Print This PageGlossary of Acronyms and Terms
Acronyms
Terms
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A
Academic Advisor: The person at a college or university who helps students decide what classes to take, what major to pursue, etc. An advisor is similar to a high school guidance counselor.
Academic Service Fees: Fees assessed certain students for certain courses of instruction or certain academic services in addition to tuition and other mandatory fees.
Academic Year: A period of at least 30 weeks of instructional time (26 weeks for clock hours) that begins on the first day of classes and ends on the last day of classes or examinations. A full-time undergraduate student would be expected to complete a minimum of 24 semester or trimester hours or 36 quarter hours. For a school measuring progress in clock hours, the student would be expected to complete at least 900 clock hours.
Accrual Date: The day interest charges on an education loan begin.
Admission Requirements: Students wanting to attend an Oklahoma college or university must meet certain requirements, such as achieving a specified ACT or SAT score or combination of high school grade point average and rank in class, taking specified high school courses, etc. to be considered for admission. See Admission Requirements for more information.
Advanced Placement (AP) Courses: Courses that allow students to take college-level course work in high school and receive credit at Oklahoma colleges and universities. Students must take a national AP exam in the subject and achieve a certain score in order to qualify for college credit.
Assessments: Another word for tests.
Associate Degree: Degree given upon completion of two years of full-time study or the equivalent. Community colleges award most associate degrees, although some four-year universities also offer associate degrees. Some associate degrees transfer to four-year universities; others are for career preparation.
Award Letter: Written Notification of a scholarship or financial aid award.
B
Bachelor's Degree: Degree given upon completion of four years of full-time study or the equivalent.
Bursar's Office: The business division of colleges that is responsible for billing and financial aid disbursement.
C
Campus-Based Aid: Federal financial aid that is awarded by a college.
Capitalization: The process of adding unpaid interest to the principal balance of an education loan, increasing both the total amount to be repaid and the monthly payment.
Class Rank: Ranking of a student within a high school graduating class based upon his or her high school grade point average.
College: A higher education institution that grants either an associates or bachelor's degree. Can also be an undergraduate division or school of a university offering courses and granting degrees in a particular field.
College Catalog: A booklet published by an individual college or university that contains detailed descriptions of course and degree offerings, fees, academic policies and requirements for graduation.
Community College: Also known as a "two-year college," a community college grants associate degrees for transfer to four-year institutions or for career preparation. Community colleges usually offer flexible class schedules with smaller class sizes. In Oklahoma, they are known as open door institutions because performance standards (standardized test scores or combination of class rank and grade point average) are not required for admission. The public community colleges in Oklahoma are:
- Carl Albert State College, Poteau and Sallisaw
- Connors State College, Warner and Muskogee
- Eastern Oklahoma State College, Wilburton and McAlester
- Murray State College, Tishomingo
- Northeastern Oklahoma A&M College, Miami
- Northern Oklahoma College, Tonkawa, Enid and Stillwater
- Oklahoma City Community College
- Redlands Community College, El Reno
- Rose State College, Midwest City
- Seminole State College, Seminole
- Tulsa Community College
- Western Oklahoma State College, Altus
Commuter College: A college at which students live off campus and travel to campus for classes.
Comprehensive University: See Research University.
Concurrent Enrollment: A program that allows eligible high school students (juniors and seniors) to take credit-earning college courses.
Consolidation: A loan program that allows borrowers to combine all of their federal education loans into a single loan. The program allows borrowers to make a single monthly payment and extend the repayment period (up to 30 years depending on the loan amount). Consolidation loans can make loan repayment more manageable for borrowers with high loan balances.
Cooperative Alliance: An agreement between a higher education institution and a career technology center that will allow adults and qualified high school students to enroll for college credit in technical courses that lead to an Associate in Applied Science (AAS) degree.
Cost of Attendance: The total cost of attending a college including tuition, fees, books, food, housing, and miscellaneous expenses.
Credit Hour: Credit given for attending one lecture hour of class each week for 15 weeks or the equivalent. Most college classes are three credit hours, meaning their total meeting time for a week is three hours. To calculate the cost for one course, multiply the number of credit hours the class is worth by the total tuition and mandatory fees per credit hour.
Custodial Parent: The parent who has been granted legal custody through a divorce decree or by the court system.
D
Default: Failure of a borrower to repay his or her loan according to the terms agreed upon when the promissory note was signed. When a borrower defaults, the school, organization holding the loan, state government and federal government can take action to recover the money. Defaults are reported to national credit bureaus and may affect a borrower's ability to get credit in the future.
Default Fee: An insurance premium that is deducted from the borrower's loan proceeds before disbursement and is collected by the guarantee agency that insures the loan. By law, the fee cannot exceed 1 percent of the loan amount.
Deferment: An authorized period of time during which a borrower may postpone either principal payments or principal and interest payments. Deferments are available while borrowers are in school at least half time or enrolled in a graduate fellowship program or rehabilitation training program, as well as during periods of unemployment or economic hardship. Other deferments may be available for those who borrowed money prior to July 1, 1993. The federal government makes interest payments on subsidized Federal Stafford and certain consolidation loans during authorized deferment periods.
Delinquency: Failure of a borrower to make a loan payment on the scheduled payment due date.
Dependent students: Students who must report their parents' income and assets, as well as their own, on the FAFSA. Federal student aid is based on the concept that a dependent student's parents have the primary responsibility for the student's education. (A student is considered "dependent" if he or she does not meet any of the criteria in the "independent students" definition.)
Disbursement: The release of funds for scholarships, grants or loans to a school for delivery to the student.
E
Eligible non-citizen: Student must have an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services (USCIS) showing one of the following designations; Refugee, Asylum Granted, Cuban-Haitian Entrant-Status Pending, Conditional Entrant (valid only if issued before April 1, 1980), or Parolee (you must be paroled in the U.S. for at least one year and provide evidence from the USCIS that you are in the U.S. for other than a temporary purpose and intend to become a citizen or permanent resident).
Enrollment Status: Whether you are considered a "full time" student or a "part time" student, based on the number of credit hours you are enrolled in during the semester. For example, at most colleges and universities, enrolling in 12 credit hours in a fall or spring semester as an undergraduate gives you full-time enrollment status, and you are considered a full-time student for that semester. Taking fewer than 12 credit hours makes you a part-time student. Your enrollment status is important in determining how much financial aid you can be eligible for - it costs more to take more credit hours, so you may be able to receive more aid - and sometimes scholarships and other programs require that you be a full-time student to be eligible to receive them. Enrollment status can also be important for other matters, such as determining when a student must begin to repay a student loan or if a dependent student can continue to be covered by a parent's health insurance during the time he/she is attending college.
Expected Family Contribution: The amount a student and his or her family are expected to pay toward college expenses for one academic year. This amount is calculated based on the information supplied by the student and parents on the Free Application for Federal Student Aid (FAFSA).
F
Federal Family Education Loan Program (FFELP): A program authorized by Congress, through which education loans are provided by private lenders and guaranteed by the federal government. Subsidized and unsubsidized Federal Stafford loans and PLUS loans are included in the program.
Federal PLUS loan: A non-need-based loan available for parents of dependent undergraduate students and to graduate or professional students with good credit histories.
Financial Aid: Money provided to the student and the family to help pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and work study).
Financial Aid Office: The office within a college or university that manages students' applications for financial aid and is responsible for determining the financial aid that he or she is eligible to receive.
Financial Aid Package: Students will receive their award notifications from each college that was listed on the FAFSA. (Colleges use the information from the Student Aid Report (SAR) to complete the award package.) Financial aid awards are commonly called "packages." Packages can be any combination of scholarships, grants, loans and employment opportunities that help students meet the college costs. (Students should check directly with the financial aid offices of each school they are considering attending to learn whether additional documents might be needed to complete their financial aid application.)
Financial Aid Award Letter: A written notification of a student's financial aid package at a particular college or university. The school's financial aid office will either mail or electronically send the notice to the student.
Financial Need: The difference between the cost of attending a particular school and the calculated family contribution, less any other financial aid a student is receiving.
Forbearance: An authorized period of time during which the lender agrees to temporarily postpone or reduce a borrower's payment. Borrowers are still responsible for the interest during this period. A forbearance may be granted at the lender's discretion if a borrower intends to repay his or her loan but is experiencing temporary financial difficulties.
Free Application for Federal Student Aid (FAFSA): A federal form required to apply for federal student aid. Forms are available online at www.fafsa.ed.gov, or paper copies can be found at high schools, colleges and local libraries. The information on this form is used to determine the student's expected family contribution (EFC), which allows the financial aid office at the colleges or universities you are interested in to determine what types of aid for which you might be eligible.
Full-Time Student: An undergraduate student enrolled in at least 12 credit hours or a graduate student enrolled in at least nine credit hours, or the equivalent, in one semester or academic term.
G
Grace Period: A transition period — generally six months following the date a borrower leaves school or drops to below half-time status — during which the borrower is not required to make loan payments. This period is designed to help the borrower prepare for repayment.
Grade Point Average (GPA): Average of grades received in coursework. In a college or university, calculation of the GPA frequently takes into consideration the number of credit hours a course is worth - a grade received in a course worth five credit hours will affect the GPA more than a grade received in a course worth three credit hours. See also High School Grade Point Average (GPA).
Graduate Student: A student working toward a master's or doctoral degree.
Guarantee Agency (Guarantor): An entity which acts as an agent for the federal government to administer and insure FFELP loans made by lenders in the event of default, bankruptcy, disability or death of borrowers. The guarantor will also assist you if you experience problems with your student loan. If you do not repay your loan, the guarantee agency will purchase your loan from the lender and collect directly from you. In Oklahoma, the Oklahoma Guaranteed Student Loan Program (OGSLP), a division of the Oklahoma State Regents for Higher Education, serves as the federal government's guarantee agency.
H
High School Grade Point Average (GPA): Average of all grades earned in the ninth through 12th grades.
I
Independent (Private) Colleges and Universities: Accredited colleges and universities that offer associate, bachelor's and/or graduate degrees in traditional subject areas. Private colleges and universities are not directly supported by state funds and are not for profit. They receive the bulk of their support from tuition, donations and grants.
Independent Students: An independent student is at least 24 years old as of January 1 of the academic year, is married, is a graduate or professional student, has a legal dependent other than a spouse, is serving on active duty in the U.S. Armed Forces for purposes other than training, is a veteran of the U.S. Armed Forces, or is an orphan or ward of the court (or was a ward of the court until age 18). The student reports only his/her own income and assets (and those of a spouse, if married). Not living with parents or not being claimed by them on the tax form does not define dependency status.
In-school Status: The enrollment status assigned to a student who is either attending school at least half time or who is in a grace period. (The federal government pays the interest on subsidized Federal Stafford loans while a student is in this status.)
Interest: A fee charged for the use of borrowed money. Interest is calculated as a percentage of the principal loan amount. The rate may remain constant throughout the life of the loan (fixed rate) or it may change at specified times (variable rate). As of July 1, 2006, all new Federal Family Education Loan Program loans have fixed interest rates.
L
Lender: A financial institution (e.g. bank, savings and loan, or credit union) that loans funds to students and parents for educational costs. Some schools are also lenders.
Loan: Borrowed money that must be repaid with interest.
M
Major: An academic subject area such as economics or geology in which students take many courses and choose to earn a degree.
Mandatory Fees: Fees required of all students for enrollment at an Oklahoma higher education institution.
Master Promissory Note (MPN): The legal agreement that a borrower signs with their lender when receiving an education loan. The MPN lists conditions under which the money is borrowed and the terms under which the borrower agrees to repay the loan with interest. It allows a borrower to receive loans for either a single academic year or multiple academic years. Borrowers should always keep copies of their MPN(s) until loans are fully repaid.
Matriculate: The process of a student enrolling in post-secondary education for the first time.
Minor: An area of interest studied at the same time as a major. It requires fewer courses than a major.
N
Need-based: Financial aid that is based on family income.
Non-Resident Student: A student who is considered to be a legal resident of another state during the time he/she is attending school in Oklahoma. Non-resident students normally pay higher tuition and fee rates than resident students.
O
Origination Fee: A fee charged by the federal government and deducted from loan proceeds before disbursement. The proceeds from this fee are used to partially offset administrative costs of the education loan program.
Overaward: A situation that occurs when a student receives more financial aid than the cost of attendance at a particular college.
P
Part-Time Student: A student who is enrolled in a certain number of course credits or hours that are less than full-time. For an undergraduate student, this is usually less than 12 credits or hours. For a graduate student, it is usually less than nine credits or hours.
Post-Secondary Education: Any school that you attend after high school. Elementary school is considered "primary" education; "secondary" education is middle school/junior high and high school. Post-secondary education can include a vocational or technology program or certificate, an associate degree, a bachelor's degree, or more advanced degrees.
Prerequisite: A course that a student must take before he or she can enroll in another (usually more challenging) course.
Principal: The amount of money borrowed. Interest is charged based on the principal. Guarantee and origination fees are deducted from the principal prior to disbursement.
Professional Judgment: A discretionary action on the part of the financial aid office to address unusual circumstances that affect a student's ability to pay his or her educational expenses. Please visit with the financial aid office of the college/university you plan to attend for more information.
Proprietary School: A school that operates as a for-profit business. This is different from public colleges, universities, and career technology schools, as well as from non-profit private/independent colleges and universities.
R
Regional University: A university that offers bachelor's and master's degrees, and, in some instances, associate or professional degrees. While regional universities focus primarily on instruction, they are also responsible for extension and public service, as well as some research. They tend to have mid-sized student populations and campuses. The public regional universities in Oklahoma are:
- Cameron University, Lawton and Duncan
- East Central University, Ada
- Langston University, Langston, Oklahoma City and Tulsa
- Northeastern State University, Tahlequah, Broken Arrow and Muskogee
- Northwestern Oklahoma State University, Alva, Enid and Woodward
- Oklahoma Panhandle State University, Goodwell
- Rogers State University, Bartlesville, Claremore and Pryor
- Southeastern Oklahoma State University, Durant and Idabel
- Southwestern Oklahoma State University, Weatherford and Sayre
- University of Central Oklahoma, Edmond
- University of Science and Arts of Oklahoma, Chickasha
Repayment Schedule: A schedule listing a borrower's monthly payment, interest rate, total repayment amount, payment due dates and the repayment period.
Research University: Also known as a "comprehensive university," a university that grants bachelor's, graduate and professional degrees and offers a wide variety of courses and degree programs. Along with instruction, research institutions also focus on research, extension and public service. Research universities usually have large student bodies and expansive campuses. The public research universities in Oklahoma are:
- Oklahoma State University, Stillwater and Tulsa
- University of Oklahoma, Norman and Tulsa
- University of Oklahoma Health Sciences Center, Oklahoma City and Tulsa
Resident Student: A student who is considered to be a legal resident of Oklahoma during the time he/she is attending school in this state. Resident students normally pay lower tuition and fee rates than non-resident students.
Residential College: A college at which students may live on campus in dormitories or apartments.
S
Satisfactory Academic Progress: The minimum required grade point average needed to remain in good standing with the college.
Secondary Market: An organization established to purchase loans from lenders. This allows lenders to replenish capital to fund new loans. Selling loans is a common practice among lenders and does not affect the terms and conditions under which the loan was originally made.
Semester: Calendar system used by most colleges and universities. Classes and grade reports are divided into two periods in the spring and fall, each lasting about 16 weeks, and one period in the summer, usually lasting eight weeks.
Servicer: A company employed by a lender or secondary market to perform the administrative tasks, such as collecting payments, that are associated with education loans. Original interest and repayment terms remain in effect.
Standardized Test (ACT or SAT): Test used by colleges and universities to evaluate an applicant's academic skills and abilities. The standardized tests most widely used by colleges and universities are the ACT and SAT. Oklahoma state colleges and universities rely primarily on the ACT.
State (Public) Colleges and Universities: Colleges and universities that receive funding from state appropriations to pay part of operating costs.
Student Aid Report (SAR): A summary of a student's information submitted on the Free Application for Federal Student Aid (FAFSA).
Subject Area Test: Standardized tests given by the ACT program in math, science, reading and English. Public colleges and universities look at these tests scores when helping students enroll in courses.
Subsidized Federal Stafford Loan: A need-based loan on which interest is paid by the federal government during the in-school, grace and deferment periods.
T
Tax Credit: An amount of money that is deducted from the amount of tax that you owe. A tax credit is applied to the balance of tax owed after your tax is calculated. This is different from a tax deduction.
Tax Deduction: An amount of money that is deducted from the amount of your income that is subject to tax. The amount of the deduction is subtracted from your income before you calculate the amount of tax that you owe. This is different from a tax credit.
Technical Branch: An institution that has a special emphasis on education and training in technical fields. Oklahoma's two technical branches are Oklahoma State University - Oklahoma City and Oklahoma State University - Okmulgee.
Terms (of a loan): These establish what you will get when you borrow money, as well as what you will have to do to repay the loan. The terms of a loan determine how expensive or inexpensive it is for you to borrow a certain amount of money from a certain lender. The terms include the interest rate, the length of time before you are charged interest, any grace period you may have before starting repayment, the length of time you have to repay the loan, etc. Different loan programs will have different terms.
Trimester: Calendar system where classes and grade reports are divided into three periods, each lasting about 10 weeks.
Tuition: Payment that students make to cover costs of their classes at state and independent colleges and universities. Other fees may be also required.
Two-Year College: See Community College.
Undergraduate Student: A student working toward a certificate, an associate or a bachelor's degree.
U
University: A higher education institution that usually offers four-year degrees, as well as degrees beyond the baccalaureate level (i.e., graduate and professional degrees). They may also offer associate degrees.
Unsubsidized Federal Stafford Loan: A loan that is not based on need and the interest is not paid by the federal government. Borrowers are responsible for all interest on unsubsidized loans from the date the loan is disbursed.
The U.S. Department of Education: The agency of the United States government that regulates education in the U.S. This agency administers federal student aid programs such as the Pell grant program and the Federal Family Education Loan Program (FFELP) and develops regulations to protect borrowers of student loans.