Automated Clearinghouse, may be used to streamline the electronic transfer of funds

Adjusted Gross Income, Income figure on federal tax returns used to perform need analysis

Periods during the life cycle of a student loan that define the borrower's status relative to the loan obligation:

• In Grace: Out of school but not yet expected to make payments
• In Repayment: Expected to make regular monthly payments unless granted a deferment or forbearance
• In School: Attending an eligible institution at least half time; also known as the "interim" status

Cost of Attendance, an estimate of a student's total education expenses for an enrollment period

College Board tool that collects information to help them award non-Federal student aid funds.

When a federal student loan payment is 270 days delinquent or when the borrower fails to meet other terms of the promissory note

A student who does NOT meet any of the following criteria:

• Is at least 24 years old by December 31 of the school year
• Is a graduate or professional student
• Is a married person
• Has legal dependents other than a spouse
• Is a veteran of the U.S. Armed Forces
• Is an orphan or ward of the court

U.S. Department of Education

Expected Family Contribution, the amount a family can reasonably be expected to pay for a student's education, calculated by the Central Processing System based on the information contained on the Free Application for Federal Student Aid (FAFSA) and a federal need-analysis formula

A student who meets one of the following criteria:

• Is at least 24 years old by December 31 of the school year
• Is a graduate or professional student
• Is married
• Has legal dependents other than a spouse, who receive more than half of their support from the student
• Is a veteran of the U.S. Armed Forces
• Is an orphan or ward of the court

Master Promissory Note

National Student Loan Data System, a database comprised of information from guarantors, schools, lenders, and the U.S. Department of Education (USDE) that contains data on Title IV student financial assistance, www.nslds.ed.gov

Satisfactory Academic Progress, to remain eligible for most types of financial assistance/aid, students must maintain satisfactory academic progress as defined by the postsecondary institution

Produced by the Central Processing System and sent to the student showing the student's calculated Expected Family Contribution (EFC)