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RESOURCES   
New Students - Steps to Apply for Financial Aid  
Current Students - Steps to Update your Financial Aid  
My Financial Aid Awards  
Financial Aid Standards  
Financial Aid Disbursement  
Withdrawal Policy
Federal Aid Guide
Glossary of Terms
   
Scholarships  
Scholarships & Incentives  
Undergraduate Academic Scholarship  
    
Military  
Amridge Military Tuition Program  
Military Benefits  
   
Documents & Forms  
Loan Entrance Counseling
Loan Exit Counseling  
Institutional Scholarship Application 2013-2014   
Federal Work Study Application  
Veteran's Benefits Form 2013-2014  
Academic Standards for FA  
Private Education Loan Certification - doc.  
Private Education Loan Certification - pdf.  
   
   
   
Contact:
Starr Fain: 1.800.351.4040 Ext 7523 or 334.387.7523

Louise Hicks: 1.800.351.4040 Ext 7525 or 334.387.7525
Lisa Byrd: 1.800.351.4040 Ext 7527 or 334.387.7527

Fax:  334.387.3878 
Email:
  financialaid@amridgeuniversity.edu
 
   
   
   
   
   
   
   
   
   

GLOSSARY OF terms

 
Academic Year
Accreditation
Accrue
Audit
Award Letter
Borrower
Capitalized
Consolidation
Course Load
Default
Disbursement
Entrance Counseling
Exit Counseling
Expected Family Contribution
FAFSA
Federal Pell Grant
FSEOG
Federal Work-Study Program
Financial Aid Package
General Education Development (GED) Certificate
Grace period
National Student Loan Data System (NSLDS)
Need Analysis
Principal
Promissory Note
Satisfactory Academic Progress
Student Aid Report (SAR)
Subsidized Loan
Unsubsidized Loan
Verification
 

Academic Year

A period of time schools use to measure a quantity of study. Amridge’s School Year consists of (30) weeks of instructional time broken out into a fall, spring, and summer  semester.

 

Accreditation

A school must have accreditation from an accrediting body recognized by the U.S. Department of Education to be eligible to participate in the administration of federal student aid programs. Accreditation means that the school meets certain minimum academic standards, as defined by the accrediting body.

 

Accrue

Accrue is the process by which interest accumulates on a loan. When interest accrues on a loan, the interest due on the loan is accumulating.

 

Audit

An audit course yields no academic credit. Enrollment as an audit student is encouraged for those who wish to learn more about a subject but do not wish to earn a degree. Applications for admission as well as the application fee are required for students who take audit courses. A fee is assessed for each audit course. The registration fee is waived for students who are taking only audit courses. Students over the age of 65 are not required to pay an audit fee

 

Award Letter

A document provided by the school, informing the applicant of the amount of assistance the student is eligible; this offer could include loans, scholarships, grants, and federal work-study. The student must indicate to the school which he/she wishes to accept. The award letter is valid only for the upcoming year unless otherwise noted by the Financial Aid Office of the school.

 

Borrower

The borrower is the individual who signed and agreed to the terms in a promissory note and is responsible for repaying the loan.

 

Capitalized

With certain loans, such as subsidized, the U.S. Department of Education pays the interest that accrues on these loans while the student is enrolled at least half-time and during periods of deferment. However, with subsidized loans in forbearance, unsubsidized loans or PLUS (Parent Loans for Undergraduate Students), the student is responsible for paying interest as it accrues on these loans. When the interest is not paid, it is capitalized or added to the principal balance, which increases the outstanding principal amount due on this loan.

 

Consolidation

Consolidation is the process of combining one or more loans into a single new loan.

   
 

Course Load

Undergraduate Course Load
The minimum full-time course load for an undergraduate student is twelve semester hours. Undergraduate students must have the prior approval of the respective advisor to register for an additional course over full-time.

Graduate Course Load
The minimum full-time course load on the graduate level is nine hours per semester. Graduate students must have the prior approval of the respective advisor to register for more than an additional course over full-time.

Doctoral Course Load
The minimum full-time course load on the doctoral level is six hours per semester. Doctoral students must have the prior approval of the dean of the respective Amridge University school or college to register for an additional course over full-time.

 

Default

Failure to repay a loan according to the terms agreed to when you signed a promissory note

 

Disbursement

Payment of loan proceeds by the lender. During consolidation, this term refers to sending payoffs to the loan holders of the underlying loans being consolidated.

 

Entrance counseling

Entrance counseling is an information session for first-time borrowers. It ensures that students know they are borrowing funds for their education, and that they are expected to repay the loans.

 

Exit counseling

Exit Counseling is an information session for students leaving Amridge whether by graduation or withdrawal. The session outlines the amount of money in loans the student owes, plus repayment options available to them.

 

Expected Family Contribution (EFC)

Your Expected Family Contribution is the number that’s used to determine your eligibility for federal student financial aid. This number results from the financial information you provided in your FAFSA application. Your EFC is reported to you on your Student Aid Report (SAR).

 

FAFSA

Abbreviation for Free Application for Federal Student Aid.

 

Federal Pell Grant

A Federal Pell Grant is Federal money that does not have to be repaid; based on the EFC and cost of attendance. Generally, Pell Grant is only awarded to undergraduate students.

 

Federal Supplemental Educational Opportunity Grant (FSEOG)

An FSEOG grant is available to undergraduate students with exceptional financial need. Priority is given to students receiving the Federal Pell Grant.

 

Federal Work-Study Program

The Federal Work Study Program provides part-time jobs for undergraduate and graduate students who have financial need as established by the FAFSA.

 

Financial Aid Package

The total amount of federal and nonfederal financial aid a student is offered by a school. The financial aid officer at a postsecondary institution combines various forms of aid into a “package” to help meet a student’s education costs. Using 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 might fall short of the amount a student needs to cover the full cost of attendance. The amount of federal student aid in a package is affected by other sources of aid received such as scholarships, state aid, etc.

 

General Education Development (GED) Certificate

This is a certificate students receive if they’ve passed a specific, approved high school equivalency test. Students who have a General Educations Development Certificate (GED) may qualify for federal student aid.

 

Grace period

After borrowers graduate, leave school or drop below half-time enrollment, loans that were made for that period of study have several months before payments are due. This period is called the "grace period." During the grace period, no interest accrues on subsidized loans. Interest accrues on unsubsidized loans during grace periods and this interest is capitalized when borrowers' loans enter repayment

 

National Student Loan Data System (NSLDS)

National Student Loan Data System (NSLDS) is our database for federal student financial aid where you can find out about the aid you’ve received. If you’ve only just applied for aid, you won’t find any information on NSLDS yet. NSLDS receives data from schools, guaranty agencies and U.S. Department of Education programs. The NSLDS Web site is generally available 24 hours a day, seven days a week. By using your PIN, you can get information on federal loan and Pell Grant amounts, outstanding balances, the status of your loans and disbursements made. You can access NSLDS at www.nslds.ed.gov.

 

Need Analysis

The process of analyzing a student´s financial need, known as need analysis, focuses on determining how much can be expected to contribute towards the student´s education. Traditionally, determination of an applicant´s need is achieved by collecting information about the income, assets and living expenses. For federal student aid programs, the law specifies a need analysis formula that produces the Expected Family Contribution (EFC). The EFC and the college´s cost of attendance are used by the postsecondary school to establish the student´s need as well as to award grants and subsidized loans.

 

Principal

The amount of money borrowed. Interest is charged on this amount.

 

Promissory Note

A promissory note is a binding legal document you sign when you get a student loan. It lists the conditions under which you’re borrowing and the terms under which you agree to pay back the loan. It will include information on how interest is calculated and what deferment and cancellation provisions are available to the borrower. Save this document because you’ll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances.

 

Satisfactory Academic Progress

To be eligible to receive federal student financial aid, you must meet and maintain your school’s standards of satisfactory academic progress toward a degree or certificate offered by that institution.

 

Student Aid Report (SAR)

A report sent to the student from the Department of Education that contains:   the EFC calculation, a summary of the information the student submitted on the FAFSA, results of matches with other federal agency databases, and the student's financial aid history. It also defines any issues that the Department of Education requires the student to resolve before financial aid can be processed.

 

Subsidized

A loan for which a borrower is not responsible for the interest while in an in-school, grace or deferment status. Subsidized loans include Direct Subsidized, Direct Subsidized Consolidation Loans, and Federal Subsidized Consolidation Loans.

 

Unsubsidized

An unsubsidized loan is a loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Unsubsidized loans include: Direct Unsubsidized Loans, Direct PLUS (Parent Loans for Undergraduate Students), Direct Unsubsidized Consolidation Loans, Federal PLUS (Parent Loans for Undergraduate Students) and Federal Unsubsidized Consolidation Loans.

 

Verification

Verification is a process where your school confirms the data reported on your FAFSA (Free Application for Federal Student Aid). Your school has the authority to contact you for documentation that supports income and other information that you reported.