Financial Aid Definition: 32 Financial Terms to Know

What is financial aid?

32 financial aid terms you need to know

Academic year

Cost of attendance

Default

Deferment

Direct consolidation loan

Direct PLUS loan

5 steps to making a financial aid plan

Direct subsidized loan

Direct unsubsidized loan

Disbursement

Discretionary income

Extended repayment plan

Federal Pell Grant program

Federal student aid

Federal Supplemental Educational Opportunity Grant

Federal Work-Study (FWS) program

Free Application for Federal Student Aid (FAFSA®)

Forbearance

Graduated repayment plan

Grant

Income-based repayment (IBR) plan

Can I afford college? A 5-step visual journey

Income-contingent repayment (ICR) plan

  • 20% of your discretionary income and divided by 12
  • What you would pay on a repayment plan with a fixed monthly payment over 12 years and adjusted based on your income

Independent student

Judgment lien

Master promissory note (MPN)

Net price calculator

Outside scholarship

Pay as you earn (PAYE) plan

PLUS credit counseling

Public Service Loan Forgiveness program

Principal

Satisfactory academic progress

Scholarships

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