Help - Glossary
The following glossary listing contains definitions/descriptions of terms that are related to Federal student aid Title IV programs and/or acronyms..
The terms are listed according to alphabetical order. You can select the All link to view a listing of all of the glossary terms, or you may select the letter equal to the first letter of the term.
Glossary
Mandatory Administrative Forbearance
Forbearance that a lender is required to grant for periods during which the borrower is involved in a local or national emergency or military mobilization, or resides in a designated disaster area. A lender is also required to grant a mandatory administrative forbearance for up to three years if the borrower's repayment period must be extended due to the effect of changes in the variable interest rate on standard or graduated repayment terms, and for up to five years to accommodate income-sensitive repayment schedules.Mandatory Forbearance
Forbearance that a lender is required to grant for internships and residencies, as well for service in AmeriCorps, for excess student loan debt burden, for participation in the student loan repayment programs as administered by the U.S. Department of Defense, and for nonmedical or dental internships.Master Calendar
To assure adequate notification about, and timely delivery of FSA program funds, ED operates using a master calendar defined in the HEA. This calendar gives specific dates by which federal forms will be developed and distributed, as well as dates Campus-Based funds will be allocated and Federal Pell Grant funds will be authorized for an award year. The master calendar determines the effective date for federal financial aid regulations, based on the date of their publication.Master Check
A master check is a single check, written by a lender, that contains FFEL Program funds for the multiple borrowers at a school for a given disbursement date. A master check must be accompanied by a list of names, Social Security numbers, and loan amounts of borrowers who are to receive a portion of the master check.Master Promissory Note (MPN)
The legal document that requires a student loan borrower to repay the funds borrowed under the Direct Loan Program or under the Federal Family Educational Loan Program. Use of the MPN form simplifies the loan process by eliminating the need for eligible students to complete a promissory note every year they borrow.Match Flag
Alphabetic or numeric code indicating the results of data matches the CPS performs against the databases of certain federal agencies to confirm the identification and eligibility of federal student aid applicants.Merit Based
A means of determining eligibility for certain types of financial aid using merit, such as a specific accomplishment or talent as the determining factor, rather than financial need.MPN ID
The unique identifier printed on the MPN.Multiple Disbursements
A requirement in the FSA programs (except FWSP) that the disbursement of annual awards to students be made in two or more installments of approximately equal increments.Multiple Reporting Record (MRR)
A record automatically generated by the Common Origination and Disbursement (COD) System when it receives origination and disbursement records from more than one school for the same student during the same payment period. It informs a school that other schools that have submitted origination and disbursement records for the same student during that period. Schools may also request MRRs. See also Potential Overaward (POP).Multi-Year (MY) Feature
A feature of the Master Promissory Note, that allows multiple Direct Loans for the same student/borrower to link to the same MPN. Beginning in the 2003-2004 award year, all Direct Loan schools are eligible to use the Multi-Year Feature of the MPN. Once an MPN has been accepted and remains open, schools that choose to use this feature do not have to obtain a new promissory note each academic year. See also Single-Year Feature.
