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
Family Education Rights and Privacy Act of 1974 (FERPA)
Federal law that protects the privacy of student education records.Federal Audit
A financial and/or compliance audit conducted by an office or officer of a federal agency, such as a representative from ED's Office of Inspector General.Federal Capital Contribution (FCC)
The portion of a school's Federal Perkins Loan fund allocated to an institution by the federal government for a specific award year.Federal Family Education Loan Program (FFELP)
The Federal Stafford, Federal PLUS, Federal SLS, and Federal Consolidation Loan programs. These programs offer loans that are funded by private lenders, guaranteed by guarantors, and reinsured by the federal government.Federal Interest Subsidy
Assistance given by the federal government in which it pays the interest on a student's loan while the student is in school and during the grace period before loan repayment begins.Federal Loan
Loans guaranteed by the U.S. Government.Federal Pell Grant Payment Schedule
The schedule of Federal Pell Grant Awards. The Schedule is based on the EFC, the enrollment status, and the school COA. The schedule is usually posted in January on the IFAP Web site for the upcoming award year.Federal Perkins Loan Program
A Campus-Based loan program provides low-interest student loans to undergraduate and graduate students with financial need. See Campus-Based Programs.Federal Processor
See Central Processing System.Federal Register
A federal government publication that contains regulations, regulatory amendments, notices and proposed regulatory changes for all federal executive agencies. It is published each business day. ED regularly posts Federal Register excerpts pertaining to federal student financial aid to the Information for Financial Aid Professionals (IFAP) Website in order to make this information readily available to schools and the financial aid community.Federal Reserve Bank (FRB)
One of 12 banks set up under the Federal Reserve Act to hold government reserves. ED uses this system to deliver funds to schools.Federal School Code
A six-character number that ED assigns to each school that is eligible to participate in the FSA programs. A Federal School Code begins with 0 (zero), G, B or E and ends with a fivedigit number. When applying for federal student financial aid, students may list up to six Federal School Codes on their FAFSA to indicate which schools should receive their processed application data. The list of Federal School Codes is updated each year and is available online at: www.fafsa.ed.gov.Federal Student Aid (FSA)
The office within the U.S. Department of Education (ED) responsible for the overall management and administration of most of the Title IV programs and their operating systems.Federal Student Aid (FSA) Programs
Federal financial aid programs authorized by the Higher Education Act of 1965, as amended and administered by the U.S. Department of Education for the benefit of students attending postsecondary schools.Federal Student Aid Handbook
An ED publication that explains the procedures that schools must follow when administering the Federal Student Aid (FSA) programs.Federal Student Aid (FSA) Schools Portal
A Website used by FAAs to more efficiently manage the information provided by FSA. Located at: www.fsa4schools.ed.gov.Federal Supplemental Educational Opportunity Grant (FSEOG)
A federal Campus-Based grant program that provides grant assistance to undergraduate students who have not earned a bachelor degree or first professional degree. Priority in awarding Federal Supplemental Educational Opportunity Grant (FSEOG) funds is given to students who have exceptional financial need and are Federal Pell Grant recipients.Federal Work-Study (FWS) Program
A Federal Campus-Based employment program that provides funding to participating schools so that they can provide jobs to eligible undergraduate and graduate students with demonstrated financial need.FEDWIRE
This system provides for electronic funds transfer (EFT) through the Federal Reserve Communications System (FRCS). The system differs from the automated clearinghouse (ACH) in that funds are deposited directly into a school’s deposit account the day the payment is sent through the FRCS. Financial institutions charge for this type of funds transfer. (There is no charge to a school for ACH transfer.) The U.S. Treasury Department’s Financial Communications System (TFCS) Deposit Message Retrieval System (DMRS) uses FEDWIRE for returning funds to ED.Final Audit Determination
ED's evaluation of findings and recommendations included in an audit report and the issuance of a final decision by ED management including actions determined to be necessary.Final Audit Determination Letter (FADL)
An official written notice responding to a school and detailing ED's evaluation of findings and recommendations included in the school's audit report. It includes ED's response to findings, including all necessary actions and financial adjustments necessary to resolve the findings in an external audit report.Final Demand
A letter that a lender sends to a borrower demanding full payment of a delinquent account. The letter is required as part of the due diligence procedures for collecting a loan that is seriously delinquent or ineligible.Final Funding Authorization
An electronic notification that tells a school the final allocations for each Campus-Based program in which it participates.Final Funding Worksheet
The final funding worksheet is sent in conjunction with a school's Final Funding Authorization. The worksheet explains in detail a school's allocation for each Campus-Based program and shows the figures used to make this determination.Final Program Review Determination (FPRD)
The letter ED sends to school officials to close out the program review process. The FPRD finalizes the status of findings that were outlined in the original Program Review Report, indicating issues that are considered "resolved" and those the school failed to resolve. This may include assessment of liabilities the school must pay to ED. The school has the right to appeal the FPRD.Final Regulations
Federal government operating rules published in the Federal Register. When published, final regulations have the force of law.Financial Accounting Standards Board (FASB)
A private sector organization in the U.S. that establishes financial accounting and reporting standards.Financial Aid
Financial assistance in the form of scholarships, grants, work-study, and loans for education.Financial Aid Administrator (FAA)
An individual employed by a school to administer student FSA programs. The FAA coordinates aid from these programs with the school-based aid and outside sources of assistance.Financial Aid Administrator Access to CPS Online
A Web tool that financial aid administrators use to enter application data, view student information, make corrections, check the status of applications, request ISIRS, and access the ISIR Analysis Tool and R2T4 on the Web. Located at: www.fafsa.ed.gov/FOTWWebApp/faa/faa.jsp.
FAAs must have a PIN and be enrolled in the Student Aid Internet Gateway to use FAA Access to CPS Online.Financial Aid Administrator Adjustment
A change to either the student’s FAFSA data or cost of attendance (COA) that the financial aid administrator makes when exercising professional judgment (PJ). The action taken must be documented. Also see Professional Judgment.(NSLDS) Financial Aid History
Section on the SAR and ISIR that reports a student’s previous federal student financial aid, defaults, and overpayments as recorded in NSLDS. Also known as Financial Aid History. Also see Financial Aid Transcript.Financial Aid Management System (FMS)
This system is the general ledger for FSA. FMS works with GAPS to communicate financial information and to pay out disbursements to schools.Financial Aid Officer (FAO)
A college or university employee who is involved in the administration of financial aid. Synonymous with financial aid administrator.Financial Aid Package
The total amount of financial aid (federal and nonfederal) such as scholarships, grants, loans, and/or work-study awarded to a student.Financial Aid Transcript (FAT)
A document formerly used by schools to collect data about FSA and other financial aid received by a student at other educational institutions. This function is now available through NSLDS.Financial Need
The difference between the cost of attendance at a college and the expected family contribution.Financial Responsibility
One of the two sets of major requirements an institution must meet to participate in the FSA programs (the other is administrative capability).
The Department determines whether a school is financially responsible based on the school’s ability to: (1) provide the services described in its official publications and statements; (2) properly administer the FSA programs in which the school participates; and (3) meet all of its financial obligations.
The financial responsibility standards can be divided into two categories: (1) general standards, which are the basic standards used to evaluate a school’s financial health; and (2) performance and affiliation standards, which are standards used to evaluate a school’s past performance and to evaluate individuals affiliated with the school.Financial Statement
A report prepared at the end of a school's fiscal year that provides an overview of the institution's financial health and activities for that fiscal year. Financial statements must be prepared on an accrual basis in accordance with generally accepted accounting principles (GAAP), and audited by an independent auditor in accordance with GAGAS and other guidance contained in OMB Circular A-133, or in audit guides from the ED's Office of the Inspector General, as applicable.Findings
See Program Review Exceptions.Fiscal Operations
Activities related to conducting and managing financial transactions.Fiscal Operations Report and Application to Participate (FISAP)
An annual report of expenditures in the Campus-Based programs during an award year combined with an application to participate in Campus-Based Programs in the upcoming award year. All schools that receive Campus-Based funds must submit this report to ED via the Web. Located at: www.cbfisap.ed.gov. A PIN is required to access this site.Fixed Interest
On a fixed interest loan, the interest rate remains the same for the life of the loan.Forbearance
A temporary delay or reduction of loan payments agreed to by the lender and borrower. Interest continues to accrue during forbearance.Free Application for Federal Student Aid (FAFSA)
A student financial aid application form completed by students and parents to apply for federal student aid. The information provided is the source for all FSA need analysis computations, including the student's Expected Family Contribution (EFC).Freeze Cash
Period during which a school is temporarily prevented from drawing down cash until unsubstantiated cash previously drawn down is substantiated. Pertains to schools using the Advance Pay funding method.FAFSA on the Web (FOTW)
A Web-based program that allows students to complete their FAFSA faster and more easily than other application methods. Located at: www.fafsa.ed.gov.FSA Assessments
Web-based management assessment modules available to help schools assess their compliance with FSA requirements and enhance their services. There is a link to the Assessments from the FSA Schools Portal.FSA Tech Listserv
An Email listserv maintained by Federal Student Aid (FSA) as a way to share information about electronic systems with financial aid professionals. The updates provide accurate and timely answers to technical questions about FSA systems, software and mainframe products, and creates an environment where users of FSA systems can help one another resolve technical issues. Listserv subscribers also receive "hot" news flashes about processing and software issues. Register for FSATech Listserve at: http://www.ed.gov/offices/OSFAP/services/fsatechsubscribe.html.Full-time Student
A student enrolled in postsecondary education (other than a student enrolled in a program of study by correspondence) who is carrying a full academic workload as determined by the school under standards applicable to all students enrolled in that student's particular program. The student's workload may include any combination of courses, work, research, or special studies, whether or not for credit, that the school considers sufficient to classify the student as a full-time student.Fund
A self-balancing group of accounts that consists of: assets, liabilities, revenues, expenses, and fund balance. Funds separated in an institution's books are limited to specific uses and are accounted for using a double-entry bookkeeping system.
