| A | B |
|---|
| Grace Period | Period of time after a borrower graduates, leaves school or drops below half‐ time enrollment where they are not required to make certain federal loan payments |
| Loan Default | Failure to pay a loan according to the agreed upon terms |
| Loan Servicer | Company that collects payment on a loan |
| Net Price | The cost of attendance minus grants and scholarships. |
| Personal Identification Number (PIN) | A four digit number used as an electronic signature |
| Scholarship | Money awarded to students that does not have to be repaid and is based on academic or other achievement to help pay for education expenses |
| Student Aid Report (SAR) | A report that summarizes responses made when completing the FAFSA form |
| Subsidized Loan | A need‐based loan from the federal government, the interest of which is paid for by the U.S. Department of Education while the borrower is in school and during grace and deferment periods. |
| Unsubsidized Loan | A non‐need‐based loan from the federal government the interest of which is paid for by the borrower |
| Work Study | A federal program that provides part time employment opportunities for students with financial need, allowing them to earn money to help pay educational expenses. |
