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Glossary of Terms

 

Accrue

To accumulate.

 

Admission Matriculation

Every student applying for admission to Wayne State College for the first time shall pay an admission matriculation fee. The admission fee shall be honored for one year from the term or semester for which the student is applying.

 

Alternative Loan

An unsecured education loan issued by private lenders to supplement Federal student and parent education loan programs. These loans are not federally insured and usually have a variable interest rate with no interest cap.

 

Award Package

A complete listing of a student’s financial aid issued by the school’s financial aid office.

 

Capital Improvement Fee

Funds are used to assist with deferred maintenance needs and future building improvements. This fee is required by and consistent throughout the Nebraska State College system.

 

Capitalized

The adding of unpaid interest to the principal balance of the loan. Interest is then charged on the new balance of the loan, including both unpaid principal balance and accrued interest.

 

College Event Fee

Funds are designated to support college-sponsored events.

 

College Wide ID

The 8 digit number that is used for all student transactions.

 

Co-Signer

A person who signs a loan promissory note with another borrower and assumes responsibility for the payments if the original borrower defaults.

 

Disbursed

The release of loan funds from the lender to the school for delivery to the borrower.

 

Extended Campus Fee

Funds are used to offset costs of providing services to students taking classes off campus via face-to-face, interactive distance learning, online, CD/video, etc.

 

Facilities Fee

Funds are used to assist in paying the costs of operating and maintaining revenue bond supported campus facilities.

 

Federal Methodology

The need analysis formula used by the Dept. of Education to calculate the Expected Family Contribution (EFC).

 

Fixed Interest Rate

A constant rate that remains the same throughout the life of the loan.

 

Form 1098-T Tuition

IRS form related to the Hope and Lifetime Learning Tax

 

Free Application for Federal Student Aid (FAFSA)

This application is the first step in the financial aid process. You use it to apply for all federal student financial aid, such as grants, loans and work study. Log onto www.fafsa.ed.gov for completion.

 

Full-Time Students

Student enrolled in a minimum of 12 hours per semester at an undergraduate level or 9 hours per semester at a graduate level.

 

Grace Period

The set period of time immediately following graduation during which a borrower is not required to begin repaying his or her student loans.

 

Grants

A type of financial aid which a student does not have to repaid. Grants are need-based aid determined by the FAFSA.

 

Holds

A hold is placed on all student accounts that have not been paid in full by the payment due date. The hold will prevent students from registering, receiving transcripts, and diplomas.

 

Hope/Lifetime Tax Credit

These Credits may be available to you as reductions in your tax liability. Please contact the IRS or your tax advisor. Another source of information is IRS Publication 970. These credits are claimed on IRS Form 8863, “Education Tax Credits”.

 

Late Payment Fee

If a student’s account is not paid by the sixth day of the term (2nd day of each summer term), signed up for the Nelnet Payment plan, or made acceptable arrangements to pay, a late fee of $100 will be added to the student’s account.

 

Loan

A type of financial aid which must be repaid, with interest. Loans may be need based or non-need based.

 

Nelnet Payment Plan See Making a Payment.

 

Payment Plan See Making a Payment.

 

Payment Statement Credits

Per the IRS Form instructions, “You, or the person who may claim you as a dependent, may be able to take either the tuition and fees deduction or claim an education credit on Form 1040 or 1040A for the qualified tuition and related expenses that were actually paid.”

 

Perkins loan

A federally guaranteed student loan with a fixed interest rate of 5%. Funded by the government but awarded by the college based on need as determined by the FAFSA. Amounts vary by school. Repayment begins 9 months after student graduates or attends at less than half-time status.

 

Personal Identification Number (PIN)

Your unique identification number. This number will allow you to sign your FAFSA electronically and later to check on the status of a processed FAFSA.

 

Direct PLUS Loan

Direct PLUS (Parent Loans for Undergraduate Students) are federally guaranteed loans available to parents of undergraduate students to help finance the student’s education. Parents may borrow up to the full cost of their children’s education, less any other financial aid received.

 

Promissory Note

A binding contractual agreement signed by the student promising to repay borrowed funds. The promissory note states the terms and conditions of the loan agreement.

 

Refund

When a student has a credit balance, a refund will be generated and returned to the student by check.

 

Direct Stafford Loans

Federally guaranteed loans that come in two forms, subsidized and unsubsidized. Subsidized loans are based on need as determined by the FAFSA. Interest is paid by the federal government while the student is enrolled in school at least half-time and during the 6 month grace period. Unsubsidized loans are not based on need. Interest begins to accrue once funds are disbursed. Loan limits are based on student’s grade level.

 

Student Activity Fee

Funds are designated for student activities, which are managed by student groups. The Student Senate distributes these funds annually.

 

Student Health Fee

Enables Wayne State College the opportunity to provide students with first aid and general health care assistance.

 

Student Record Fee

Funds are used to provide student transcripts when requested.

 

Subsidized

Interest on a subsidized loan is paid by the government while a student is in school, during the grace period and during deferment periods.

 

Technology Fee

Funds are used to maintain and upgrade the campus computer network system, including the equipment necessary for online course delivery.

 

Transfer Students

A student who has been out of high school for at least one full semester and has attended a post-secondary institution for credit prior to entering a second post-secondary institution.

 

Undergraduate

A student enrolled in a Bachelors program.

 

Unsubsidized

Interest on an unsubsidized loan is NOT paid by the government. The student is responsible for all interest once the loan funds are disbursed even while the student is still in school.

 

Verification

The process by which a financial aid office verifies accuracy of data provided on a student’s FAFSA.

 

WildcatsOnline system
The online system unique to Wayne State College that allows a student to log on and register for classes as well as access information on billing, financial aid, midterm and final grades.

 

Work-study

A financial aid program based on “need” as determined by the FAFSA whereby eligible students can earn a portion of their college expenses.

Upcoming Deadlines
March 2014

All

Complete FAFSA for 2014-15 school year to meet priority deadline

5

Nelnet (e-Cashier) #4 installment processed for Spring.

 

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