Principal		Interest on loans that accumulates and must be paid at a later date
VariableInterest		What a college charges for attending their institution
Consolodation		The person who takes out a loan and is responsible for repayment
Interest		The failure to meet the conditions of repayment of a student loan.
UnmetNeed		Short for Free Appplication for Federal Student Aid
CompoundInterest		A college's notification of financial aid qualification.
AcademicYear		The main form needed to complete a FAFSA
OriginationFee		Funds borrowed to help pay for college
Loan		A schedule of repayment which includes payments of principal and interest
Scholarship		Interest rates that change according to government guidelines
Default		Short for Expected Family Contribution the family/student is expected to contribute
TaxReturn		Amount returned to the student if they have more aid than expenses
IndependantStudent		A program available where students work to help pay college expenses
PromissoryNote		The release of loan funds to the school for a student
ExcessCheck		A specified period during which a borrower does not have to repay a loan
Deferment		Any type of financial assistance available to families and students for college
FinancialAid		The financial institution that makes a loan
FinancialNeed		Short for Student Aid Report-reports information from the FAFSA
ACT		The difference between financial need and estimated financial aid
EFC		Amount charged on a loan for the use of funds
Lender		Short for American College Test, needed for admission to most colleges
Cancellation		Aid awarded based on academic, athletic, or community involvement
AccruedInterest		Clause in which a portion or all of a student's loans may be cancelled
SAR		The period of time usually consisting of 2 semesters or 3 trimesters
Assets		An undergraduate student under the age of 24 and not married
Grant		A legal document that is a promise to repay a loan
AwardLetter		Aid such as Pell that does not have to be repaid
DependantStudent		The amount of funds borrowed
Amortization		Process of combining several different loans into one loan
GracePeriod		Financial holdings such as cash, stocks, home, and other real estate
Disbursement		Student who is over age 24 or has dependants
WorkStudy		The period of time after graduation but before repayment begins.
FAFSA		Interest that is computed on both the original interest and accrued interest
MeritBasedAid		A processing fee charged by the lender to make the loan
Tuition		The basis for need-based financial aid.
Borrower		Aid which is based on an achievement such as academica or athletics