Fees assessed to students for certain courses of instruction or academic services in addition to tuition and mandatory fees. These services may include, but are not limited to, special instruction, testing, and obtaining laboratory supplies and materials.

Adjusted Gross Income. Most financial aid forms require parents or students to state their taxable AGI based on income minus maximum allowable adjustments.

Private student loans, from banks or other lending institutions, that are not federally supported or guaranteed. Students must be enrolled to apply for these loans.

Unpaid interest that is added to the original amount of a loan. Capitalized interest increases the size of a loan, because the borrower is paying interest on their interest.

Also called technical, vocational, or trade schools, these institutions-public or private (often for-profit)-offer programs typically lasting two years or less. They combine formal classes with hands-on training for careers ranging from welding to cosmetology to medical imaging.

Technical schools focus on the science and theory behind the occupation, while vocational schools emphasize the hands-on skills needed to do the job. Students may earn a diploma or certificate, prepare for licensing exams, or train to begin work as an apprentice or journeyman in a skilled trade.

Also known as a "two-year college," an institution that grants associate degrees for transfer to universities or for career preparation. Community colleges usually offer flexible class schedules with smaller class sizes. They are known as open-door institutions because performance standards (standardized test scores or combination of class rank and GPA) are not required for admission.

The estimated total cost of attending a college for one year. This amount includes tuition, fees, food and housing (formerly room and board), books, supplies and travel expenses. The amount of your federal aid can't be greater than your total cost of attendance.

Credit given for attending one lecture hour of class each week for 16 weeks or equivalent. Most college classes are three credit hours, meaning the total meeting time for a week is three hours. To calculate the cost for one course, multiply the number of credit hours the class is worth by the total tuition and mandatory fees per credit hour.

The College Scholarship Service Profile. This is a financial aid form that many colleges and universities use to determine how much nonfederal financial aid a student may be eligible for.

Failure of a borrower to repay their student loan according to the terms agreed upon when the promissory note was signed. Defaulted accounts are reported to the major consumer reporting agencies, which may affect a borrower's ability to get credit in the future.

An authorized period of time during which a student loan borrower may postpone principal payments and/or interest payments. For example, students may seek a deferment on undergraduate loan payments while in graduate school.

One who is under the care, custody and support of a parent or legal guardian.

A non-need-based loan available to parents with a good credit history to help pay educational expenses of a dependent, undergraduate student who's enrolled on at least a half-time basis.

A need-based education loan for undergraduate students for which interest is paid by the federal government while the student is in school and during specified periods, such as deferment.

A non-need-based loan for undergraduate and graduate students for which interest isn't paid by the federal government. Borrowers are responsible for all interest accrued on unsubsidized loans from the date the loan is disbursed.

Estimated Financial Aid. This is the amount of financial aid a student will likely be eligible for. The figure is calculated based on all required financial aid forms.

Financial Aid Administrator. An FAA is a college or university employee involved in the administration of financial aid. Also known as financial aid advisors, officers or counselors.

Free Application for Federal Student Aid.

This is an electronic or paper document that summarizes the information you reported on your FAFSA. It includes your estimated eligibility for a Federal Pell Grant and federal student loans and your Student Aid Index (SAI).

Federal Direct Student Loan Program. Through this program, student loans are provided directly to the student from the federal government, rather than through commercial lenders.

Loans offered to eligible students by the U.S. Department of Education. To qualify, students must be enrolled in an eligible degree or certificate program at least half-time. The loans may be subsidized (need-based, typically for low-income students) or unsubsidized (not need-based, so any student is eligible). Students apply by filling out the FAFSA.

The six-character institution code for each college, campus or program. Students must include the codes related to each of their college applications when filling out the FAFSA. These codes are available by contacting the school or checking an online listing.

The U.S. Department of Education's website, StudentAid.gov, allows students to submit a FAFSA, learn about the types of financial aid they may be eligible to receive, and manage student loan repayment.

A program providing part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses. The program encourages community service employment and work related to each student's course of study.

Federal Family Education Loan Program. This federally guaranteed student loan program ended June 30, 2010. All new loans are through the Department of Education's Direct Loan Program.

Money provided to the student and/or parents to help pay for the student's education. Major forms of financial aid include grants, scholarships, loans and work-study.

The difference between the college's cost of attendance and the expected family contribution, minus any other financial aid received, is the student's financial need. Financial aid packages are based on the amount of financial need calculated or determined.

A federal form required each year to apply for federal student aid. Forms are available online at FAFSA.gov. The information provided on this form is used to determine the student's Student Aid Index (SAI), which allows financial aid offices to identify the types of aid the student is eligible to receive.

Federal Supplemental Educational Opportunity Grant. This federal government program provides need-based grants to low-income college students and is administered through the school's financial aid office.

An undergraduate student enrolled in a minimum of 12 credit hours per semester in an academic year or a minimum of six credit hours in a summer session or a graduate student enrolled in a minimum of nine credit hours per semester in an academic year or a minimum of four credit hours in a summer session. The definition of full-time summer enrollment for financial aid purposes may be different, so check with the financial aid office at the college or university you're considering.

A transition period - generally six months following the date a borrower leaves school or drops below half-time enrollment status - during which the borrower isn't required to make student loan payments. This period is designed to help the borrower prepare for repayment.

Aid that's usually based on financial need and doesn't have to be repaid.

Guaranteed Student Loan. Now called a Federal Direct Loan.

An undergraduate student enrolled in at least six credit hours or a graduate student enrolled in at least five credit hours, or the equivalent, in one semester or academic term.

One enjoying majority privileges (or legally emancipated from the parental domicile) and who is responsible for their own care, custody and support.

A fee charged for the use of borrowed money. Interest is calculated as a percentage of the principal loan amount. The rate may remain constant throughout the life of the loan (fixed rate) or it may change at specified times (variable rate).

A financial institution (e.g., bank, savings and loan or credit union) that loans funds to students and parents for educational costs through the private or alternative loan program. These loans typically have higher interest rates and less favorable repayment options than federal loans.

Borrowed money that must be repaid with interest.

Fees required of all students for enrollment at an Oklahoma higher education institution.

A legal agreement that lists conditions under which a federal student loan is borrowed and the terms under which the borrower agrees to repay the loan with interest. It allows a borrower to receive loans for either a single academic year or multiple academic years.

Program that administers the PSAT/NMSQT exam. Students who do well on the PSAT/NMSQT may qualify for scholarships. A few students receive full scholarships.

Financial aid reserved for low-income students.

Students who do not live in the state where the school they are applying to, or attending, is located. It also includes students who haven't lived in the state long enough to be considered residents.

National Student Loan Data System. Students can access their Title IV federal student loan and grant information in their Federal Student Aid accounts at StudentAid.gov in a section called Aid Summary.

A student who is enrolled in a certain number of course credits or hours which are less than full time. For an undergraduate student, this is usually less than 12 credits or hours. For a graduate student, it is usually less than nine credits or hours.

The federal program that provides need-based educational grants for low-income students. Because they are grants, they do not have to be repaid.

Parent Loan for Undergraduate Students. These federally guaranteed loans are available for parents of undergraduates.

Schools not affiliated with a government organization. They may be nonprofit colleges, such as those run by private foundations or religious denominations, or they may be for-profit businesses, such as many career, online or technical schools. Since private schools receive less or no money from the state and local government, they usually cost the same whether you live in or outside of the state. This cost is often higher than the cost of attending a public school in your state.

The Preliminary SAT/National Merit Scholarship Qualifying Test. It is used to determine the recipients of National Merit Scholarships. It is also a practice test for freshmen, sophomores and juniors for the SAT, like the PSAT. Only juniors may qualify for NMSQT.

An institution that grants bachelor's degrees in arts and science fields, including humanities. A public liberal arts university tends to have smaller class sizes that facilitate close interaction between faculty and students.

A university that offers bachelor's and master's degrees, and in some instances, associate or professional degrees. While regional universities focus primarily on instruction, they are also responsible for extension and public service, as well as some research. They tend to have mid-sized student populations and campuses.

A university that grants bachelor's, graduate and professional degrees and offers a wide variety of courses and degree programs. Along with instruction, research institutions also focus on research, extension and public service. Research universities usually have large student bodies and expansive campuses.

One who has lived continuously in a state for at least 12 months duration and whose domicile is in that state. A person's domicile is their true, fixed, permanent home or habitation. It is the place where they intend to remain and to which they expect to return. A person can have more than one residence, but only one domicile. Domicile has two components: residence and the intention to remain. When these two occur, domicile is established.

Reserve Officers Training Corps. In this program, the military pays a student's tuition or other expenses. The student takes part in summer training while in college, and commits to military service after college.

Financial awards given for a variety of reasons, such as good grades, special talents or career plans. Scholarships don't have to be repaid.

Colleges and universities that receive funding from state taxes to pay part of operating costs.

A student's SAI is an index number used by financial aid professionals when creating an aid offer. A student's SAI is calculated based on the information supplied by the student and parents on the FAFSA.

Subsidized Federal Direct Loan.

Institution that has a special emphasis on education and training in technical fields. Some technical branches offer academic courses and programs, but not all institutions offer two-year programs (nontechnical) that lead to an associate degree that transfers to universities.

A school that prepares students to enter a specialized career, trade or vocation.

Federal School Code.

A college controlled and operated by a Native American tribe that provides accredited degrees and/or vocational training for both Native American and non-Native American students. Tribal colleges include Native American culture, language and/or traditions in their course work.

Financial assistance given by many Native American tribes to help their members pay college expenses. Qualifications and grant amounts vary by tribe.

Payment that students make to cover costs of their classes at public and private colleges and universities. Other fees may be also required.

Unsubsidized Federal Direct Loan.

A government agency that oversees education and federal student aid in the United States.

Provide students with part-time jobs during the school year as part of their financial aid package. The jobs are often located on campus.