Academic Year
This is a measure of the academic work to be accomplished by a student. 扣扣传媒 Community & Technical College defines our own academic year, but federal regulations set minimum standards for the purpose of determining financial aid awards. By federal requirement, the academic year must be at least 30 weeks of instructional time in which a full-time student is expected to complete at least 24 semester hours.
Award Year
The award year begins in August and extends through July of the next year. Funding for the Federal Pell Grant and campus-based programs (such as Federal Work Study and SEOG ) is provided to 扣扣传媒 Community & Technical College on the basis of the award year.
Base YearThe base year is the calendar year proceeding the award year. Students will use the income for two years prior to the FAFSA application. For instance, students filing the 2026-2027 FAFSA will use the 2024 income information.
Campus-Based Aid Programs
The Federal Supplemental Educational Opportunity Grant and the Federal Work Study program are examples of 鈥渃ampus-based鈥� aid programs because the funds are administered directly by 扣扣传媒 Community & Technical College鈥檚 Office of Student Services. 扣扣传媒 Community & Technical College awards these funds to students using federal guidelines.
Cost of Attendance (Also Known as Cost of Education or Student Budget)
The student鈥檚 cost of attendance includes tuition and fees, living expenses, and other estimated costs incurred while attending school. The cost of attendance is determined by the school using guidelines established by federal regulation. A student鈥檚 cost of attendance is used along with the Student Aid Index to evaluate the student鈥檚 need for aid.
Deferment
When a borrower is allowed to postpone repaying a loan is known as deferment. If you have a subsidized loan, the federal government pays the interest charges during the deferment period. If you have an unsubsidized loan, you are responsible for the interest that accrues during the deferment period. You can postpone paying the interest charges by capitalizing the interest, which increases the size of the loan. Federal loan programs allow students to defer their loans while they are in school at least part-time. If you don鈥檛 qualify for a deferment, you may be able to get forbearance. You cannot get a deferment if your loan is in default. Your federal loan servicer can assist you with any loan deferment questions you may have.
Default
Failure to repay a loan in accordance with the terms of the promissory note.
Default Rate
A percentage calculated each year for each post-secondary school based on the number of former students who have defaulted on a federal student loan received while attending that school.
Disbursement
The payment of financial aid funds to the school. Aid is posted to charges on the student account, and any remaining difference is issued to the student as a refund. The refund is provided based on your refund preference selection on BankMobile. Parent PLUS Loan proceeds are applied to charges before student financial aid. If there is a difference remaining from the Parent PLUS Loan the funds are mailed directly to the parent.
DRN
The Data Release Number is your personal identifier printed in the upper right corner of your FAFSA Submission Summary (FSS).
Electronic Aid Offer
Electronic aid offers will be made after April 15. You will receive an e-mail notification to your campus assigned e-mail address instructing you to access your offer on My扣扣传媒. Students must accept student loans. They will not be automatically accepted.
Estimated Aid Offer Letter
An official document issued by the Office of Financial Aid that lists all the aid offered to the student. The letter provides details on the analysis of your financial need, and the breakdown of your financial aid offer according to amount, source and type of aid. This type of paper notification ceased at the end of the 2004-2005 award year. The award letter has been replaced with an electronically available version on My扣扣传媒. A paper version may be provided upon request.
Federal Processing System (FPS or The Processor)
The FPS is the US Department of Education鈥檚 processing facility for FAFSA 听data and is currently located in Illinois. The FPS receives student information from the application processors, calculates the student鈥檚 official SAI and returns the student鈥檚 information to the application processor who then provides a FAFSA Submission Summary via email to the student.
Financial Aid Counselor
A college employee who is involved in the administration of financial aid.
Financial Need
This is the difference between the student鈥檚 cost of attendance and the Student Aid Index (SAI).
Forbearance
During forbearance the lender allows a borrower to temporarily postpone repaying the principal of a loan, but the interest charges continue to accrue, even on subsidized loans. The borrower must continue paying the interest charges during the forbearance period. Forbearances are granted at the lender鈥檚 discretion, usually in cases of extreme financial hardship or other unusual circumstances where a borrower does not qualify for a deferment. You cannot receive forbearance if your loan is in default.
Free Application for Federal Student Aid (FAFSA)
This is the federal aid application used to collect household and financial information from students. This is an application for Pell, Campus-Based Aid, Student and Parent Loans and State Grants.
Professional Judgement
For need based federal aid programs, the financial aid administrator can adjust the EFC, COA or change dependency status when extenuating circumstances exist. This delegation of authority from the federal government to the financial aid administrator is called Professional Judgment (PJ). PJ decisions are final at the level of the Financial Aid Office. A PJ decision cannot be appealed to the U.S. Department of Education.
Promissory Note (Prom Note or MPN)
This is a legal document which the borrower must sign to get a loan. By signing this note the borrower promises to repay the loan, with interest, in specified installments. The promissory note includes information about the grace period, deferment or cancellation provisions, and the student鈥檚 rights and responsibilities with respect to the loan.
Special Circumstances
Special circumstances听are financial situations that support a change to the听听or Student Aid Index (SAI) calculation. Examples of special circumstances include, but are not limited to:
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Student Aid Index
The听Student Aid Index (SAI) is an eligibility index number that 扣扣传媒鈥檚 financial aid office uses to determine how much federal student aid you would receive if you attended our school. This number results from the听听you and听听provide on your听FAFSA庐听form. This number is not a dollar amount of aid eligibility or what your family is expected to provide. A negative SAI indicates the student has a higher financial need.
FAFSA Submission Summary (FSS)
An output document mailed to the student by the Federal Aid Application Processor. The FSS contains financial and other information reported by the student on the FAFSA. That information is entered into the processing system and a FSS is produced. The student鈥檚 eligibility for aid is determined by using the SAI printed on the front of the FSS.
Unusual Circumstances
Unusual circumstances听are conditions that support a change to a student鈥檚 dependency status based on a unique situation. Examples of unusual circumstances include, but are not limited to:
Please note that unusual circumstances听DO NOT听include:
Verification
A procedure where schools check the information the student reported on the financial aid application. Schools must verify information provided by students who are selected by the Federal Processing System. If your application is selected, you will receive e-mails requesting that you access your missing documents online.
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