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FREQUENTLY USED DIRECT LOAN TERMS

 Award Amount: The Amount of Pell Grant the school expects to pay you based on your enrollment and your school's cost of attendance.
Award Year: The school year for which the financial aid is to be used to fund your education.
Canceled Amount: The portion of a loan, in dollars, that was canceled and not disbursed by the lender. A Perkins loan may be entirely or partially canceled if you serve in any the following areas: (1) teaching, (2) military, (3) law enforcement, or (4) volunteer (i.e.,VISTA, Peace Corps). A loan may also be fully or partially canceled if you die, become disabled, or declare bankruptcy.
Current Guaranty Agency: The three-digit numeric identification code of the agency guaranteeing a Stafford Program loan.
Current Lender: The six-digit code identifying the current holder of a Stafford Program promissory note.
Current Servicer: The code identifying the specific organization currently servicing a loan for a lender or school. This organization is responsible for computing interest and mailing billing statements.
Deferment: The temporary postponement of your loan payments.
EFC: Expected Family Contribution
Enrollment Status: Your academic workload as determined by your school (e.g., full-time, part-time).
FAFSA: Free Application for Federal Student Aid (a standardized need-analysis form)
FAOs: Financial Aid Officers
FWS: Federal Work-Study
Guaranty Agency: Agencies that guarantee Title IV loans for lenders. These agencies also aid in the collection and reinsurance of defaulted loans.
Loan Amount: The amount that an agency or school approved for your loan. Not all this amount may have been disbursed.
Loan Date: The date the Lender approved the loan.
Maturity Date: This is the date on which you must start repaying the loan.
Outstanding Interest Balance: The dollar value of the interest balance on a loan.
Outstanding Principal Balance: The dollar value of the balance due on a loan, including capitalized interest.
PLUS: Federal Parent Loans for Undergraduate Students
Repayment Date: The month and year in which repayment of a Stafford, Perkins or ICL is scheduled to begin; also the month and year of the first day after the expiration of a grace period. This Repayment Date is valid whether or not you actually begin making payments. It is not affected by deferments.
ROTC: Reserve Officers Training Corps: The ROTC programs offered by the Army, the Navy, the Air Force and the Marine Corps train qualified young men and women to become officers in those services upon graduation from college. ROTC is available in over 1,000 colleges and universities throughout the U. S., both those that host ROTC units or detachment and those with cross-enrollment agreements with them. You don't have to have a scholarship to participate in ROTC, but hundreds of ROTC students receive scholarships every year.

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