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ABI Average borrower indebtedness.
Accrual Date The date that loan interest charges start to accrue.
ACH Automatic Clearing House. An automated system for transfering funds electronically.
ACT American College Test. A standardized multiple-choice test for high school students, which may be used by colleges to determine admission eligibility.
Adjusted Available Income All of the remaining income after deducting federal, state, and local taxes.
Affiliation marketing Use of officials within schools to market loans (usually FAO).
Amoritzation Gradually paying off a debt with installment payments, rather than paying it all at once.
Analytics All programming that analyzes data and helps companies track business trends.
ANOVA Analysis of Variance is a method by which the source of variability is defined, a series of statistical procedures for examining the differences in means and for partitioning variance.
API Application Program Interface
ASP Application Service Protocol
Assests Any item that holds commercial or exchange value.
Assest Backed Security A security that is backed by almost any kind of asset which usually has a predictable payment stream.
Assest Protection Allowance A sum of money subtracted from a family's total assets to provide a safety net for the "expected family."
Assistantship A graduate program as a form of financial aid that allows the student to be employed as an assistant.
Associate Degree A two-year degree offered by colleges.
Auto Debit Payments that are automatically deducted from a checking or savings account to pay off a loan.
Award Letter A notice sent to a prospective student from a financial aid office that lets the student know what financial award he/she has received.
BI Business Intelligence describes application programs and technologies designed to improve business decision making.
Campus-based Aid Financial aid funds from the government provided to a college. The financial aid administrator will award these funds to eligible students.
CAM Computer-aided Manufacturing
Cancellation A loan may be cancelled under certain circumstances, such as death or permanent disability.
Central Processing System (CPS) The CPS is the US Department of Education's main computer system. The CPS matches and calculates the Expected Family Contribution (EFC) and creates the Student Aid Report (SAR).
COF Cost of Funds
Commerical Lender Any commercial institution that loans money.
COTS Commercial Off-The-Shelf is a term used for commercially manufactured systems that are tailored for specific uses.
CommonLine v4 and CommonLine v5 Industry-standard file format developed by NCHELP to facilitate the exchange of loan data among service providers (lenders, schools, guarantors, servicers).
Common Account Maintenance (CAM) An update file exchange format used to exchange data among service providers.
Common Record CommonLine (CRC) A new XML data exchange structure used to exchange loan data. Intended to ultimately replace CommonLine.
Compound Interest (Capitlization) Compound interest or Capitalization increases the amount of money the borrower is required to repay
Consolidation Loan A loan that combines the various student loans a borrower has into one loan. This typically lowers the monthly payments.
Cooperative Education A college program that allows the student to be employed in a field related to their major as well as being enrolled in school. This allows them to receive college credit and a salary and give them realistic work experience.
Co-signer (Co-applicant) A co-signer of a loan is responsible for repayment if the original borrower defaults or is unable to make the payment.
Cost of Attendance (COA) This is the total cost of attendance for the student. This cost includes books, fees, room, supplies, transportation, tuition and other personal expenses. This cost also depends on marital and residency status.
Credit Rating An evalutation of one's credit history to determine the individual's creditworthiness.
CRM Customer Relationship Management
CSR Customer Service Representatives are people who help and answer customer questions.
CSS Profile The College Scholarship Service is an application required by some private colleges that determines the eligibility of non-federal financial aid.
Debentures A common type of corporate bond that is not secured by the assets of a firm, but rather by the credit of the issuer.
Default The borrower is unwilling or unable to pay debt obligations.
Deferment If the borrower satisfies certain eligibility requirements the lender may allow the borrower to postpone payments.
Delinquent When loan payments are not made on time, it is considered delinquent and the lender is able to attach late fees.
Dependency Status The dependency status determines to what degree the student has to his/her parent's financial resources.
Dependent If someone has another individiual pay for more than half of their expenses.
Direct Loans Federal government funds loaned to a student through institutions.
Disbursement Disbursement is when the federal loan funds are sent to the school so the borrower can receive it.
DOE Department of Education.
DW Data Warehouse is a central repository for all data collected from an enterprise's various business systems.
EFC Figure calculated using a needs analysis formula that is established to set an available income that can be used by a family for a student's education.
Eligible Program A class that results in a degree or certificate that meets the US Department of Education's requirements for an eligible program.
Enrollment Status The enrollment status indicates how often the student attends school wether it is full-time, half-, or part time.
ERD Entity Relationship Diagram represents the relationships between different entities and the attributes used to describe them.
ETL Extraction Transformation and Loading.
Expected Family Contribution (EFC) The amount of money the family must contribute towards the student education cost, this is determined by the government.
FAFSA Federal Application for Student Aid.
FAO Financial Aid Office or Officer.
Federal Direct Student Loan Program (FDSLP) < TD> A federal program in which direct lenders are provided federal government funds to loan to students.
Federal Loan A loan that is guaranteed by the federal government.
Federal Stafford Loan A low interest federal loan for students, this loan can be on a need-basis or non-need basis.
Federal Supplemental Educational Opportunity Grant (FSEOG) This grant was designed for undergraduates who are in need of exceptional financial help.
Federal Work-Study A federal program that offers employment to graduate and undergraduate students that are in need of financial help.
Fellowship This is a free-aid program that pays for some or all of tuition and some living expenses, this is offered to students that show great potential in their field of study.
FFELP Federal Family Education Loan Program.
FICO Fair Isaace Company developed a credit scoring model that evaluates the risk associated with lending to a borrower.
Financial Aid Administrator The Financial Aid Administrator is responsible for the student's final financial aid package.
Financial Aid Package The final amount of total financial aid sources for a student.
Financial Need The Cost of Attendance (COA) minus the Expected Family Contribution (EFC).
Fixed Interest This is the interest that is throughout the life of the loan and does not change.
Forebearance This temporarily postpones the loan payments if the borrower is going through financial hardship.
GIGO Garbage In, Garbage Out, if incorrect data is input into a computer then the output will be incorrect too.
Grace Period This period is when the loan payments start to get repaid, it is usually six to nine months after the student's graduation or unenrollment.
GradPlus Federal educational loan available for graduate students.
Graduated Repayment When the borrower's monthly payment is increased over time.
Grant This is free financial aid allowed on a need basis only.
Guarantee Fee This is the fee paid to the Guarantee Agency to insure against loan default, this is usually one percent of the total loan.
Guarantor An organization that acts as an agent for the federal government in administration and insurance of FFELP loans made by private lenders.
Heal This is a federal loan program that stands for Health Education Assistance Loans that is for students in approved health education programs.
HOLAP Hybrid Online Analytical Processing.
Indenture A written agreement executed by the issuer and a trustee who acts on behalf of bondholders, under which bonds and debentures
In-School Interest Rate The rate of interest for Federal Stafford Loans while students are going to school at least half-time
Income-sensitive Repayment A loan repayment plan based solely on the borrower's grossly month income.
Independent Status A student is considered independent if he/she is 24 years or older, a professional or graduate student, is married, has legal dependents or is an orphan or is a ward of the court, or is a veteran in the US armed forces.
Interest Interest charges are what a borrower is charged for borrowing from a lender, usually included in monthly payments.
Interest Period The period of time that interest charges are accrued.
Interest Rate The percentage of the sum borrowed that is payed to the lender.
Internship Part or full-time professional work that students either get paid for or earn college credits.
IVR Interactive Voice Recognition.
IW Intelligent Warehouse combines a data warehouse with business intelligence tools to integrate, compare and analyze data from multiple systems.
J2EE Java 2 Platform, Enterprise Edition.
Lead generation Use of marketing tools and techniques to identify new customers and contacts.
Lender A lender is any person or institution that loans money.
LIBOR London Interbank Offered Rate. This is an index used to determine many loan interest rates.
Line of Credit This is credit that can serve as a loan but has a predetermined limit.
Loan Money that a lender provides for temporary use, but must be paid back.
Loan application A document completed by a potential borrower to provide information regarding suitability for a loan to the lender.
Loan disbursement The release of loan funds to the school for delivery to the borrower.
Loan origination The process of evaluating a loan application.
Loan servicing The management of loan payment collections.
Maturity Date The deadline for a loan and at this time it must be paid in full.
Merit-based Aid Financial aid that is based on the performance of the student rather than financial need.
Microsoft .NET Framework Microsoft’s most recent programming environment which provides developers with a flexible and secure applications, including the new Business Intelligence Development Studio, a powerful environment for creating ETL packages (Extract, Transform and Load) to combine data from heterogeneous sources.
MOLAP Multidemensional Online Analytical Processing.
MPN Master Promissory Note a legal document a student signs that states he/she will pay back the loan.
Needs Analysis How much the student or the student's family can afford to pay towards the student's education, this is determined by the FASFA.
Need-based Aid Financial aid that is based on the family or the student's ability to meet the costs of the student's education.
Need-blind Admissions This is a policy that states wether or not the family can pay for college doesn't matter in the student's eligibility for admission.
Non-portable Funding College funding that can't be transferred to another school or university.
OLAP Online Analytical Processing.
OLTP Online Transactional Processing.
Orgination Fee A fee that the borrower pays to the lender for administrative fees for the borrower's loan.
PBO Principle Balance Outstanding.
Perkins Loan A low interest loan for students who demonstrate extreme financial need. You must have already applied to the Federal Stafford Loan before you apply for the Perkins Loan.
PLL Preferred Lender List.
PLUS Loan This is a federal loan made available for the parents of a dependent undergraduate student.
Portable Funding College funding that can be transferred from any college or university to another.
Portal A web site that serves as a starting point to other destinations online.
Prepaid Tuition Plan This savings plan guarantees the same rate of increase on a student's saving as college costs increase.
Prepayment Getting ahead of your loan repayment.
Principal The original dollar amount on a loan.
Private Loan An uninsured education loan funded by a lending institution as opposed to a loan that is insured by the government; also known as alternative loan.
Promissary Note Any non-government loan offered by banks and credit unions based on your creditworthiness.
Regulation AB SEC regulation for Asset Backed Securities.
Repayment Schedule The term and payment amounts for a loan, this is included in the promissory note.
Research Assistantship A form of college funding that allows the student to perform research duties for their professor or supervisors, usually awarded with tuition reductions.
ROLAP Relational Online Analytical Processing.
R-squared Indicated the strength of the relationship between an investment and the market, represents the percentage of a fund's movement that is explained by a benchmark index ranging from 0 to 100.
SAP Special allowance payment.
SAT A standardized test that should predict how well the student will do at their college.
Schema A description of data represented within a database.
Scholarship Free student aid based on performance.
Scorecard (or Dashboard) A scorecard/dashboard is a way of presenting key business measurements in a simple and often graphical representation. For example, a CEO of a student loan company might be interested to see a very high level status of the loan volume as compared to the projected goals. Instead of having to sift through detailed numeric values in order to judge performance, she might be presented with a simple stop-light (red, yellow, green) status of the current month’s loan volume by sales representative.
Secured Loan Loans secured by collateral such as houses, cars, etc.
Servicer An organization that collects loan payments from borrowers
Simple Interest Interest charged on the principal balance of the loan
Snowflake schema A complex data warehouse schema designed to minimize redundant data, and provide for maximum flexibility. If the fact Disbursement Amount were in the middle of the snowflake, there might be a Loan dimension attached the Disbursement. A School dimension would be attached to the Loan dimension, as opposed to being directly related to the Disbursement.
Star schema A classic data warehouse design that stores all dimensions within a fact table. Imagine a fact like Disbursement Amount in the center of the star. All related dimensions, like Borrower, School, Guarantor, Disbursement Date, and CommonLine ID would all be directly connected to the Disbursement Amount fact. While the Star Schema can be simpler to query against, it is can result in less flexibility as well as redundant data.
SOA Service oriented architecture refers to a collection of services that communicate within a distributed systems architecture.
SQL Structured query language.
SSL Secure socket layer is a protocol for sending secure messages over the internet.
Stafford Loans awarded to eligible students on the basis of financial need under the FFELP.
State Student Incentive Grant Funds provided by the federal government to financially help state residents.
Stipend Salary offered to the student usually with a scholarship, fellowship or a grant.
Student Aid Report The official summary made by the Central Processing System (CPS) to determine eligibility of financial aid.
Subsidized Loan A loan that is need-based with the interest paid by the federal government while the student is in school.
SXML A concrete instance of the XML Infoset. Infoset's goal is to present in some form all relevant pieces of data and their abstract, container-slot relationships with each other. SXML provides means of accessing items and their properties. SXML is particularly suitable for Scheme-based XML/HTML authoring
Term of a Loan The term of a loan is the amount of time given for repayment.
TERI The Education Resources Institute is a private, nonprofit institution.
TERI-approved When an institute is TERI approved this means they are allowed to participate in lending and informational programs offered through TERI.
Thin client A client program or device which relies on most of the functionality of the system being located in the server.
Title IV Programs Title IV Programs are programs that were created by the Title IV of Higher Education Act. These programs include Federal Pell Grants, Federal Perkins Loans, Federal Work-Study, Federal Supplemental Educational Opportunity Grants, Federal PLUS Loans, Federal Stafford Loans, Direct Stafford Loans and Direct PLUS Loans.
Trustee A member of a trust, a person or institution, entrusted with the administration of property of behalf of others.
Tuition The fee charged by an institution for enrollment.
Undergraduate Student A student that is stll in the process of a four-year baccalaureate degree.
Unmet Need Funding needed in addition to financial aid awards to cover the total cost of attendance.
Unsecured Loan A loan that does not require collateral from the borrower, this loan usually requires a co-signer and results in higher interest.
Unsubsidized Loan In the case of an unsubsidized loan that student must pay the interest of the loan while attending school or while the loan is in deferment.
Variable Interest Interest that can fluctuate.
Verification Proper documentation required by a financial officer that is need to verify the accuracy of information reported on a financial aid application.
VPN Virtual private network.
Web portal A portal deployed so it is accessible from the internet.
Web-based application An application that is accessed through a web browser over a network.
XML Extensible markup language was designed especially for web documents. It is a standard for creating markup languages that describe the data structure. XML allows authors to create their own language for displaying documents through customized tags.