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G H
I J
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M N
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Q R
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U V
W X
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| S |
| Satisfactory
Academic Progress |
The
level of academic progress required
of a student by the Higher Education
Act in order to receive Title
IV aid, including Federal Stafford,
PLUS or SLS Loans. Each school
must establish a standard for
evaluating a student’s efforts
to achieve an educational goal
within a given period of time.
In making this evaluation, the
school must establish the normal
time frame for completion of the
course of study in which the student
is enrolled, and a method, such
as grades or work projects completed,
to measure the quality of the
student’s performance. |
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| School |
An
institution of higher education,
a proprietary institution of higher
education or a postsecondary
vocational school declared eligible
by the U.S. Department of Education
to participate in one or more
Title IV programs. Some guarantors
may require schools to complete
a separate agency-specific participation
agreement. |
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| Secondary
Market |
An
entity that purchases education
loans from eligible lenders in
order to increase the amount of
funds available for education
loans. The secondary market obtains
funds from investors and uses
those funds to purchase existing
education loans from lenders.
The lenders then use the proceeds
of those sales to make new education
loans. |
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| Separation
Date |
The
date the student ceases to be
enrolled on at least a half-time
basis at an eligible school. |
|
| Servicer |
An
entity that enters into a contract
with a program participant to
administer any aspect of its participation
in a Title IV program. |
|
| Standard
Repayment |
A
repayment schedule under which
the borrower pays the same amount
for each installment payment throughout
the entire repayment period or
pays an amount that is adjusted
to reflect annual changes in the
loan’s variable interest
rate. The Standard Repayment Schedule
cannot exceed 10 years, excluding
in-school, grace, deferment or
forbearance periods. |
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| Student
Aid Report (SAR) |
The
paper output record provided to
the student by the Department’s
central processing system that
includes information provided
by the student on the Free Application
for Federal Student Aid (FAFSA).
The SAR also contains student’s
Expected Family Contribution (EFC),
and the results of federal database
matches. The electronic version
that is sent to the school is
called an Institutional Student
Information Record (ISIR). |
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| Subsidized
Loan |
A
loan, such as an subsidized Federal
Stafford Loan, eligible for interest
benefits paid by the federal government.
The federal government pays the
interest that accrues on subsidized
loans during the student’s
in-school, grace, authorized deferment,
and (if applicable) post-deferment
grace periods, if the loan meets
certain eligibility requirements. |
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Federal Consolidation Loan
