Financial Aid Glossary

Truth-in-Lending Disclosure Statement

See Disclosure Statement.

Tuition

The amount of money colleges charge for classroom and other instruction and the use of facilities such as libraries.

Tuition, Fees, Room and Board (TFR&B)

These costs vary on a per school basis. It is used by the Financial Aid Officer to calculate the estimated Cost of Attendance (COA) that is used to determine the final award/loan amount.

Undergraduate

A student who is enrolled at a school in a course of study, at or below the bachelor's level, that usually does not exceed four or five academic years in length and is designed to lead to a first degree. A student enrolled in any other length program is considered an undergraduate student only for the first four academic years.

Undergraduate Cosigner Loan

A cosigned loan that the lender makes to applicants to pay certain undergraduate educational expenses.

Unsecured Loan

A loan not backed by collateral, representing a greater risk to the lender. The lender may require a cosigner on the loan to reduce their risk. If the borrower defaults on the loan, the cosigner is held responsible for repayment. Most educational loans are unsecured loans.

Unsubsidized Loan

The borrower is fully responsible for paying the interest that accrues on the loan. Interest on an unsubsidized loan accrues from the date of disbursement and continues throughout the life of the loan.

U.S. Citizen/ Eligible Non-citizen

A borrower must be a U.S. citizen or an eligible non-citizen (generally a permanent U.S. resident who has a Proof of Residency card [I-151, I-551]) to apply for many forms of financial aid. See also Eligible Non-citizen.

Variable Interest

In a variable interest loan, the interest rate fluctuates with a stated index.

Work-Study

Program in which payments are earned by students who work on or off campus to help pay for school costs. Work-study programs are typically included in the financial aid package and outlined in the award letter.