| SAT I |
The Scholastic Assessment
Test, which is used to measure a student's ability in math,
verbal comprehension and problem solving. SATs are administered
during the junior and senior years in high school. |
| SAT II Subject Test |
Offered in many areas of study
including English, mathematics, many sciences, history,
and foreign languages. Some colleges require students to
take one or more SAT II tests when they apply for admission.
|
| Satisfactory Academic Progress
|
An eligibility requirement
to receive federal student aid. Satisfactory progress standards
are established by each school. |
| Scholarships |
Funds used to pay for higher
education that do not have to be repaid. Scholarships may
be awarded based on any number of criteria, such as academics,
achievements, hobbies, talents, affiliations with various
groups, or career aspirations. They usually do not provide
funds for living expenses. |
| Secondary Market |
Institutions, like Sallie
Mae, that buy student loans from the institutions that originate
or own them. |
| Selective Service |
Registration for the military
draft. Male students who are U.S. citizens, have reached
the age of 18, and were born after December 31, 1959, must
be registered with the Selective Service to be eligible
for federal financial aid. |
| Self-Help Aid |
Financial aid in the form
of loans or student employment. |
| SEOG |
Supplemental Educational Opportunity
Grant Program; federal grant funds made available through
some schools to a limited number of undergraduate students
with financial need. |
| Serialization |
Combining several loans into
one account so that the borrower only pays one monthly bill.
Original loan terms do not change with serialization. |
| Servicer |
Organization that administers
and collects loan payments. May be either the loan holder
or an agent acting on behalf of the holder. |
| SMART LOAN Account |
Sallie Mae's loan consolidation
plan that allows borrowers to reduce their initial monthly
payments by as much as 40%. |
| Stafford loans |
Loans, both subsidized (need
based) and unsubsidized (non-need based), guaranteed by
the federal government and available to students to fund
education. |
| Statement of Educational Purpose
|
A legal document in which
the student agrees to use the financial aid for educational
expenses only. |
| Student Aid Report (SAR) |
A federal output document
sent to a student by the application processor. The SAR
contains financial and other information reported by the
student on the FAFSA. The student's eligibility for aid
is indicated by the Expected Family Contribution (EFC, which
is printed on the front of the SAR. |
| Subsidized Stafford loans |
Need based loans. |
| Supplemental Loan for Students
|
Federal loans for financially
independent students. This program was eliminated in 1994
with the creation of the Unsubsidized Stafford Loan program.
|
