| FAA (Financial Aid Administrator)
|
A college or university employee
who is involved in the administration of financial aid.
Some schools call FAAs "Financial Aid Advisors" or "Financial
Aid Counselors". |
| FAFSA (Free Application for Federal Student Aid) |
The form that must be completed
by students and parents applying for Federal Title IV student
aid. |
| FDSLP |
The Federal Direct Student
Loan Program. Stafford and PLUS loans are available directly
from the federal government rather than through commercial
lenders. Selected colleges and universities participate
in this program. |
| Federal Methodology |
The need analysis formula
mandated by federal law to determine a family's Expected
Family Contribution (EFC). |
| Federal Processor |
The organization that processes
the information submitted on the Free Application for Federal
Student Aid (FAFSA) and uses it to compute eligibility for
federal student aid. |
| Fellowship |
A form of aid given to graduate
students to help support their education. Some fellowships
include tuition waivers or payments to universities in lieu
of tuition. Most fellowships include a stipend to cover
reasonable living expenses (e.g., just above the poverty
line). Fellowships are a form of gift aid and do not have
to be repaid. |
| FFELP |
The Federal Family Education
Loan Program. Stafford and PLUS loans are financed by private
lenders and guaranteed by the federal government. |
| Finance Charge |
The total dollar amount credit
will cost. |
| Financial Aid |
Financial assistance in the
form of scholarships, grants, work-study, and loans for
education. |
| Financial Aid Package |
The total amount of financial
aid (federal and nonfederal) such as scholarships, grants,
loans, and/or work-study for which a student is eligible.
|
| Financial Aid Transcript (FAT) |
A record of all federal aid
received by students at each school attended. |
| Financial Need |
The difference between the
cost of attendance at a college and the Expected Family
Contribution. |
| Fixed Interest |
On a fixed interest loan,
the interest rate remains the same for the life of the loan.
|
| Forbearance |
Temporary cessation of regularly
scheduled payments or temporarily permitting smaller payments
than were originally scheduled. |
