Student Financial Aid and Scholarships :: University of North Texas
FAFSA applications for 2006-2007 will be available online beginning January 2, 2006. Complete your 2006-2007 FAFSA by the priority deadline of April 15, 2006.
Glossary
NASFAA's Financial Aid Information site was used as a primary source for the glossary below. The information was modified as appropriate for UNT.
The process of awarding student financial aid has grown more complex over the years, and as a result has developed its own vocabulary. At times it may seem as though discussions of financial aid are conducted in a foreign language. To help reduce confusion for students and parents, this section presents common sense definitions for many of the words used by financial aid professionals.
A
Academic Year The period during which school is in session, consisting of at least 30 weeks of instructional time. The school year typically runs from the beginning of September through the end of May at most colleges and universities.
Accrual Date The accrual date is the date on which interest charges on an educational loan begin to accrue.
Adjusted Available Income In the Federal Methodology, the remaining income after the allowances (taxes and a basic living allowance) have been subtracted.
"ACT" American College Test The ACT is one of the two national standardized college entrance examinations used in the US. The other is the SAT. Most universities require either the ACT or the SAT as part of an application for admission.
Anticipated Aid Anticipated Aid is: (1) Scholarships the student has been awarded, and/or (2) financial aid the student has "Accepted" on my UNT. Anticipated aid does NOT include Work Study and Parent Loans. If the total of your Anticipated Aid does not cover your full balance, payment for the difference must be made on your student account to prevent your classes from being dropped. These payments can be made online on my UNT.
Amortization Amortization is the process of gradually repaying a loan over an extended period of time through periodic installments of principal and interest.
Appeal An appeal is a formal request to have a financial aid administrator review student aid eligibility and possibly use Professional Judgment to adjust the figures. For example, if the student believes the financial information on their financial aid application does not reflect their family's current ability to pay (for example, because of death of a parent, unemployment, or other unusual circumstances), the student should definitely make an appeal. The financial aid administrator may require documentation of the special circumstances or of other information listed on their financial aid application.
Asset An asset is an item of value, such as a family's home, business, and farm equity, real estate, stocks, bonds, mutual funds, cash, certificates of deposit (CDs), bank accounts, trust funds, and their property and investments.
Asset Protection Allowance The asset protection allowance is a portion of the student's parents' assets that are not included in the calculation of the parent contribution, as calculated by the Federal Methodology need analysis formula. The asset protection allowance increases with the age of the parents.
Associate Degree The degree granted by two-year colleges.
Award Period The academic semester for which financial aid is requested (or received).
Award Year The academic year is defined as a set number of semesters as determined by the institution.