3rd Party/Sponsored Billing: This is considered Other Financial Assistance (OFA), which is also known as scholarships, departmental awards, tuition assistance, military tuition assistance, employee waivers, employer reimbursement, third-party contracts, sponsored billing, vocational rehab (excluding Ch. 31-35), etc.
Academic Year: The academic year starts on July 1 and ends June 30.
- Undergraduate students:
Academic year is defined as 36 weeks of instructional time; 24 credit hours for the academic year is considered full time - Graduate students:
Academic year is defined as 36 weeks of instructional time; 12 credit hours is considered full time for the academic year
Adjusted Gross Income (AGI): All taxable income less IRS allowable adjustments to income. This figure is drawn from an individual's federal tax return.
Award Offer: This is issued by the Financial Aid Office. It lists all of the amounts, sources and types of aid in your financial aid package. The Financial Aid Offer also includes the terms and conditions of your financial aid.
Campus Solutions Student Center: A one-stop shop Student Service Center to see your class schedule, account balance, financial aid, documents needed for services, and academic history all from one location by logging into your student account (ERNIE).
College Financing Plan: The College Financing Plan is a consumer tool that is designed to simplify information about costs and financial aid. It is not meant to replace your award offer but is a tool to help you in comparing with other institutions. Military prospects will receive a College Financing Plan when inquiring at Embry-Riddle. When you are admitted to Embry-Riddle and apply for financial aid, you will be able to view your College Financing Plan in your Student Service Center.
Common Origination and Disbursement (COD): The system used to process records for the Pell Grant, TEACH Grant and Direct Loan programs.
Contributor: The student; the student’s spouse; a biological or adoptive parent; or the parent’s spouse (stepparent).
Cost of Attendance (COA): These expenses include tuition, room and board, books and supplies, fees, and the student's living costs while attending school. The COA is determined by the school, using federal guidelines.
- Direct costs are billed through the university and include tuition and fees
- Indirect costs are not billed through the university but are optional; these out-of-pocket expenses are room and board, transportation, books, supplies, and personal expenses.
Default: When a borrower fails to abide by the terms of a loan by not making payments for a specified period of time.
Deferment: The option to postpone repayment for a period of time, under certain conditions, with permission from the lender.
Delinquency: The status of a loan when payment is late. Delinquency may be reported to a credit bureau after 30 days.
DD214: Department of Defense form 214. It is the form, received at separation, which certifies a veteran's service.
Department of Homeland Security (DHS): An applicant's FAFSA is sent to DHS if the applicant indicates on the FAFSA that he or she is an eligible non-citizen. DHS Secondary Confirmation Match Flag Code on a SAR/ISIR indicating the results from a secondary match with DHS for an applicant who failed primary confirmation of immigration status.
Direct Consolidation Loans: Allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.
Direct Data Exchange (DDX): Direct exchange authorized by FAFSA contributor to link IRS income/wage/tax information directly into the FAFSA form (formally known as the IRS Data Retrieval Tool).
Direct Loan (DL): See William D. Ford Federal Direct Loan (Direct Loan) Program.
Direct PLUS Loan: A loan made under the Federal Direct PLUS Program.
Direct Subsidized Loan: A federal student loan where a borrower isn’t generally responsible for paying interest while in an in-school, grace or deferment period.
Direct Unsubsidized Loan: A federal student loan for which the borrower is fully responsible for paying the interest regardless of the loan status.
Disbursement: The lender's payment of loan funds to the school. Payment is made by electronic funds transfer (EFT). Disbursement is usually made in two or more installments during the year.
Entrance Loan Counseling: A mandatory information session which takes place before you receive your first federal student loan that explains your responsibilities and rights as a student borrower.
Exit Loan Counseling: A mandatory information session which takes place when you graduate or attend school less than half-time that explains your loan repayment responsibilities and when repayment begins.
FAFSA: Free Application for Student Aid
FAFSA Submission Summary (FSS): Summarizes the information entered on your FAFSA form and provides your calculated Student Aid Index, which the Financial Aid uses to determine Financial Aid eligibility.
Federal Pell Grant: The Pell Grant is the largest federal grant program offered to undergraduates. It is designed to assist students from low-income households. To qualify for a Pell Grant, a student must demonstrate financial need by completing and submitting the FAFSA® form.
FAFSA Processing System: The processing system for FAFSA data.
Federal Tax Information (FTI): FAFSA contributors (student and spouse or parent/stepparent, as applicable) must give the U.S. Department of Education (ED) consent to retrieve federal tax information (FTI) from the Internal Revenue Service (IRS) for purposes of determining a student's eligibility for Title IV federal student aid.
FPS C Flag: Notifications on the FAFSA Submission Summary (FSS) to the student and to the institution processing the student’s financial aid application that either:
- One or more data elements entered on the FAFSA did not match what the authorizing agency has on record for the applicant; or
- There is adverse information relating to the applicant financial aid status. Students can have a FPS C flag even if they are not selected for verification.
Undergraduate Students
- Track 1: July Term - September Term - November Term - February Term (Online Track Only with 9-Week Terms)
Track 1 allows students to enroll in classes offered online only and receive financial aid. Students electing to be on Track 1 will not be able to use other modalities of learning such as: Classroom, Eagle Vision Class or EagleVision Home as these modalities are not offered on this Track. - Track 2: August Term - October Term - January Term- March term (Blended Track with 9-Week Terms
Track 2 allows students to take advantage of all modalities of learning and receive financial aid: Online, Classroom, Eagle Vision Class and Eagle Vision Home. Students may register for any modality of learning on Track 2.
Master's Students
- Track 2: August Term - October Term - January Term- March term (Blended Track with 9-Week Terms)
Track 2 allows students to take advantage of all modalities of learning and receive financial aid: Online, Classroom, Eagle Vision Class and Eagle Vision Home. Students may register for any modality of learning on Track 2.
Financial Aid Offer: This is issued by the Financial Aid Office. It lists the amounts, sources and types of aid in your financial aid package. The Financial Aid Offer also includes the terms and conditions of your financial aid.
Forbearance: A period during which your monthly loan payments are temporarily suspended or reduced. Your lender may grant you a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships. During forbearance, principal payments are postponed but interest continues to accrue. Unpaid interest that accrues during the forbearance will be added to the principal balance (capitalized) of your loan(s), increasing the total amount you owe.
Gift Aid:Funds awarded to the student that do not have to be repaid, unless the student fails to meet certain terms, such as a service requirement, specified as a condition of the grant. Gift aid includes awards with titles such as grants, scholarships, remissions, waivers, etc. Gift aid can be awarded based upon many factors, including (but not limited to) financial need, academic excellence, athletic, musical, and theatrical talent, affiliation with various groups, or career aspirations.
Grace Period: A feature of Federal Direct loans that gives you six months after you leave school or drop below half-time status before you must start making monthly payments on your loan.
Grant: Gift aid awarded to the student that does not need to be repaid. Grants are typically based on financial need.
Institutional Student Information Record (ISIR): An electronic output document generated by the FAFSA Processing System (FPS) that summarizes information provided on a student's FAFSA.
Master Promissory Note (MPN): A promissory note for the Federal Perkins Loan and Direct Loan programs that allows borrowers to apply for multiple loans during a student’s attendance at a postsecondary institution.
Missing Information Email: This electronic notification is sent to a student's Embry-Riddle email account and details any missing information that the Financial Aid Office may require in order to complete the financial aid process (for example, verification documents, proof of citizenship, DD214, etc.).
National Student Loan Data System (NSLDS): An ED-integrated system that collects and reports information about the financial aid history of students who receive federal student aid and maintains that information in an online database available to the financial aid community. The database stores information about loans, grants, students, borrowers, lenders, guaranty agencies (GAs), schools and loan servicers.
Need: The difference between the Cost of Attendance (COA) and the Student Aid Index (SAI) is the student's financial need. It is the gap between the cost of attending the school and the student's eligibility.
Net Cost: Amount of direct and indirect costs remaining after all gift aid (scholarships, tuition assistance, and grants) is subtracted.
Net Price Calculator: A tool that allows current and prospective students, families, and other consumers to estimate the net price of attending a particular college or career school.
Origination: When a school creates a new Pell Grant or Direct Loan in the COD system.
Origination Fee: A fee charged by the federal government and deducted from the loan funds prior to disbursement. The fee is used to offset administrative costs.
Packaging: The process of determining the types and amounts of financial aid awards (loans, grants, scholarships and employment) and offering financial aid to a student.
Professional Judgment (PJ):
- Special Circumstances: Special or extenuating situations (such as the loss of a job) that impact a student’s financial condition and support a financial aid administrator adjusting data elements in the COA or in the SAI calculation on a case-by-case basis.
- Unusual Circumstances: Conditions that justify a financial aid administrator making an adjustment to a student’s dependency status, commonly referred to as a dependency override, based on an unusual situation (e.g., human trafficking or parental abandonment).
Remaining Need: Difference between the institution’s Cost of Attendance and the student’s Student Aid Index (SAI).
Return of Title IV Funds (R2T4): When a student withdraws or ceases to attend from school without completing a payment period or period of enrollment, the school must determine the amount of Title IV funds "earned" for the portion of the payment period or period of enrollment the student attended. Unearned federal student aid must be returned to each affected program, as applicable.
Satisfactory Academic Progress (SAP): To be eligible for federal funds (Pell, FSEOG, Direct Loans, etc.) students must make satisfactory academic progress, meaning you are continuing to complete courses and maintain a required GPA based on your credit level. Visit the Academic Eligibility>Standards of Academic Progress portion of our website for a complete overview of the eligibility standards.
Scholarship: Gift aid awarded to the student that does not need to be repaid. Scholarship awards are typically based on merit or a combination of merit and need, such as academic excellence, talent, affiliation with various groups, or career aspirations.
Student Aid Index (SAI): The Student Aid Index (SAI) is an eligibility index number that your college’s financial aid office uses to determine how much federal student aid you would receive if you attended the school. This number results from the financial information you and your contributor(s) provide on your FAFSA® form.
Student Notifications: E-mail is an official means of communication for students at Embry-Riddle Aeronautical University-Worldwide. All official university email will be sent to each student's assigned university email address. Students are responsible for reading emails received from the university.
Taxable Income: Income earned from wages, salaries, and tips, as well as interest income, dividend income, business or farm profits, and rental or property income.
Title IV Programs: Those federal student aid programs authorized under Title IV of the Higher Education Act of 1965, as amended. Includes the: Federal Pell Grant, Iraq and Afghanistan Service Grant (IASG), Teacher Education Assistance for College and Higher Education (TEACH) Grant, Federal Supplemental Educational Opportunity Grant, Federal Work-Study, Federal Perkins Loan, Direct Loan, and Direct PLUS.
Untaxed Income: All income received that is not reported to the Internal Revenue Service (IRS) or is reported but excluded from taxation. Such income would include but not be limited to untaxed capital gains, interest on tax-free bonds, dividend exclusion, and military and other subsistence and living allowances.
Verification: The process a school follows to check the accuracy of the information reported by the student on the FAFSA. The information reported is compared against documents, such as the IRS Tax Return Transcripts and signed Verification Worksheets, the student provides to the school.
Vocational Rehabilitation: Programs administered by state departments of vocational rehabilitation services to assist individuals who have a physical or mental disability which is a substantial handicap to employment.
William D. Ford Federal Direct Loan (Direct Loan) Program: Student loans provided by the U.S. Department of Education to enable a student to pay for education after high school. Eligible students borrow directly from the U.S.
