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

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GAPS Activity Report (Activity Report)
The Activity Report is the equivalent of a bank statement for a school's GAPS awards. It displays both cumulative and detailed information on drawdown activity, refunds, and authorization changes for each award.
GAPS Award Balance Report (Balance Report)
The Balance Report lists the authorizations, net draws, and available balance in GAPS for each of a school's awards.
GAPS Payee Hotline
Department of Education office/service responsible for: assisting GAPS customers, accumulating financial data, and processing GAPS payments. The Hotline phone number is 1-888-336-8930.
Generally Accepted Accounting Principles (GAAP)
Refers to a set of widely accepted accounting standards, set by the Financial Accounting Standards Board, and used to standardize financial accounting of public companies.
Generally Accepted Government Auditing Standards(GAGAS)
The GAGAS requirements for audits are described in the U. S. General Accounting Office's publication, General Auditing Standards, 2003 Revision ("the yellow book").
Governmental Accounting Standards Board (GASB)
A private sector organization that establishes standards for accounting and financial reporting by state and local governments.
Gift Aid
Financial aid, such as grants and scholarships, that does not need to be repaid.
Grace Period
Specified period of time between the date a student graduates or drops below half-time status and the date loan repayment begins.
Grade Level
A student's academic class level, as provided by a school official on the student's application and promissory note.
Grade Point Average (GPA)
An average of a student's grades where the grades have been converted to a numerical scale.
Graduated Repayment
A repayment schedule where the monthly payments are smaller at the start of the repayment period and become larger later on.
Grant
A form of financial aid that does not have to be repaid.
Grant Administration and Payment System (GAPS)
GAPS is the part of the Education Central Automated Processing System (EDCAPS) that manages the complete grant cycle. Functions supported by GAPS include obligation of award authorizations, disbursement of funds, and final grant closeout. In addition, GAPS controls payments for the Department's programs, including payments for FSA program grants, direct loans, and various other program-related obligations.
Grant Award Number
The Department of Education assigns a unique, eleven-character number to identify a grant award issued by a specific program office to a specific grantee. Each grant award has a series of codes identifying: the program office issuing the award, the CFDA code, the funding fiscal year, and the organization receiving the grant. For example, the grant award number P063P9821111 refers to a grant issued by the Pell Grant program office within the Office of Postsecondary Education during the 1998 fiscal year.
Grant Programs
Gift-aid programs that require neither repayment nor a work obligation from students. Federal Title IV grant programs are the Federal Pell Grant Program, the Federal Supplemental Educational Opportunity Grant (FSEOG) Program, and the Leveraging Educational Assistance Partnership (LEAP) Program
Gross Income
Income before taxes, deductions, and allowances have been subtracted.
Guarantee Fee
A fee charged by a guarantor for each loan it guarantees.
Guarantor or Guarantee Agency
State or private non-profit agencies that insure student loans for lenders and administer the student loan insurance program for the federal government.