Terms

Terms

A complete list of financial aid terms may be found at Federal Student Aid.

FSA ID

The FSA ID is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.

Federal Student Loan

A loan funded by the federal government to help pay for your education. A federal student loan is borrowed money you must repay with interest.

Subsidized Loan

A loan based on financial need for which the federal government generally pays the interest that accrues while the borrower is in an in-school, grace, or deferment status, and during certain periods of repayment under certain income-driven repayment plans.

Unsubsidized Loan

A loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan.

Grants and Scholarships

Financial aid that doesn't need to be repaid unless a student drops out or below half-time. Grants are often need-based, while scholarships are typically merit or performance-based. Grants and scholarships are usually directly applied to your student account and may have certain conditions in order to maintain your eligibility.

Federal Work-Study

A federal student aid program that provides part-time employment while the student is enrolled in school to help pay his or her education expenses. The student must seek out and apply for work-study jobs at his or her school. The student will be paid directly for the hours he or she works and the amount he or she earns cannot exceed the total amount awarded by the school for the award year. The availability of work-study jobs varies by school.

additional Information

For more information, please see the Federal Student Aid website.