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

All A B C D E F G H I J K L MNO P Q R S T U V W X Y Z

National Association of Student Financial Aid Administrators (NASFAA)
Professional association representing the student financial aid interests of institutions of postsecondary education in the U.S.
National Credit Bureau
A credit reporting agency with a service area encompassing more than a single region of the country.
National Finance Center
A federal finance center, presently located in Louisiana to which schools, in exceptional circumstances, sometimes send cash.
National Service Trust
A national community service program whereby students who participate in this program before attending school may be able to use Education Award funds provided by the Trust to pay educational expenses. If students participate after graduating, the funds may be used to repay their federal student loans. Eligible types of community service include education, human services, the environment, and public safety.
National Student Loan Clearinghouse (NSLC)
Privately run organization that facilitates school reporting of degree and enrollment data.
National Student Loan Data System (NSLDS)
An ED integrated system that collects and reports information about the financial aid history of students who receive federal student aid and maintains that information in an online database available to the financial aid community. The database stores information about loans, grants, students, borrowers, lenders, guaranty agencies (GAs), schools and loan servicers. The CPS conducts a match of FAFSA data against this database to confirm the student’s identification and eligibility for federal student financial aid. Located at: www.nsldsfap.ed.gov. A user ID and Password are required to access the database.
Need
The difference between the Cost of Education (COE) and the Expected Family Contribution (EFC) is the student's financial need. It is the gap between the cost of attending the school and the student's resources.
Need Analysis
The process of determining the student's Expected Family Contribution (EFC) based on the formula established by Congress. Also known as Federal Need Analysis Methodology and Federal Methodology.
Need-Based
A means of determining eligibility for certain types of financial aid using financial need as the determining factor.
Net Accepted and Posted Disbursements
The sum of all student records submitted by a school and accepted by and posted to the COD system.
Net Income Ratio
Under the financial responsibility regulations, the equity ratio is:

For proprietary schools:
Income Before Taxes
Total Revenue

For private, nonprofit schools:
Unrestricted Net Assets
Total Unrestricted Revenue

For further definitions and other information about the Net Income Ratio, refer to 34 CFR 668 - Subpart L, Appendix A (proprietary) and Appendix B (private, nonprofit).
Nonfederal Audit
An institutional financial statement and/or compliance audit conducted by an independent public accountant (as defined by the audit standards of the U.S. General Accounting Office) who has been hired by the institution. Also called an independent audit or an OMB Circular A-133 audit.
Nonfederal Share
The portion of Campus-Based program funds that a school must contribute from a nonfederal source (usually the portion comes from the school itself). A nonfederal source must constitute at least one-third (33 1/3%) of a school's Federal Perkins Loan fund; one-quarter (25%) of Federal Work-Study (FWS) awards; and one-quarter (25%) of Federal Supplemental Educational Opportunity Grant (FSEOG) awards.
Non-Subsidized Loan
A loan that is not eligible for federal interest benefits. The borrower is responsible for paying the interest on the outstanding principal balance of a non-subsidized loan throughout the life of the loan. During the in-school, grace, and deferment periods, these interest payments are normally made on a monthly or quarterly basis, or are capitalized.
Notice of Proposed Rulemaking (NPRM)
Notice printed in the Federal Register of proposed regulations from a government agency, such as ED. Interested parties are invited to submit comments and recommendations about proposed regulations. All proposed regulations are subject to this process, including issues to be negotiated. There is an exception if ED determines that it is impractical, unnecessary, or contrary to the public interest to publish proposed regulations and publishes the basis for its determination.