxes are not withheld. This type of appointment is based on merit and does not require employment hours. It is counted as a source of aid and can reduce eligibility for federal aid.

Financial Aid Award

An offer of financial assistance to a student attending the UI. This award may be in the form of one or more of the following types of financial aid: a repayable loan, a nonrepayable grant and/or scholarship, or student employment.

Financial Aid Package

A complete collection of aid-grants and/or scholarships, employment or loans-offered to students to enable them to attend the University of Iowa.

Financial Aid Transcript (FAT)

A verification of whether a student did or did not receive financial aid while attending another post-secondary institution. Required for mid-year transfers only.

Financial Need

The difference between the estimated cost of attendance at the UI and the family's ability to pay as determined by federal formula and the information submitted on the Free Application for Federal Student Aid. Cost of Attendance - [Student Contribution + Parent Contribution] = Financial Need.

A student entering the University of Iowa directly from high school.

The financial aid application, provided by the Department of Education, which is used to determine the expected family contribution using the Federal Methodology. Processing of this form is free.

Full-time Student Status

Undergraduates: a student registered for 12 or more hours per academic term or 6 hours during the summer session. Graduates: a student registered for 9 or more hours per academic term or 5 hours during the summer session.

Gift Aid

Student financial aid which does not require repayment or that work be performed. This generally includes grants and scholarships.

GPA

Grade Point Average.

Grace Period

The period of time that begins when a loan recipient ceases to be at least a half-time student and ends when the repayment period starts. The loan principal and interest need not be paid by the student during the grace period.

Graduate Student

Students admitted or enrolled in the graduate college.

Gift aid programs which do not require repayment or that work be performed. Federal Title IV grant programs include the Federal Federal Pell Grant and Federal SEOG.

GRE

Graduate Record Examination. The OSFA processes GRE fee waivers for eligible students.

Guaranteed Student Loan (GSL)

See Federal Stafford Loan.

Half-time Student

A student who is carrying a half-time academic workload. Undergraduates: at least 6 hours per semester during the academic year and 3 hours during the summer term. Graduates: at least 5 hours during the academic year and 3 hours during the summer term.

HPL

Health Professions Loan.

IASFAA

Iowa Association of Student Financial Aid Administrators.

ICL

Income Contingent Loan.

ICSAC

Iowa College Student Aid Commission. State agency located in Des Moines which administers state scholarship programs.

Independent Student

Student who meets the federal requirements to file the FAFSA without parental information. The requirements for self-supporting status may be found in Student Guide under the topic "Dependency Status."

Information Summary

Part 1 of the Student Aid Report (SAR), this informs the student whether he or she may be eligible for a Federal Pell Grant.

Institutional Agreement

A document signed by the President of the UI, specifying the conditions for our participation in the federal student financial assistance programs.

IVF

Institutional Verification Form. Financial aid application form required by The University of Iowa.

Limited Funds

Limited funds are awarded on a first-come, first served basis until funds are depleted. Be sure to apply for financial aid as soon as possible after January 1 for the upcoming year.

Loan

An advance of funds which the recipient promises to repay, evidenced by a promissory note specifying the terms and conditions of repayment.

MASFAA

Midwest Association of Student Financial Aid Administrators.

Maximum Amount of Institutional Academic Achievement Scholarships for Undergraduate Students

University of Iowa policy limits the total amount of renewable institutional academic achievement scholarship support received by an entering first year undergraduate student in the first and each subsequent year. Such scholarship support may not exceed the total annual cost of education (as determined yearly by the Office of Student Financial Aid) PLUS $1000.

One-year or one-semester institutional academic achievement scholarships awarded by the university, a college, a department, or the Honors Program after the first year of study are excluded from this limit.

Merit-Based Assistance

Scholarships that are awarded on academic achievement and not on the basis of financial need.

NASFAA

National Association of Student Financial Aid Administrators.

National Direct Student Loan (NDSL)

National Direct Student Loan, renamed Perkins Loan in 1986 and Federal Perkins Loan in 1992.

Need Analysis

The process used to evaluate an applicant's financial situation to determine how much student aid he or she needs to help meet post secondary educational expenses. This analysis involves both an evaluation of institutional costs and total resources available to the student.

Need-based Assistance

Any form of financial aid awarded on the basis of documented financial need.

Off-Campus

Students living in apartments or homes. Used in determining the cost of attendance.

On-Campus

Students living in residence halls. Used in determining the cost of attendance.

OSFA

Office of Student Financial Aid.

Overaward

The condition which occurs when all the assistance to a student exceeds the student's financial need.

Overpayment

Any amount paid to a student in excess of the amount which the student is entitled to receive. This situation may arise due to a change in enrollment status, withdrawal, or a change in financial situation. In any of these instances, the student would be required to repay excess funds received.

Parent

For need analysis purposes a parent is the student's mother or father or adopted parents.

Parent Contribution (PC)

An estimate, resulting from the need analysis process, of the parents' ability to contribute to the student's post secondary educational expenses.

Part-Time Employment

University employment open to individuals who are students at the University. During the summer, registration is not required. Students are paid bi-weekly for the hours worked. Employers establish the pay rate. Jobs are available on the world wide web Jobnet site.

PLUS

Parent Loans for Undergraduate Students.

Post Secondary Institution

An educational institution providing educational services beyond the high school level.

Principal and Interest

Principal refers to the loan amount borrowed; interest refers to the fee charged for use of the money over a period of years.

Professional Programs

Students admitted or enrolled in the colleges of Law, Medicine, Dentistry are in professional degree programs. Students in the College of Pharmacy are in the professional degree program if they have earned a minimum of 72 hours at the undergraduate level.

Program Participation Agreement

A written agreement that the UI and the Secretary of Education must sign. It permits the UI to participate in the Title IV student assistance programs.

Program Regulations

Those rules which are provided to institutions to follow in administering student aid programs.

Promissory Note

The legal document the student signs when obtaining a student loan. It lists the conditions under which the student is borrowing and the terms under which the student agrees to pay back the loan.

RAI

Request for Additional Information. Used during the edit/verification process.

RAP

Reasonable Academic Progress. The Higher Education Act requires that a student be making satisfactory academic progress to receive Title IV aid. The UI OSFA has established RAP standards for evaluating a student's efforts to achieve an educational goal within a given period of time.

RAP Probation

Students are placed on Reasonable Academic Progress (RAP) Probation the first time that they do not meet the minimum qualitative or quantitative requirements of the RAP Standards. Specific requirements are established for the probation term. Students are still eligible for aid while on RAP Probation.

Reauthorization

The legislative process, generally carried on every 4 to 5 years in the case of the Higher Education Act, whereby Congress reviews and either renews, terminates, or amends existing programs. The 1986 Reauthorization of the Higher Education Act instituted a number of changes, particularly in the self-supporting student definition and the Guaranteed Student Loan program (now called Federal Stafford Loan).

Recoup

Recoup occurs when financial aid has already been disbursed and the student is in fact not eligible for the financial aid. The university bill (U-bill) will show the "resource recoup" with the amount that needs to be repaid.

Repayment on a Grant

The amount due from a student to federal student aid fund accounts owing to a change in enrollment status, total withdrawal, or change in financial situation. This may be a partial or total repayment of a Federal Pell Grant or Federal SEOG.

Repayment Schedule

A plan setting out the principal and interest due on each loan installment and the number of payments required to pay the loan in full.

Resident Student

A student who has established residency in the state of Iowa for UI tuition purposes. This determination is made by the Registrar's Office. The Registrar's Office provides information about residency applications on their web site. You may contact the Registrar's Office at (319) 335-0238 if you have questions regarding your residency status.

Return of Title IV Funds

The amount of financial aid that must be returned when a student withdraws.

Room

Cost for living in the residence halls or off-campus rent.

SAR

Student Aid Report. Report sent to student by the Federal Processor which summarizes the information included on the FAFSA and shows the amount of the expected family contribution.

Scheduled Federal Pell Grant (Scheduled Award)

The amount of a Federal Pell Grant which would be paid to a full-time student for a full academic year. The Scheduled Award is based on the estimated family contribution and the total allowable cost of attendance and is determined from the Payment Schedule.

Scholarship

A form of financial assistance which does not require repayment or employment. A "merit-based" scholarship may be made to a student who demonstrates or shows potential for distinction, usually in academic performance, at the institution. The term is also frequently used to refer to need-based state grant ("state scholarship") programs.

Self-help Assistance

Funds provided through the work and effort of the student. Title IV self-help programs include College Work-Study, Federal Perkins Loan, and Federal Direct Student Loans.

Self-Supporting Student

Students who meet the federal requirement to file the FAFSA without their parents' information. The requirements for self-supporting status may be found in the Student Guide under the topic "Dependency Status."

SEOG

Federal Supplemental Educational Opportunity Grants. A Federal grant program for students with exceptional need.

Short Term Loans (STL)

A loan (up to $500) to a student from the UI OSFA which is obtained quickly and must be repaid within a short period of time (generally, by the end of the semester in which it was borrowed).

Statement of Educational Purpose

The student must sign this statement in order to receive federal student aid. By signing, the student agrees to use the student aid for education-related expenses only. The statement is included on the Free Application for Federal Student Aid (FAFSA).

Student Aid Report (SAR)

The SAR is sent directly to the student by the federal processor. The report summarizes the information included on the FAFSA and shows the expected family contribution (EFC).

Student Consumer Information

The information which the UI OSFA provides to prospective and enrolled students about the programs administered by the OSFA.

Student Contribution (SC)

The amount the student is expected to contribute toward educational costs.

Subsidized Loan

No interest is charged as long as the student maintains half-time enrollment, is in the grace period or in deferment.

Title IV aid

Federal student financial aid programs for students attending post secondary institutions. These programs are authorized under Title IV of the Higher Education Act of 1965, as amended, and administered by the Department of Education. The programs are Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Work-Study, Federal Perkins Loans, Federal Direct Student Loans, PLUS Loans, and State Student Incentive Grants.

Truth-in-Lending Statement

The document provided to loan recipients that states the interest rate and other information relative to the loan the student has received. The use of the statement is required by the Consumer Credit Act.

Undergraduate Student

A student enrolled in an undergraduate course of study in an institution of higher education who has not been awarded a baccalaureate or first professional degree.

Unmet Need

The difference between the sum of a student's total available resources and expected family contribution (EFC) and the total cost for the student's attendance at the UI. Cost of Attendance - [Student Contribution + Parent Contribution] - Student's Financial Aid Package = Unmet Need.

Unofficial Withdrawal

When a student who has received financial aid fails to attend classes and does not officially withdraw through the Registrars office. All aid is cancelled and billed on the student's U-bill.

Unsubsidized Loan

Interest is charged while the student is enrolled (regardless of hours), in the grace period and in deferment.

Veterans Administration (VA)

Federal agency responsible for administering veteran's educational benefits to students who meet their requirements.

Vocational Rehabilitation (VR)

Also referred to as Voc. Rehab. State agencies responsible for administering vocational rehabilitation benefits to students who meet their requirements.

Work-Study Program (WS)

A part-time employment program for students who are U.S. citizens or permanent residents in a degree program who demonstrate financial need by filing the Free Application for Federal Student Aid. Students must be registered at least half-time (6 hours undergraduate, 5 hours graduate during the academic year and 3 hours during the summer term for both undergraduate and graduate students). The maximum amount a student can earn under this program is determined by their financial need. Students are paid bi-weekly for the hours worked. Employers establish the pay rate. The employer pays a portion of the wage and the Work-Study program pays the remainder. Jobs are available on the JOBNET website.