| Early Decision |
A program with earlier deadlines
and earlier notification dates than the regular admissions
process. Students who apply to an early decision program
commit to attending the school if admitted (thus, early
decision can be applied to only one school). Unfortunately,
this means the student has accepted the offer of admission
before they find out about the financial aid package. |
| Elderly Applicant |
As defined in the Equal Credit
Opportunity Act, is a person 62 or older. |
| Electronic Fund Transfer (EFT)
Systems |
A variety of systems and technologies
for transferring funds electronically rather than by check.
|
| Electronic Funds Transfer (EFT)
|
Any transfer of funds that
is initiated through electronic means, such as data transmission
by computer rather than a paper based transaction, such
as a check. |
| Eligible Non-Citizen |
Someone who is not a US citizen
but is nevertheless eligible for Federal student aid. Eligible
non-citizens include US permanent residents who are holders
of valid green cards, US nationals, holders of form I-94
who have been granted refugee or asylum status, and certain
other non-citizens. Non-citizens who hold student visas
or exchange visitor visas are not eligible for Federal student
aid. |
| Endowment |
Funds owned by an institution
and invested to produce income to support the operation
of the institution. Many educational institutions use a
portion of their endowment income for financial aid. |
| Enrollment Status |
An indication of whether you
are a full-time or part-time student. Generally you must
be enrolled at least half-time (and in some cases full-time)
to qualify for financial aid. |
| Entitlement |
Entitlement programs award
funds to all qualified applicants. The Pell Grant is an
example of such a program. |
| Entrance Interview |
See Loan Interviews. |
| Exit Interview |
See Loan Interviews. |
| Expected Family Contribution (EFC)
|
Amount a family is expected
to contribute to a student's education. EFC is calculated
based on family earnings, net assets, savings, size of family
and number of students in college. |
| ExportSS Service |
Sallie Mae's loan administration
and origination service offered to lenders. |
