Financial Aid Terms
Aggregate Loan Limit
The maximum dollar amount of loans you may take out while earning your degree.
A credit or course you registered for and did not drop before the last day to add or drop a course. Attempted credits include transferred credits, repeated courses and courses with a grade of I, CD (EHD only), NR, U, W, CW (EHD only), blank or F.
An offer from the University that states the type and amount of financial aid you will receive if you accept admission and register to take classes towards a degree.
Cost of Attendance (COA)
The total amount it will cost you to attend the University — usually stated as a yearly figure. COA includes tuition and fees; housing and board; and allowances for books, supplies, transportation, loan fees and personal expenses.
Failing to repay your student loan based on the terms of repayment you agreed to when you signed the Master Promissory Note.
Postponing payment of your student loans because of special circumstances. Undergraduate students who are enrolled in six or more credits and graduate or law students who are enrolled in at least five credits at UND will be eligible to have their student loans placed in deferment. If a student has a special circumstance or financial hardship he/she can apply for forbearance.
A status in which you must report financial information from both you and your parents on the FAFSA.
Direct PLUS Loan
A loan made by the U.S. Department of Education to graduate, law or medical students as well as parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest, regardless of the loan status.
Direct Subsidized Loan
A loan based on financial need for which the federal government pays the interest that accrues while you (the borrower) are in an in-school, grace or deferment status.
Direct Unsubsidized Loan
A loan for which you (the borrower) are 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.
Payment of federal student aid funds to your student account by the University. You’ll generally receive your federal student funds in two disbursements (i.e., fall and spring semesters).
A status you must have to be eligible to receive financial aid. It is defined as a U.S. permanent resident with an Alien Registration Receipt Card (I-151 or I-551) or other eligible non-citizen with an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any one of the following designations:
- Asylum Granted
- Parolee (I-94 confirms paroled for a minimum of 1 year and status has not expired)
- Cuban-Haitian Entrant
Entrance Loan Counseling (ELC)
A mandatory information session you must complete before you receive you first federal student loan. The session explains your responsibilities and rights as a student borrower.
Excess Financial Aid
The amount that remains after tuition and fees have been subtracted from your financial aid award.
Exit Loan Counseling
An online counseling session you as a federal loan borrower must complete before you graduate, withdraw from UND or drop below 6 credits per semester.
Expected Family Contribution (EFC)
An estimate of your family’s ability to absorb the costs of education over time based on what you report on the FAFSA. EFC takes into account your parents’ contribution from income and assets, your contribution and assets, number in household, number in college, taxed and untaxed income, taxes paid, certain assets, and number of wage earners.
Expected Family Contribution Appeal
An appeal to the Student Financial Aid Office to change your expected family contribution because of special circumstances.
Family Education Rights and Privacy Act (FERPA)?
FERPA is a federal law that protects the privacy of your educational information. Under it, your spouse or parents can obtain information about your account only if you allow them to by indicating so on the FERPA privacy release form.
Federal Perkins Loan
A federal student loan for undergraduate and graduate students who demonstrate financial need. The interest rate is 5%.
Federal Work-Study (FWS)
A federal student aid program that provides part-time employment to help pay your education expenses while you’re enrolled in school. You will receive a paycheck every two weeks for the hours you work.
The difference between the Cost of Attendance (COA) and your Expected Family Contribution (EFC).
Financial Aid Academic Plan
A plan between you and your academic advisor for successfully completing your degree program or achieving Satisfactory Academic Progress (SAP) by a specific time. You must submit a SAP petition to change your plan. This petition must explain what has happened to make the change necessary and how you intend to make academic progress.
Financial Aid Disqualification
A situation in which you're not meeting Satisfactory Academic Progress and have either used or are not eligible for a warning period. In this case, you're no longer eligible to receive federal financial aid and some private loans. Most tuition waivers, scholarships and similar types of funding are not affected. You will need to petition to reinstate aid.
Financial Aid Warning
A situation in which you don’t meet the GPA conditions and/or completion rate of Satisfactory Academic Progress (SAP) but had met all conditions at the beginning of the previous semester. Under Financial Aid Warning, you're eligible for one additional semester of aid in order to meet the SAP requirements.
A period of time during which you may be able to reduce or stop your scheduled loan payments if you don’t qualify for deferment. If a student has a special circumstance or financial hardship, he/she can apply for forbearance.
Your status if you are enrolled in at least 12 credits during a semester as an undergraduate student.
Money awarded to undergraduate students based on their financial need. Grants are pro-rated based on the actual number of credits in which a students is enrolled. Grants generally do not have to be paid back, unless the student withdraws from the University.
A process by which the Department of Education or UND’s Student Financial Aid Office stops the processing of your financial aid until a specific situation is resolved.
A dependency status that requires you to report only your information — and not your parents’ — on the FAFSA.
Master Promissory Note (MPN)
A binding legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees.
Open Enrollment Class
An online or correspondence by mail course that does not follow the standard semester schedule. You may enroll at any time, work at your own pace, and take up to 9 months to complete the course. These types of courses do not qualify for financial aid.
Your status if you’re enrolled in fewer than 12 credits during a semester as an undergraduate student.
Private Education Loan
These are nonfederal loans made available through private lenders such as banks, credit unions, state agencies or schools. They can be used to supplement federal student loans in financing your education, but they generally carry higher interest rates than federal student loans.
A special program that results in a professional degree. At UND, professional programs include law and medical degrees.
Satisfactory Academic Progress (SAP)
An evaluation performed each semester to determine if you're making progress toward your degree. You may lose financial aid eligibility if you don’t meet SAP standards.
Satisfactory Academic Progress Petition
An appeal you can make to the Student Financial Aid Office if you don’t meet SAP standards. The petition must explain and document why you failed to make satisfactory progress and what has changed that will enable you to make satisfactory progress at the next evaluation.
Money awarded to students based on academic or other achievements to help pay for education expenses. You generally don’t need to repay a scholarship.
Situations in which a financial aid counselor may be able to adjust your Expected Family Contribution (EFC). There must be valid, substantiated reasons for the adjustment, such as loss or reduction in income, high medical debt, private secondary education tuition payments, a decrease in asset equity or other factors.
A process for verifying the financial information you reported on the FAFSA. Students are chosen at random by the U.S. Department of Education.
The act of formally dropping a class.
The act of formally leaving the University.