Financial status

Most scholarships are restricted to paying all or part of tuition expenses, though some scholarships also cover room and board. No federal or private education loans charge prepayment penalties. Note, however, that capitalizing the interest on an unsubsidized Stafford loan is a form of compounded interest.

Sometimes these duties are strongly tied to the student's eventual thesis topic. The FAO strongly encourages you to print a copy of any electronic transaction if you wish to retain a paper copy for your records. If the borrower fails to repay the loan as per the agreement, the lender may take ownership of the collateral and sell it to repay the loan.

Scholarship Search Service A service that charges a fee to compare the student's profile against a database of scholarship programs. Even "sure admits" are sometimes rejected. Research assistantships usually provide the graduate student with a waiver of all or part of tuition, plus a small stipend for living expenses.

Simple Interest Interest that is paid only on the principal balance of the loan and not on any accrued interest. Professional Student A student pursuing advanced study in law or medicine.

financial position

For example, if a parent becomes unemployed, disabled or deceased, the FAA can decide to use estimated income information for the award year instead of the actual income figures from the base year. Promissory Note A promissory note or 'note' is a binding legal document that must be signed by the student borrower before loan funds are disbursed by the lender.

They come from many sources and are not checked. The college admissions process is not predictable. Research Assistantship RA A form of financial aid awarded to graduate students to help support their education.

Even "sure admits" are sometimes rejected.

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See also Safety School. Usually the student must maintain certain academic standards to be eligible for subsequent years of the award.

This delegation of authority from the federal government to the financial aid administrator is called Professional Judgment PJ. Return to top Reaching School A school that the student would love to attend, but which isn't "guaranteed" to admit you.

Prepayment Prepayment is paying off all or part of a loan before it is due. Select the Aid Year if prompted from the drop-down list. Statement of Educational Purpose A legal document in which the student agrees to use the financial aid for educational expenses only.

If you do not decline awards, you will be fee liable for the courses in which you are enrolled.

Financial Status Reports

Some renewable scholarships will require the student to reapply for the scholarship each year; others will just require a report on the student's progress to a degree.

The terms and conditions of your loan do not change when it is sold to another holder. Sallie Mae is the nation's largest secondary market and holds approximately one third of all educational loans.

Principal The principal or loan balance is the amount of money borrowed or remaining unpaid on a loan.

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To protect yourself against the latter scenario, you should apply to at least one safety school. If your application for a PLUS loan is turned down, your child may be eligible to borrow additional money under the Unsubsidized Stafford Loan program. Subsidized loans are based on need; unsubsidized loans aren't.

Educational loans are generally not secured. Sallie Mae is the nation's largest secondary market and holds approximately one third of all educational loans. Your withdrawal of consent does not apply to transactions that have already been conducted electronically.

See also Safety School. Prepaid Tuition Plan A college savings plan that is guaranteed to rise in value at the same rate as college tuition.

Risk Return to top Safety School A school that will almost certainly admit the student. Selective Service Registration for the military draft. The student must sign this document before receiving federal need-based aid. The poverty line is more often used in federal student aid, such as the income-based repayment and income-contingent repayment plans, as well as the economic hardship deferment.

For example, if a family purchases shares that are worth half a year's tuition at a state college, they will always be worth half a year's tuition, even 10 years later when tuition rates will have doubled.

You acknowledge that you are aware that your withdrawal of consent may delay the review of your file. Home > UNDERGRADUATE > Maintaining Eligibility Maintaining Eligibility In order to maintain your eligibility to receive financial aid, you must meet the following requirements: You must be a.


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Financial Status Report. There are two options (Portable Document File or Fillable Form) to complete the Financial Status Report Form. Adobe Acrobat Reader is required to complete the Financial Status Report in either format.

Financial status
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