ACADEMIC YEAR: A measure of academic work to be performed by the student, subject to definition by the school.
ALTERNATIVE LOANS: Alternative loans are, simply put, private loans offered by banks or other lending institutions. These loans are dependent on enrollment status but are not offered or subsidized by the federal government.
AGI: Adjusted gross income. In 2003, the AGI will be listed on line 34 of the IRS 1040; line 21 of the IRS 1040A and line 4 of the IRS 1040EZ.
AMERICAN COLLEGE TESTING PROGRAM (ACT): A federally approved need analysis service that processes the Free Application for Federal Student Aid (FAFSA). Also the administrator of a group of standardized tests in English, mathematics, reading, and science reasoning.
BASE INCOME YEAR (also known as the BASE YEAR): The calendar year preceding the academic year for which aid is being sought.
BUSINESS/FARM SUPPLEMENT: A supplemental aid application required by a few colleges for aid applicants whose parents own businesses or farms or who are self-employed. The individual school's aid policy will determine if this form must be completed.
CAMPUS-BASED PROGRAMS: Three federal student aid programs (the Perkins loan, the Supplemental Educational Opportunity Grant, and the Federal Work-Study program) that are administered directly by the schools financial aid office.
COLLEGE BOARD: The association that writes and processes the CSS Financial Aid PROFILE form.
COOPERATIVE EDUCATION: A college program offered at many schools that combines periods of academic study with periods of paid employment related to the student's field of study. In most cases, participation will extend the time required to obtain a bachelor's degree to five years.
COST OF ATTENDANCE: A figure, estimated by the school, that includes the cost of tuition, fees, room, and board as well as allowances for books, supplies, transportation and personal expenses. This figure is compared to the Expected Family Contribution to determine a student's aid eligibility. Also known as the student budget.
DEFAULT: Failure to repay a loan according to the terms of the promissory note.
DEPENDENT STUDENT: A classification for aid purposes for a student who is considered to be dependent upon his or her parent(s) for financial support.
DIRECT LOAN PROGRAM: A federal program for the Stafford and PLUS loans in which borrowers do not use private lenders, but instead borrow directly from the federal government though the college's financial aid office.
EDUCATIONAL TESTING SERVICE: The organization that writes the SAT exam.
