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.
|
General Education Development (GED)
|
This is a certificate students receive if they’ve passed a specific, approved high school equivalency test. Students who have a GED may still qualify for federal student aid. A school that admits students without a high school diploma must make available a GED program in the vicinity of the school and must inform students about the program. |
|
Grace Period
|
After borrowers graduate, leave school, or drop below half-time enrollment, loans that were made for that period of study have several months before payments are due. This period is called the "grace period." During the grace period, no interest accrues on subsidized loans. Interest accrues on unsubsidized loans during grace periods, and this interest is capitalized when borrowers' loans enter repayment. |
|
Grant
|
A grant is money given to students for their education. Often based on need, grants may come from federal or state programs, or sometimes from private charitable organizations. It does not have to be repaid. |
|
GSL
|
Guaranteed Student Loan. Now called the Federal Stafford Loan or Direct Ford Loan (see Federal Stafford Loan, above). |
|
Guaranty Agency
|
The guaranty agency is an organization that administers the Federal Family Education Loan (FFEL) Program in your state. This agency is the best source of information on FFEL Loans. For the name, address and telephone number of the agency serving your state, you can contact the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). |