SC CAN - Glossary

Financial Aid, A to Z.

Found a word your’re not sure about? Here’s a list of some terms you might come
across along the way.

A | B | C | D | E | F | G | H | I | M | N | P | R | S | T | U | V | W


Ability-to-Benefit	One of the criteria used to establish student eligibility in order to receive Title IV program assistance is that a student must have earned a high school diploma or its equivalent. Students who are not high school graduates (or who have not earned a General Education Development (GED) Certificate*) can demonstrate that they have the "ability to benefit" from the education or training being offered by passing an approved ability-to-benefit (ATB) test.
Academic Year	A period of time schools use to measure a quantity of study. For example, a school’s academic year may consist of a fall and spring semester during which a full-time undergraduate student must complete 24 semester hours. Academic years vary from school to school and even from educational program to educational program at the same school.
Accreditation	The school must have accreditation from an accrediting body recognized by the U.S. Department of Education to be eligible to participate in the administration of federal student aid programs. Accreditation means that the school meets certain minimum academic standards, as defined by the accrediting body.
Accrue	The process where interest accumulates on a loan. When "interest accrues on a loan," the interest due on the loan is accumulating.
Advanced Standing Credit	These are credit hours that an institution accepts toward a degree from courses that the student has earned elsewhere. Such credit may be given for work done at another higher education institution, by examination or “testing out,” or by military service.
AGI	Adjusted Gross Income. Most financial aid forms require parents or students to state their taxable AGI based on income minus maximum allowable adjustments.
Agreement to Serve	An agreement under which a student receiving a TEACH Grant commits to the specific obligation to teach for four complete years in a designated high need field at a low-income elementary or secondary school within eight years of completing or ceasing enrollment in a TEACH Grant-eligible program.
Alternative Loans	These private student loans from banks or other lending institutions are not federally supported or guaranteed. Students must be enrolled to apply for these loans.
Award Letter	An award letter from a school states the type and amount of financial aid the school is willing to provide the student accepts admission and registers to take classes at that school.