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
Idle Cash
All or part of disbursed funds if and when they are returned to the school's FSA account(s).Immediate Need
A school requests funds to meet its immediate need for disbursing Federal Pell Grant Program, Direct Loan Program, and Campus-Based program awards. Immediate need is defined as the amount of funds a school needs to make disbursements to students within the required three business days. (Note: Immediate need does not authorize an institution to maintain a federally funded cash-on-hand balance.)Immigration and Naturalization Service (INS)
Note: This agency has been renamed U.S. Citizenship and Immigration Services (USCIS) and is now a bureau of the Department of Homeland Security. Some FSA references still refer to INS.Incarcerated Student
Students incarcerated in federal or state correctional facilities are not eligible to receive most FSA aid. However, students incarcerated in local correctional facilities might be eligible for Federal Pell Grant, FSEOG, and LEAP funds.Income
The amount of money received from employment (salary, wages, and tips), profit from financial instruments (interest, dividends, and capital gains), or other sources (welfare, disability, child support, unemployment benefits, Social Security, and pensions).Independent Auditor
An accountant who is a certified public accountant or government auditor, who must be qualified under both generally accepted auditing standards and government auditing standards. An independent auditor must be free from personal and external impairments to independence, organizationally independent, and must maintain an independent attitude and appearance.Independent Student
An applicant for FSA program assistance who meets certain criteria. To be classified as an independent student for FSA purposes, a student must meet at least one of the following criteria: (a) be at least 24 years old by December 31 of the award year for which aid is sought; (b) be an orphan or be (or have been until the age of 18) a ward of the court; (c) be a veteran of the Armed Forces of the United States; (d) have legal dependents other than a spouse; (e) be a graduate or professional student; or (f) be married.Individual Loan Check
A draft that is payable on demand and requires the personal endorsement or other written approval of the borrower to be cashed.Ineligible Borrower
A borrower or potential borrower who does not meet federal eligibility criteria for a FSA student loan or, in the case of a parentborrower, a PLUS loan.Information for Financial Aid Professionals (IFAP)
A Federal Student Aid (FSA) online database/library that provides financial aid administrators access to current and archived FSA information/materials (e.g., technical publications, reference manuals, regulatory and policy guidance, Dear Partner and Action Letters) pertaining to the administration of FSA programs. Also provides automatic updates electronically to FAAs who subscribe to this service. Located at: www.ifap.ed.gov. A user ID and password are required to enroll for electronic updates.In-House Control Documents
Documents a school uses to meet federal recordkeeping requirements for federal student financial aid programs, provide data needed for aid-related reports, and maintain a clear audit trail.In-School
The period during which borrowers are enrolled.Institutional Capital Contribution (ICC)
The portion of a school’s Federal Perkins Loan fund contributed by an institution. Institutional Capital Contributions (ICCs) must be equal to at least one-third (33 and 1/3%) of the new Federal Capital Contribution (FCC) amount or one-quarter (25%) of the combined FCC plus ICC.Institutional Liability
Financial penalties or repayments that a school must pay to ED as a result of incorrect institutional action or actions. A liability is the difference between the actual expenditures reported by the institution in GAPS for an Obligation Document Number for the award year and the final allowable expenditures as determined by the auditor, program reviewer, or hearing official.Institutional Loan
Loans specific to a college, university, or other post-secondary school and made from school funds. Eligibility and loan characteristics will vary among schools.Institutional Methodology
The formula a college or university uses to determine financial need for allocating the school's own financial aid funds.Institutional Student Information Record (ISIR)
An electronic output document generated by the CPS that summarizes information provided on a student’s FAFSA. Also provides the result of the EFC calculation, results of eligibility matches with certain databases, reject reasons, comments, and data assumptions. It is available to schools through the Electronic Data Exchange (EDE).Interest Benefits
The interest payments (benefits) made by ED to an FFEL Program lender on behalf of a student. These payments are based on the student’s subsidized Federal Stafford Loan interest rate, but only during certain periods: the student’s enrollment (at least half time), the grace period, or any authorized deferment period. Interest benefits are not paid on unsubsidized Federal Stafford Loans. See Special Allowance.Insurance Fee
A fee charged by guarantee agencies, which is deducted from loan proceeds and used to insure against defaulted loans.Interest
A fee charged to the borrower for use of a lender's money.Interest Rate
The percentage of a sum of money charged to a borrower for its use.Interest Subsidy
See Federal Interest Subsidy.Interest-only Payment
A payment that covers only accrued interest owed on a loan and none of the principal balance. Borrowers making interest-only payments may make larger payments at any time.ISIR Analysis Tool
A tool to help schools analyze FAFSA data reported on the ISIR. This tool can help determine the impact of changes to student-reported information on a student’s EFC and Pell Grant eligibility. The current ISIR Analysis Tool is available through FAA Access to CPS Online.ISIR Guide
A reference that financial aid administrators (FAAs) use to interpret student information on the Institutional Student Information Record (ISIR). It also explains codes and flags that appear in the FAA Information section of the ISIR. Located at: www.ifap.ed.gov, Current publications by title.Issuing Checks
Schools can issue checks to disburse funds directly to students and parents. A check is issued if a student (or parent for PLUS Loan funds) is notified that his or her check is available for immediate pickup, or the school can release or mail the checks to the students or parents.
