A

ACADEMIC YEAR

A period of at least 30 weeks of instructional time during which a full-time student is expected to complete at least 24 semester hours.

ACCRUAL DATE

The day interest begins to accrue or be charged monthly on an educational loan.

ADJUSTED GROSS INCOME

Your or your family's wages, salaries, interest, dividends, etc., minus allowable deductions as reported on a federal tax return.

ADVERSE CREDIT HISTORY

A credit history is a summary of your financial strength, including your history of paying bills and your ability to repay future loans. To qualify for a PLUS loan, you cannot have an adverse credit history. Your credit history may be considered adverse if you are experiencing any of the following credit conditions:

• Bankruptcy discharge within the past 5 years.
• Voluntary surrender of personal property to avoid repossession within the last 5 years.
• Repossession of collateral within the last 5 years.
• Foreclosure proceedings started.
• Foreclosure within the last 5 years.
• Conveying your real property that is subject to a mortgage (by deed) to your lender to avoid foreclosure (deed in lieu of foreclosure).
• Accounts currently 90 days or more delinquent.
• Unpaid collection accounts.
• Charge offs/write offs of federal student loans.
• Wage garnishment within the last 5 years.
• Defaulting on a loan, even if the claim has been paid.
• Lease or contract terminated by default.
• County/State/Federal tax lien, within the past 5 years.

AWARD OFFER (or Financial Aid Package)

The official award, issued by the Financial Aid Office, which lists all the financial aid awarded to the student.

AWARD (AID) YEAR

Begins with the Fall semester, continues into the Spring semester, and ends with the Summer semester.

C

CAPITALIZATION

The addition of unpaid interest to the principal balance of a loan. When the interest is not paid as it accrues during periods of in-school status, the grace period, deferment, or forbearance, your lender may capitalize the interest. This increases the outstanding principal amount due on the loan and may cause your monthly payment amount to increase. Interest is then charged on that higher principal balance, increasing the overall cost of the loan.

CITIZEN OR ELIGIBLE NON-CITIZEN

You must be one of the following to receive federal student aid:

• U.S. Citizen
• U.S. National (includes natives of American Samoa or Swain's Island)
• U.S. Permanent Resident with a current permanent resident card, an I-151, I-551, or I-551C (Alien Registration Receipt Card)
• A person in the U.S. for other than temporary purpose with the intention of becoming a citizen or lawful permanent resident, as evidenced by the United States Citizenship and Immigration Services (USCIS) in the Department of Homeland Security (DHS). You must have an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service (INS) showing one of the following designations:
• Refugee
• Asylum Granted
• Indefinite Parole and/or Humanitarian Parole
• Cuban-Haitian Entrant, Status Pending
• Conditional Entrant (valid only if issued before April 1, 1980)
• Other eligible non-citizen with a Temporary Resident Card (I-688)
• You can also be eligible based on the Family Unity Status category, with approved I-797s (Voluntary Departure and Immigrant Petition), or if you have a suspension of deportation case pending before Congress. Permanent residents of the Trust Territory of the Pacific (Palau) may be eligible for federal student aid. Citizens of the Federated States of Micronesia and the Marshall Islands are eligible for Pell Grants, SEOG, or Work Study only. You are NOT ELIGIBLE for federal financial aid if you only have a Notice of Approval to Apply for Permanent Residence (I-171 or I-464A), or if you are in the U.S. on an F1, F2, J1, J2, or G series visa.

CONSOLIDATION

One new loan is created when a borrower combines various educational loans. By extending the repayment period (up to 30 years depending on the loan amount) and allowing a single monthly payment, consolidation can make loan repayment easier for some borrowers.

COST OF ATTENDANCE (COA)

The total amount it should cost a student to go to school--usually expressed as a yearly figure. The cost of education covers tuition and fees, room and board, an allowance for books and supplies, transportation, and miscellaneous expenses. The cost of attendance for CU Anschutz students could include equipment and medical supplies depending on the program.

D

DEFAULT

Failure to repay a student loan according to the terms agreed to when you signed a promissory note. If you default, your school, the organization that holds your loan, the state, and the federal government can all take action to recover the money, including notifying national credit bureaus of your default. Your wages and/or tax returns may be garnished, and you will no longer be eligible to receive federal or state financial aid.

DEFERMENT

An authorized period of time during which a borrower may postpone principal and interest payment. Deferments are available while borrowers are in school at least half time, enrolled in a graduate fellowship program or rehabilitation training program, and during periods of unemployment or economic hardship. Other deferments may be available depending on when and what you borrowed. Contact your lender/servicer for additional details. Interest will continue to accrue on the unsubsidized and PLUS loans even if you are granted a deferment on the loan.

DEPENDENT STUDENT

A student who does not meet any of the criteria for an independent student. An independent student is one of the following:

• at least 24 years old
• married
• a graduate or professional student
• a veteran
• a member of the armed forces
• an orphan or a ward of the court
• someone with legal dependents other than a spouse
• an emancipated minor or someone who is homeless or at risk of becoming homeless.

DIRECT LOAN (DL)

A federal student loan, made through the William D. Ford Federal Direct Loan Program, for which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans are types of Direct Loans.

DIRECT PLUS LOAN

A loan made by the U.S. Department of Education to graduate or professional students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status.

DISBURSEMENT

When financial aid funds are paid into the student's University account. Students should anticipate receiving financial aid funds during the first week of classes in each term, provided all required documents have been submitted.

E

ENDORSER

An endorser is someone who does not have an adverse credit history and agrees to repay the loan if the borrower does not repay it.

ENTRANCE/EXIT INTERVIEWS

Counseling sessions that borrowers are required to attend before receiving their first loan disbursement and again upon graduation, leaving the school or dropping below half-time enrollment. The counseling explains the borrower's rights and responsibilities.

EXPECTED FAMILY CONTRIBUTION (EFC)

This is the number that’s used to determine the student's eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSA, the application for federal student aid. Your EFC is reported to you on your Student Aid Report (SAR).

F

FAFSA (Free Application for Federal Student Aid)

The federal student aid application. This must be completed by all eligible students who wish to be considered for financial aid at CU Denver|Anschutz.

FEDERAL SCHOOL CODE

An identifier that the U.S. Department of Education assigns to each college or career school that participates in the federal student aid programs. In order to send your FAFSA information to a school, you must list the school's Federal School Code on your application. A list of Federal School Codes is available at FAFSA.gov/".

FEDERAL STUDENT AID PIN

Your electronic personal identification number that serves as your identifier to allow access to personal information in various U.S. Department of Education systems and acts as your digital signature on some online forms. If you do not already have a PIN, you can request one online at www.pin.ed.gov.

FINANCIAL AID

Financial aid is funding provided to students and families to help pay for postsecondary education expenses and consist of grants, scholarships, loans and student employment.

FINANCIAL AID ADVISOR

A representative of the Financial Aid Office that reviews a student's application and awards aid, and helps the student in all aspects of the financial aid process.

FINANCIAL AID PACKAGE (or Award Offer)

The total financial aid package that a student is offered. Federal and non-federal aid such as grants, loans, work-study, and scholarships are combined in a "package" to help meet the student's need.

FINANCIAL NEED

The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC). This amount is your total eligibility for need-based aid from all sources, and is used in determining what your aid package will be.

FORBEARANCE

An authorized period of time during which the lender agrees to temporarily postpone a borrower's principal repayment obligation. Interest continues to accrue and usually must be paid during the forbearance period. Forbearance may be granted at the lender's discretion when a borrower is willing to repay their loan but is unable to do so.

FULL-TIME ENROLLMENT

Undergraduate students are considered enrolled full-time when registered for 12 credit hours per term. Graduate students are considered enrolled full-time when registered for 5 credit hours per term. Professional students are considered enrolled full-time when registered for 10 credit hours per term.

G

GRACE PERIOD

The period between the time a borrower graduates, leaves the school or drops below half-time and the time they are obligated to begin repaying their loans - usually six or nine months, depending on the type of loan.

GRADE LEVEL

A student who earns 0-29 credit hours is at a freshman grade level, a student who earns 30-59 credit hours is at a sophomore grade level, a student who earns 60+ is at a junior/senior grade level.

GRANT

A type of financial aid award based on need that does not need to be repaid by the student (unless, for example, you withdraw from school and owe a refund).

H

HALF-TIME ENROLLMENT

• Undergraduate students = 6 credit hours per term
• Graduate students = 3 credit hours per term
• Professional students = 5 credit hours per term.

HOMELESS

An individual is considered homeless if he or she lacks fixed, regular and adequate housing. Someone may be homeless if living in a shelter, park, motel or car, or temporarily living with other people because he/she has nowhere else to go. Also, if someone is living in any of these situations and fleeing an abusive parent he/she may be considered homeless when completing the FAFSA even if the parent would provide support and a place to live.

I

INDEPENDENT

An independent student is one of the following:

• at least 24 years old, married
• a graduate or professional student
• a veteran, a member of the armed forces
• an orphan, or a ward of the court
• someone with legal dependents other than a spouse
• an emancipated minor or someone who is homeless or at risk of becoming homeless

INTEREST

A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan.

L

LENDER

The organization that made the loan initially; the lender could be the borrower's school; a bank, credit union, or other lending institution; or the U.S. Department of Education.

LOAN (Student Loans)

Allows you to borrow money for your education; you must repay your loans, with interest. The Financial Aid Office can award Federal Stafford Loans, Federal Grad PLUS loans, Federal Perkins Loans, institutional loans, and Title VII loans for health professions to eligible students.

LOAN FORGIVENESS

The cancellation of all or some portion of your remaining federal student loan balance. If your loan is forgiven, you are no longer responsible for repaying that remaining portion of the loan.

LOAN SERVICER

A company that collects payments on a loan, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a loan on behalf of a lender. If you're unsure of who your federal student loan servicer is, you can look it up on NSLDS.ed.gov.

M

MPN (MASTER PROMISSORY NOTE)

A binding legal document that a student must sign when he/she gets a federal student loan. The MPN can be used to make one or more loans for one or more academic years (up to 10 years). It lists the terms and conditions under which the borrower agrees to repay the loan and explains the rights and responsibilities as a borrower. It’s important to read and save the MPN because the borrower will need to refer to it later when he/she begins repaying his/her loan or at other times when he/she needs information about provisions of the loan, such as deferments or forbearances.

N

NATIONAL STUDENT LOAN DATA SYSTEM (NSLDS)

A centralized database, available at NSLDS.ed.gov, which stores information on federal grants and loans. NSLDS contains information on how much aid you've received, your enrollment status, and your loan servicer(s). You can access NSLDS using your Federal Student Aid PIN.

NEED-BASED

Based on a student's financial need. Example: A need-based grant might be awarded based on a student's low income.

NEEDS ANALYSIS

A process of reviewing a student's aid application to determine the type and amount of financial aid a student is eligible to receive. Completing a needs analysis form (FAFSA) is the required first step in applying for most types of financial aid.

NET PRICE CALCULATOR

A tool that allows current and prospective students, families, and other consumers to estimate the net price of attending a particular college or career school.

NEW (first-time) BORROWER

A borrower who has no outstanding (unpaid) loan balances on the date the borrower signs the promissory note for a specific educational loan. New borrowers may be subject to different regulations than borrowers who have existing loan balances.

O

ORIGINATION FEE

A fee charged by the lender and deducted from loan proceeds before disbursement to partially offset administrative costs for the loan.

P

PELL GRANT

A federal grant program for first-time undergraduates who demonstrate financial need through the FAFSA.

PELL GRANT LIFETIME ELIGIBLITY USED (LEU)

The sum of all Federal Pell Grant aid award year eligibility (in percentage) awarded to you. The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding.

PERKINS LOAN

A federal student loan, made by the University, for undergraduate and graduate students who demonstrate financial need.

PRINCIPAL

The amount borrowed. Interest is charged on this amount, and an origination fee will be deducted prior to disbursement.

PRIVATE (ALTERNATIVE) LOAN

A nonfederal educational loan made by a lender such as a bank, credit union, or state agency.

PRORATION, LOAN

The annual maximum loan amount an undergraduate student may borrow must be prorated in certain situations, including:

• when the student is enrolled in a program that is shorter than a full academic year; and
• when the student is enrolled in a program that is one academic year or more in length, but is in a remaining period of study that is shorter than a full academic year.

The prorated amount is determined by the number of credit hours the student is taking in the fall semester and the amount of Direct Stafford loans awarded.

R

REPAYMENT SCHEDULE

Discloses the borrower's monthly payment, interest rate, total repayment obligation, due dates and length of time for repaying the loan.

S

SATISFACTORY ACADEMIC PROGRESS (SAP) STANDARDS

The policy of the Financial Aid Office to measure quantitative, qualitative, and maximum academic progress for financial aid eligibility. If a student fails to meet the minimum standards required by this policy, the financial aid award to that student is canceled.

SCHOLARSHIP

Money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.

SEOG (Supplemental Educational Opportunity Grant)

A federal grant program for needy students pursuing their first undergraduate degree.

SERVICE OBLIGATION

The binding Agreement To Serve (ATS) you must sign to receive a TEACH Grant. By signing the ATS, you agree to teach (1) full-time, (2) in a high-need field, (3) at a low-income school or educational service agency that serves certain low-income schools, and (4) for at least four complete academic years within eight years after completing (or ceasing enrollment in) the course of study for which you received the grant. If you do not complete your teaching service agreement, the amount of the TEACH Grants you received will be converted to a Direct Unsubsidized Loan that you must repay with interest chargeD from the date of each TEACH Grant disbursement.

STUDENT AID REPORT (SAR)

A summary of the information you submitted on your FAFSA. You receive this report (often called the SAR) via e-mail a few days after your FAFSA has been processed or by mail within 7-10 days if you did not provide an e-mail address. If there are no corrections or additional information you must provide, the SAR will contain your EFC, which is the number that's used to determine your eligibility for federal student aid.

SUBSIDIZED STAFFORD LOAN

A need-based federal student loan on which the interest is paid by the federal government during the in-school, grace, and deferment periods. Effective from the 2012-13 school year, this loan is available to undergraduate students only.

T

TEACH Grant

A federal grant that provides up to $4,000 per year to students who agree to teach for four years at an elementary school, secondary school, or educational service agency that serves students from low-income families and to meet other requirements. If the service obligation is not met, the grant is converted to a Direct Unsubsidized Loan.

THREE-QUARTER-TIME ENROLLMENT

Undergraduate students are considered enrolled three-quarter-time when registered for 9-11 credit hours per term.

U

UNMET NEED

The amount of financial aid eligibility that is not met with financial aid awards.

UNOFFICIAL WITHDRAWAL

Identified as Title IV (federal) aid recipients who received all "F" or combination of "F" and "W" grades for the term. If you are classified as an unofficial withdrawal student, CU Denver|Anschutz will use the midpoint of the term as your withdrawal date to determine the student's repayment amounts.

UNSUBSIDIZED STAFFORD LOAN

A loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan.

V

VERIFICATION

A process of review to determine the accuracy of the information on a student's financial aid application. Students are selected by the processing agency after the FAFSA is filed. The CU Denver|Anschutz Financial Aid Office will list additional verification documents on your To Do List in the UCD Access Portal.

W

WITHDRAWAL

Ceasing to be enrolled prior to the end of the standard term.

WORK-STUDY

Work-Study provides part-time jobs for students with financial need, allowing them to earn money to help pay educational expenses. The program encourages community service work and work related to the recipient's course of study. More information and job postings are available on the Student Employment page.