Financial Aid Glossary of Terms
Office of Financial Aid

| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

- A -

Academic Year/Aid Year - The terms "academic year" and "aid year" are the same thing. Each start with fall semester and end with the summer semester.

For example, the 2005-06 academic/aid year includes fall 2005, spring 2006, and summer 2006 and the 2006-2007 academic/aid year includes fall 2006, spring 2007, and summer 2007.

Active Enrollment - The number of credit hours you are actively enrolled in for a grade (which excludes audited classes) and attending classes.

- C -

Campus-Based Programs - Programs that are awarded by USF, based on financial need. These sources include: the Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant, Federal Work-Study, USF Loan, and USF Grant programs.

Conditional Award Offer - Students new to USF, may receive a conditional award offer, but may still need to satisfy certain requirements before final eligibility is established.

Go to OASIS to view any outstanding requirements.
Go to FA Web for additional information regarding the financial aid process at USF.
View additional information regarding the various financial aid programs.

If you are a new student and awarded aid for fall and spring semesters, but do not enroll in fall, you will be repackaged for spring and summer after you update your admission status to spring.

- E -

EFC - Expected Family Contribution - the amount you and/or your parents are expected to contribute toward your educational expenses as determined by a federally-mandated formula, which uses the information you provide on your FAFSA or Renewal FAFSA.

Electronic Funds Transfer (EFT) - Funds are electronically deposited directly to an account at USF, which expedites disbursing funds to you.

Electronic Processing - The electronic exchange of information between USF, state and federal processors, and the state guarantee agencies.

Enrollment - Enrollment statuses are the same for every semester: fall, spring, and summer.

Full-time status is a minimum of 12 undergraduate or 9 graduate credit hours.
Half-time status is 6 to 8 undergraduate credit hours and 5 to 8 graduate credit hours.
Three-quarter status is 9-11 undergraduate credit hours.

Things to be aware of regarding enrollment:

Most financial aid awards require at least half-time attendance and many programs require full-time attendance.

Grants, including Federal Pell Grant, are offered based on full-time enrollment; however, actual disbursement is based on actual enrollment at the end of drop/add.

USF awards are prorated based upon actual USF hours enrolled.

Courses taken on an audit basis do not count in determining your enrollment status for financial aid.

Estimated Cost of Attendance - the anticipated cost of attending USF for one academic year: including, tuition, room and board, books and supplies, travel and personal expenses.

- F -

FAFSA (Free Application for Federal Student Aid) - The application used to establish financial need. When completing this form for USF, it is not necessary to complete any supplement you may have received with the FAFSA, or to pay any fees for processing.

FFELP (Federal Family Education Loan Program) - federally-funded educational loan programs, including Federal Subsidized and Unsubsidized Stafford Loans, and Federal Parent Loans for Undergraduate Students (PLUS).

Fee Liable Hours - The number of credit hours for which you must pay tuition and fees.

Financial Aid Package - An offer of financial aid usually comprised of a combination of aid programs which may include scholarships, grants, loans and/or work funds.

Financial Need - The difference between your budget as established by USF and your Expected Family Contribution (EFC).

- G -

Guarantee Agency - An agency which acts as an intermediary for the federal government in providing guarantees to repay lenders if FFELP loan borrowers default.

Gift Aid - A form of financial aid that does not have to be repaid or earned.

Grace Period - A period of time granted to loan borrowers during which no payment of principal is due. After you graduate, leave school or drop below half-time you enter a grace period. This grace period is usually six months (check with your lender). You only get one grace period.

- I -

ISIR (Institutional Student Information Record) - The FAFSA information USF receives from the central processor. (Provides your SAR information electronically).

- N -

Need Analysis Formula - A federally-mandated formula used to objectively determine your Expected Family Contribution (EFC).

Need-based Aid - aid programs for which you must demonstrate financial need in order to qualify.

- O -

OASIS - (On-line Access Student Information System) - The student information system at USF integrates all of your student information into one database. A Web interface allows you immediate access to much of your student information; such as, your awards, fees you may owe, address information, etc.

Origination Fee - A fee which is applied to Federal Family Education Loans which may be combined with an insurance premium. This fee is a percentage of the loan amount and is deducted from the amount approved before the lender disburses the check.

OSFA (Office of Student Financial Assistance) - A division of the Florida Department of Education responsible for administering State of Florida financial aid programs.

Outside Scholarship - A scholarship funded by sources outside the Office of Financial Aid. These sources include corporations, individuals, or University departments, schools and colleges.

- R -

Refund Check - A check you receive through the mail for any funds left in your student account after aid has been disbursed and fees paid.

Renewal FAFSA - a Renewal FAFSA will be generated for most students who have completed a prior year FAFSA. It is a simpler method of applying for federal financial aid. Much of the required information will be preprinted for you based on your prior year FAFSA, all you have to do is verify the preprinted information, make corrections, fill in all blanks, and check USF in section "H." If you receive a Renewal FAFSA, you may complete it instead of a FAFSA.

- S -

SAR (Student Aid Report) - The report you receive as a result of filing the FAFSA or Renewal FAFSA.

Student Account - An account through which your financial aid is disbursed. These funds pay your tuition and fees or receivables you owe USF. If funds remain after fees are paid, the balance is mailed to you via a refund check.

Subsidized Federal Stafford Loans - For subsidized loans, loan interest is paid on your behalf by the government while you are enrolled as at least a half-time student and during grace or deferment periods. For both subsidized and unsubsidized loans, repayment of principal and interest begins six months after you cease to be enrolled at least half-time.

- U -

Unsubsidized Federal Stafford Loans - For unsubsidized loans, loan interest accrues within sixty days of disbursement and can be paid while you are in school, or capitalized until you begin repayment. Capitalized interest is added to the principal amount outstanding. For both subsidized and unsubsidized loans, repayment of principal and interest begins six months after you cease to be enrolled at least half-time.