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We believe that everyone has the right to pursue an education. Our goal is to make the financial aid process as simple and quick as possible.

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Important Student Loan Terminology

General Education Development (GED) Certificate

A certificate students receive if they've passed a specific, approved high school equivalency test. Students who don't have a high school diploma but who have a GED may still qualify for federal student aid. A school that admits students without a high school diploma must make a GED program in the vicinity of the school available to these students and must inform them about the program.

Students who pass an approved ability-to-benefit (ATB) test may also be qualified. An applicant without a high school diploma or its recognized equivalent can be eligible for funds if he or she 1) passes an independently administered test, ATB, approved by the Department of Education and used for determining the student's ability to benefit from postsecondary education or 2) enrolls in a school that participates in a process that has been both prescribed by the state in which the school is located and approved by the Department. 

Grace Period

A six-month period before the first payment must be made on a Direct Subsidized or Direct Unsubsidized Loan. The grace period starts the day after a borrower ceases to be enrolled at least half-time. During the grace period on a Direct Unsubsidized Loan, accumulating interest must be paid by the borrower or it will be capitalized.

Guaranty Agency

The organization that administers the FFEL Program for your school. This agency is the best source of information on FFEL Program Loans. To find out the name, address, and telephone number of the agency serving your state, as well as information about borrowing, you can contact the Federal Student Aid Information Center.

Half Time

At schools measuring progress by credit hours and semesters, trimesters, or quarters, half-time enrollment is at least six semester hours or quarter hours per term. At schools measuring progress by credit hours but not using semesters, trimesters, or quarters, half-time enrollment is at least 12 semester hours or 18 quarter hours per year. At schools measuring progress by clock hours, half-time enrollment is at least 12 hours per week. Note that schools may choose to set higher minimums than these.

You must be attending school at least half time to be eligible to receive Direct or FFEL Program loans. Half-time enrollment is not a requirement to receive aid from the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study, and Federal Perkins Loan programs.

Interest

A loan expense charged by the lender and paid by the borrower for the use of borrowed money. The expense is calculated as a percentage of the principal amount (loan amount) borrowed.

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