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Definitions (35)
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Cost of Attendance
This is the combination of direct costs of attendance such as tuition and fees, room and board, and books and supplies, as well as indirect costs such as transportation, personal expenses, loan-relate [..]
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CSS PROFILE
The College Scholarship Service (CSS) Financial Aid PROFILE application is the first step you need to take to apply for aid at Lehigh. You can register for this service and complete the form electroni [..]
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DEFAULT
Failure to repay a loan according to the terms of the promissory note. For a loan repayable in monthly installments, a loan is in default after 270 days of no payment.
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Default fee
A default fee is used by the guarantor to maintain reserve funds to reimburse lenders if a student/parent borrower fails to repay a loan (defaults.) Therefore, guarantors may charge a 1% fee.
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Deferment
The temporary postponement of loan payments for a limited period of time. Deferments, allowed for specific borrower activities, extend the loan repayment period by the length of the deferment period.
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direct lending
The U.S. Department of Education (the Department) is the lender rather than a bank or other financial institution. Direct Loans are low-interest loans for students and parents to help pay for the cost [..]
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disbursement
The release of financial aid funds to individual student accounts. Funds are disbursed when the student's financial aid file is complete and registration has been verified.
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Expected Family Contribution
This is the amount that a family is expected to contribute toward the student’s cost of attendance and includes both the parents' contribution and the student’s contribution. The CSS/Profile and [..]
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FAFSA
The Free Application for Federal Student Aid (FAFSA) is a required application for all students. To complete this form, go online to www.fafsa.ed.gov.
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Financial Aid Notification
The offer of financial aid prepared by the Office of Financial Aid after completing a needs analysis. The award letter lists the types and amounts of aid offered and the terms and conditions of that a [..]
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