Glossary

Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

Federal Family Education Loan Program (FFELP): The FFEL Program is, along with the Direct Loan Program, one of two US Department of Education lending programs. When borrowing a FFELP loan, you are borrowing your student loan from a commercial or not for profit lender who supplies the funding. The federal government guarantees that loan in case of default. There are some schools that only accept Direct Loans, others will accept loans from either the Direct or FFEL programs. Check with your school's financial aid office to find out which type of loans they accept.

Federal Insurance Contributions Act (FICA ): Federal Insurance Contributions Act. (See Social Security.)

Federal Trade Commission (FTC) : An independent agency of the U.S. government charged with keeping American business competition free and fair.

Fee-for-Service: A health insurance plan that allows the holder to make almost all health care decisions independently. The plan holder pays for a service, submits a claim to the insurance company, and, if the service is covered in the policy, receives reimbursement. Fee-for-service plans often have higher deductibles or co-pay than managed care plans

Fees: A fixed sum charged by law for a privilege.

FFELP Loan: Federal Family Education Loan Program - The FFEL Program is, along with the Direct Loan Program, one of two US Department of Education lending programs. When borrowing a FFELP loan, you are borrowing your student loan from a commercial or not for profit lender who supplies the funding. The federal government guarantees that loan in case of default. There are some schools that only accept Direct Loans, others will accept loans from either the Direct or FFEL programs. Check with your school's financial aid office to find out which type of loans they accept.

FICA : Federal Insurance Contributions Act. (See Social Security.)

Finance charge: The total dollar amount paid for credit. Example: A $100 loan repaid with $9 interest plus a $1 service fee has a finance charge of $10.

Financial adviser: A person who provides financial information and advice. Examples include employee benefits staff, bank and credit union employees, credit counselors, brokers, financial planners, accountants, insurance agents, and attorneys.

Financial Aid Eligible Student: In order to be eligible for federal student financial aid the student: Must demonstrate financial need; must be a US Citizen or eligible non citizen with a valid social security number; must be working towards a degree or certificate in an eligible program; and must show by one of the following means, that you're qualified to obtain a postsecondary education: * Complete a high school education in a home school setting approved under state law; * Have a high school diploma or GED; *Maintain satisfactory academic progress in school; *Meet other state standards approved by the Dept of Education; *Pass an approved ability to benefit (ATB) test; *Register with the Selective Service if you're a male between the ages of 18 and 25.

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