A letter that outlines your financial aid package

from the college(s) to which you applied, detailing your

federal, state, institutional and private aid

A period of time that generally begins on the

day after a borrower graduates, leaves school, or drops

below half-time enrollment and ends on the day before the

repayment period begins; borrower typically is not required to make payments during this time

Unpaid interest that has been added to the

principal balance of a federal student loan

A form prepared annually by current or prospective college students to determine their eligibility for financial aid

Total expense to go to college which may include tuition, room and board, fees, books and supplies, computer costs, transportation to/from home, health insurance, etc.

The largest form of student aid in the country, federal aid programs come in the form of government grants, loans, and work-study opportunities

Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score

Measure, appearing on your Student Aid Report, of your family's financial strength and how much the college expects your family to cover of your college expenses

Describes the status of being behind on one or more loan payments

A portion of a federal student loan that the school pays out by applying the funds to the student's tuition and fees and then by paying the borrower directly for any remaining funds

A federal loan available to graduate or professional students and eligible parents of dependent undergraduate students to help pay for the cost of the student's education at participating schools

A student loan where the student is responsible for the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into their loan

A student loan that the federal government pays interest on as long as the student is in school at least half-time