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
Object Class (OC)
Also referred to as Objective Classification, this is a method of recording financial transactions in terms of the nature of the services or articles for which obligations are first incurred. This method is prescribed by the OMB circular A-12 and the Department of Treasury circular 1073. It is used throughout the federal government when submitting budgets.Obligation
An encumbrance of funds issued by the Department of Education to a grantee in support of education projects.Office of the Inspector General (OIG/IG)
An office within each federal department that investigates fraud, abuse, and misrepresentation. School officials are required to report suspected cases to the IG and to cooperate with the OIG in any investigations it conducts.Office of Postsecondary Education (OPE)
OPE directs, coordinates, and recommends policies for programs that are designed to provide financial assistance to eligible students; improve postsecondary educational facilities and programs; recruit and prepare disadvantaged students for postsecondary programs; and promote the domestic study of foreign languages and international affairs, research, and exchange activities.Office of Postsecondary Education Identifier (OPEID)
An eight-digit identification number assigned by ED's Office of Postsecondary Education to an institution that has been approved to participate in the FSA programs. Schools that don't administer FSA funds but want their students to qualify for inschool deferments also are assigned an OPEID number.OMB Circular A-133
A publication published by the Office of Management and Budget (OMB) that gives specific guidelines under limited circumstances to nonprofit postsecondary schools on procedures for conducting an audit. For A-133 audits, the auditor is required to report only audit findings of noncompliance.Operator-Assisted Mode
One of the two modes schools and other GAPS recipients use to request funds from GAPS when using the automated clearinghouse (ACH). As the name implies, recipients speak directly to an operator to request funds. Compare Automated voice response (AVR).Order of Return of Title IV funds
A federally prescribed order for returning funds required as a result of a Return of Title IV funds (Return) calculation.Origination
When a school creates a new Pell Grant or Direct Loan in the COD system.Origination Fee
A fee paid by a borrower to help defray the cost of making a loan.Output Document
A record of a student's application data and need analysis (EFC calculation). Types of output documents include the Student Aid Report (SAR) and Student Aid Report Information Acknowledgment that the student receives, and the Institutional Student Information Record (ISIR) that the school receives.Overpayment
Any financial aid amount paid to a student in excess of the amount the student is eligible to receive.Overpayment
Any financial aid amount paid to a student in excess of the amount the student is eligible to receive.
