Glossary

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

Financial Aid Package: The total amount of financial aid (federal, state and non federal) a student is offered by the school. The financial aid administrator combines various forms of aid into a &"package"; to help meet the student's education costs. Using the available resources to give each student the best possible package of aid is one of the aid administrator's major responsibilities. Because funds are often limited, an aid package may fall short of the amount a student needs to cover the full cost of attendance.

Financial Goals : Desired results from one's efforts to achieve personal economic satisfaction.

Financial literacy: The ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security.

Financial Plan : A report that identifies a person's financial goals, needs, and expected future earning, saving, investing, insurance, and debt management activities; it typically includes a statement of net worth.

Financial Resources : Financial assets that can be accessed when necessary.

Fixed Income: Refers to any type of investment that yields a regular (or fixed) return.

Fixed Interest Rate: A fixed interest rate loan will carry the same interest rate for the life of the loan. A fixed interest rate will not vary based on market conditions.

Forbearance: Similar to a deferment, a lender may grant a borrower a forbearance in certain circumstances, which would delay payment of their loan, lower the payment amount or allow interest-only payments. Such circumstances include, serving in a national service position or economic hardship. Parent PLUS loan borrowers may be granted forbearance while their children are enrolled in college at least half time.

Fraud: Intentional and illegal deception, misrepresentation, or concealment of information for monetary gain.

Free Application for Federal Student Aid (FAFSA): The first step in getting aid for college, this free application will ask for demographic and financial information to determine the family EFC. Colleges use the results of the FAFSA to award aid.

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