Glossary of Terms

Academic Year

Traditionally defined as being composed of the fall and spring semesters, yet may also include a summer semester at either the start or the end of these periods.

Accounts Receivable

The billing department of Tulane University. Each student has an accounts receivable account to which charges (tuition, fees, room, board, etc.) and payments (financial aid distributions, personal payments, credits, etc.) are posted.

Addendum

The Tulane Financial Aid Office often recommends that students complete appropriate financial aid addenda, which serve as an ancillary application to assure accurate processing of aid. A Summer Addendum is always required for summer aid processing.

Adjusted Gross Income

One’s adjusted gross income (often simply referred to as AGI) generally represents the amount reported on a federal income tax return after reducing (adjusting) one’s total income by all allowable expenses.

Adverse Credit History

One of the eligibility requirements to receive a Direct PLUS Loan is that the applicant must not have an adverse credit history. For purposes of qualifying for a Direct PLUS Loan, you’re considered to have an adverse credit history if:

• You have one or more debts with a total combined outstanding balance greater than $2,085 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off (written off) during the two years preceding the date of the credit report; or
• During the five years preceding the date of the credit report, you have been subject to a default determination, discharge of debts in bankruptcy, foreclosure, repossession, tax lien, wage garnishment, or write-off of a federal student aid debt.

The standard applies to both parent and graduate/professional student Direct PLUS Loan applicants.

Alternative Loan

The term alternative loan applies to non-federal educational loans, also often referred to as private loans. Various lenders offer alternative educational loans with varying terms and conditions. Generally, while alternative loans might initially have lower interest rates, they do not offer the flexible repayment options and other benefits typically associated with federal educational loans.

Appeal

If a student fails to maintain satisfactory academic progress needed to be eligible for federal and/or institutional aid, then he/she may submit an appeal. Details on the appeal process are available from our website.

Asset

Generally considered property of value, such as bank accounts, investments, real estate, and/or business holdings. Asset values held by parents and/or the student are usually used in calculating an expected family contribution towards educational expenses.

Aid Offer

The result of a student applying for financial aid is a notification of an offer of aid. A financial aid offer identifies levels of aid for which the student has been determined to be eligible.

Billing

Refer to “Accounts Receivable.”

Borrower

The individual(s) listed on a contractual promissory note as the one responsible for full repayment of a debt. In most cases, the student is recognized as the borrower of federal student loans.

Budget

Refer to “Cost of Attendance.”

Business/Farm Supplement

The College Board’s Business/Farm Supplement serves as an ancillary application that is often requested if a parent and/or student reports ownership in a business or farm. The CSS Business/Farm Supplement is available from the “Forms” section of our website.

Cancellation

The cancellation of awarded aid occurs if a student is determined to be no longer eligible for the amount originally offered. Cancellation may occur due to a change in the student’s eligibility status and/or due to the receipt of additional financial assistance.

Citizen

U.S. Department of Education regulations mandate that federal aid is only available for students meeting the following citizenship criteria:

• U.S. citizen (U.S. National).
• Eligible noncitizen, generally including a permanent U.S. resident with a Permanent Resident Card, a conditional permanent resident, certain holders of an Arrival-Departure Record (I-94), and certain victims of human trafficking.

If you are in the U.S. and have been granted Deferred Action for Childhood Arrivals (DACA), an F1 or F2 student visa, a J1 or J2 exchange visitor visa, or a G series visa, then you are not considered a citizen or eligible noncitizen and you will not be eligible for federal aid.

College Financing Plan

The College Financing Plan (formerly known as the Financial Aid Shopping Sheet) is a consumer tool that participating institutions use to notify students about their financial aid offer. It is a standardized form designed to simplify information about costs and financial aid so students can compare institutions and make informed decisions. Once Tulane completes a financial aid offer, students can view their respective College Financing Plan via the Tulane Gibson portal.

College Scholarship Service (CSS)

A division of the College Board that provides a financial aid application (CSS Profile) strictly used to determine a student’s eligibility for institutional need-based scholarship funding.

Commuter

A commuter is defined as a student residing at home with parents (relatives) and commuting to campus, therefore housing and meal expenses are expected to be lower.

Conditional Year

The academic year immediately following a student’s failure to meet the mandatory academic criteria for institutional scholarship retention, in which the student is eligible to receive institutional scholarship for an upcoming semester, yet receipt beyond that period is conditioned on the student’s academic performance.

Consolidation

Also known as Federal Consolidation, this is an opportunity to consolidate existing federal student loans into a new consolidation loan. The consolidation process pays off existing loans by creating a new loan and is often done to secure desired repayment options and/or benefits. However, a federal consolidation loan is not a refinancing strategy, so carefully consider whether this option is the best strategy.

Contribution

Refer to “Expected Family Contribution.”

Contributor

A contributor is an individual required to contribute financial aid information on the Free Application for Federal Student Aid (FAFSA). For dependent students, FAFSA contributors often consist of the student and the student’s parents. For independent students, FAFSA contributors often consist of only the student, though a spouse is included if applicable.

Cost of Attendance (COA)

Established by the financial aid office to reflect the expected fixed and variable expenses as well as the direct and indirect costs associated with a student’s period of enrollment. Typically, the cost of attendance includes tuition, mandatory fees, and allowances for housing, food, books and supplies, transportation, federal student loan fees, and miscellaneous incidental expenses. Generally, a student’s total amount of financial aid and resources cannot exceed the total cost of attendance.

Counselor

Also known as a financial aid counselor, a fully trained professional who is available to counsel students and families on the financial aid process. Generally, a counselor is assigned a workload based on a student’s last name to provide a consistent contact during the student’s Tulane career.

Credit Bureau

Any of the major national credit bureaus—Equifax, Experian, and TransUnion—that perform credit analysis and maintain credit reports used by financial institutions in evaluating a borrower’s level of risk.

Credit Hour

Tulane’s classes are most often measured in credit hours. Enrollment status, such as full-time and half-time, is often based on the number of credit hours in which a student is enrolled each semester.

CSS Profile

The aid application required of full-time undergraduates seeking consideration for Tulane need-based scholarship funding. Applicants must list Tulane’s CSS school code of 6832.

Deadline

An established date by which an action related to financial aid is to be completed. Examples include the FAFSA filing deadline, an institution’s deadline for aid applications, and the deadline to accept aid that has been offered.

Default

Defined as a borrower’s failure to meet the terms and responsibilities associated with a debt obligation. A student is ineligible to receive federal student aid if in default on a federal student loan.

Deferment

Loan status where payments are deferred and, for federal subsidized student loans, the interest continues to be subsidized. The most common deferment is an “in-school” deferment.

Delinquency

Loan status associated with a borrower’s failure to meet the repayment terms and conditions of a loan obligation. Failure to resolve delinquency results in a loan progressing to default.

Dependency

Refers to whether a student is considered financially dependent on parental or family support. A dependent student reports parental information on the FAFSA, while an independent student reports the student’s information and, if applicable, a spouse’s information.

Department of Education

Generally refers to the U.S. Department of Education as the government entity with oversight of federal student aid programs, including funding allocations and regulatory enforcement.

Direct Loan

The Federal Direct Loan program offers educational loan programs for undergraduate and graduate students and parents of undergraduate students. Funds come directly from the federal government. Direct loans include subsidized, unsubsidized, Parent PLUS, Graduate PLUS, and Federal Direct Consolidation Loans.

Disbursement

The delivery or payment of financial aid, most often associated with crediting aid to a student’s institutional billing account. Disbursements often occur at the start of each semester and require that students maintain their eligibility criteria.

Eligibility

Relates to the specific criteria associated with a student being able to be awarded and/or receive a specific type of financial aid. Criteria may include federal, state, and institutional requirements.

Eligible Noncitizen

An eligible noncitizen is an individual who falls into certain categories, such as a U.S. national or permanent resident, certain holders of an Arrival-Departure Record (I-94), certain T-visa holders, or certain battered immigrant-qualified aliens. Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau may qualify for limited types of federal student aid.

Endorser

An individual who endorses or co-signs a Federal PLUS Loan when the original borrower has been denied due to a credit issue. An endorser becomes responsible for repayment of the endorsed loan.

Enrollment

A student’s enrollment status may refer to progress toward a degree as well as the volume of courses taken during a semester. Eligibility for federal, state, and institutional aid is often tied to enrollment status.

Entrance Counseling

A requirement whereby first-time borrowers of various federal student loan programs complete an online tutorial detailing their rights and responsibilities.

Exit Counseling

A requirement for borrowers who are graduating, transferring, withdrawing, or enrolling below half-time status. The online tutorial explains federal student loan rights, responsibilities, and repayment options.

Expected Family Contribution (EFC)

The expected family contribution represents an amount calculated from a standardized formula indicating the level of funding expected to be paid toward educational expenses. Federal methodology now calculates a Student Aid Index (SAI), which is used in a similar manner for federal aid eligibility. The EFC is not a measure of cash flow; it is a snapshot of a family’s financial situation.

FAFSA

The Free Application for Federal Student Aid is the application a student must complete each year to be considered for federal student and parent aid programs. Tulane’s federal school code is 002029.

FAFSA Submission Summary

Effective with the 2024–2025 academic year, the FAFSA Submission Summary replaces the Student Aid Report. It highlights eligibility for federal student aid, summarizes FAFSA data, displays the calculated Student Aid Index, and indicates whether the student has been selected for federal verification.

Federal Direct Loan

Refer to “Direct Loan.”

Federal Methodology (FM)

The standardized formula used when a student completes the FAFSA, resulting in a calculated Student Aid Index used to determine eligibility for federal student aid.

Federal Pell Grant

The primary federal need-based grant program offered solely to undergraduate students. Award amounts are based on eligibility, enrollment status, and lifetime limits.

Federal School Code

An assigned code for each college and university participating in federal student aid programs. Tulane’s federal school code is 002029.

Federal Student Aid

Financial aid provided by the U.S. Department of Education, consisting primarily of grants, loans, and work-study.

Federal Work-Study (FWS)

A program offering eligible students the opportunity to work on campus or at an approved off-campus location to earn funds toward educational expenses. An offer of FWS does not guarantee a job; students must secure employment.

FERPA

The Family Educational Rights and Privacy Act, a federal law that protects the privacy of student education records.

Finance Charge

A fee often assessed on an outstanding balance due. The Tulane Accounts Receivable Office may assess such charges if a student’s account is not paid in full by the specified deadline.

Financial Aid

Any financial assistance offered and/or received by a student toward educational expenses, including scholarships, grants, waivers, loans, and certain types of employment.

Financial Aid Counselor

A trained professional serving students and families in understanding the financial aid process, from applying for aid to receiving aid and preparing for loan repayment.

Financial Need

Tulane defines financial need as the difference between the total Cost of Attendance and the Expected Family Contribution as determined using CSS Profile data. Federal regulations determine need using FAFSA data and the Student Aid Index. Need may change based on application data, underlying circumstances, and the methodologies used.

Forbearance

A period that allows a borrower to stop making payments or temporarily reduce monthly payments on a federal student loan. During forbearance, the borrower is responsible for interest that accrues on all types of federal student loans.

Gibson Online

Tulane’s secure online portal that allows students to confidentially access their financial aid records, view awards, accept terms and conditions, accept or decline aid, and report additional assistance.

Gibson Online (opens in a new tab)

Gift Aid

Financial aid that is “gifted” to a student, meaning repayment is not expected. Grants, scholarships, and waivers are generally considered gift aid.

Grace Period

A waiting period, generally following graduation or ceasing at least half-time enrollment, during which repayment of a federal student loan is delayed. Loans that offer a grace period often have a standard six-month period.

Graduate PLUS Loan

A federal student loan program available to creditworthy students enrolled in a graduate-level degree program. The maximum amount cannot exceed the cost of attendance less other aid received or offered.

Grants

A form of gift aid, often awarded on the basis of financial need, such as the Federal Pell Grant.

Home Equity

The difference between the current value of a home and the amount owed on the home. Institutional methodology may incorporate home equity when determining the expected family contribution.

Housing and Meals

Housing represents the cost of an on-campus dormitory room or off-campus housing; meals represents expected food costs. These expenses were previously referred to as room and board.

Income-Based Repayment

Repayment options under federal student loan programs that establish a borrower’s monthly payment based on current income rather than the total amount borrowed.

Independent

A student meeting the U.S. Department of Education’s criteria for independent status. Graduate and professional students are automatically recognized as independent for federal aid purposes.

Institutional Methodology

The standardized formula used by an institution to calculate an institutional expected family contribution, generally to determine eligibility for institutional need-based scholarship funding. Tulane requires undergraduates seeking consideration to complete the CSS Profile using school code 6832.

Interest/Interest Rate

The amount that accrues on a debt based on a specified rate over a specified period. An interest rate may be fixed or variable.

Lender

The entity that loans funds to a borrower. The lender of federal student loans is the U.S. Department of Education. Private loans are offered by a variety of lenders.

Lifetime Eligibility Used (LEU)

The limit on the total amount of Federal Pell Grants a student may receive, equivalent to six school years. Pell Lifetime Eligibility Used is maintained by the National Student Loan Data System.

Loan

A legal obligation to repay a specified amount borrowed over a specified period, generally at a specified interest rate.

Loan Limits

Limitations on the total amount that may be borrowed during a period of enrollment or over a borrower’s lifetime. Federal regulations establish annual and aggregate limits.

Loan Servicer

The entity that collects repayments, processes repayment options, and communicates with borrowers about loan status. The servicer is not necessarily the lender.

Master Promissory Note (MPN)

A legal contract between a federal student loan lender and borrower that obligates the borrower to repay all funds borrowed. The Federal Direct subsidized and unsubsidized loans and Federal PLUS Loans have their own MPNs.

Merit Scholarship

A scholarship awarded on the basis of documented academic excellence, talent, or achievement. Merit scholarships are generally awarded by an admissions office and may be renewed if retention criteria are met.

Need

Refer to “Financial Need.”

Need Analysis

The process of analyzing an aid application using federal or institutional methodology to calculate a Student Aid Index or Expected Family Contribution and determine a student’s level of need.

Need-Based Aid

Aid awarded because a student has been determined to have financial need. It includes grants, scholarships, subsidized loans, and specific work-study employment.

Net Price Calculator (NPC)

A calculator that helps incoming undergraduate students and families estimate the net price—the amount after scholarships and grants—of attending an institution.

New Borrower

A first-time borrower of a federal student loan program who must complete a master promissory note and entrance counseling.

Non-custodial Parent

The parent who is not the custodian of a child in cases of separation or divorce. Tulane requires a non-custodial parent to complete a CSS Profile when applicable for consideration of need-based scholarship funds.

Non-degree Seeking

An individual attending an institution who is not pursuing a designated degree or credential. Generally, non-degree-seeking students are ineligible for aid.

Non-federal Loan

Refer to “Alternative Loan.”

Non-filer

An individual who is not required to file a federal income tax return.

NSLDS

The National Student Loan Data System serves as a central national depository of federal student loan and Federal Pell Grant information.

Origination

The creation of a student loan for a specific amount and period of time, generally after a student accepts an offered loan.

Origination Fee

A fee assessed by the lender at the time a loan is originated.

Out-of-State

Some schools charge different tuition based on state residency. Tulane has no such distinction; tuition is not based on a student’s state of residency.

Outside Resource

Refer to “Resource.”

Outside Scholarship

A scholarship provided by an entity outside Tulane. Students must report all outside scholarships to the Tulane University Financial Aid Office.

Outstanding Interest

Interest on a loan that has accrued and remains to be paid.

Outstanding Principal

The amount originally borrowed that remains to be paid.

Over Award

An over award occurs when a student receives aid in excess of the amount for which the student is eligible. Action must be taken to resolve the overage.

Overpayment

An overpayment occurs when a student receives a payment of aid in excess of eligibility. The overpayment must be resolved and may affect future federal student aid eligibility.

Parent PLUS Loan

A federal parent loan program available to creditworthy parents of undergraduate students. The maximum amount cannot exceed the cost of attendance less other aid received or offered.

Pell Grant

Refer to “Federal Pell Grant.”

Private Loan

Refer to “Alternative Loan.”

Professional Judgment

A provision under federal law allowing a financial aid counselor to adjust FAFSA or CSS Profile data elements to account for special circumstances on a case-by-case basis with adequate documentation. It does not allow direct changes to the need-analysis formula or calculated contribution.

Profile

Refer to “CSS Profile.”

Promissory Note

Refer to “Master Promissory Note (MPN).”

Reconsideration

An opportunity to request a review of a financial aid award, often because of changes in information reported on an aid application or changes in cost of attendance.

Repayment

The period during which a borrower is obligated to repay a loan, or the actual payment submitted toward a loan obligation.

Requirements

Items an aid applicant must provide or complete before a financial aid action can occur. Tulane students can identify requirements in the Financial Aid “To Do” list in Gibson.

Resource

Any financial assistance a student receives toward educational expenses. All resources must be reported to the financial aid office.

Satisfactory Academic Progress (SAP)

Federal regulations require students who receive federal student aid to maintain satisfactory academic progress. It is measured using qualitative, or grade-based, and quantitative, or time-based, standards.

Scheduled Disbursement

Refer to “Disbursement.”

Scholarship

A form of gift aid generally awarded on the basis of merit, talent, service, and/or need.

Self-help

A term associated with loans and employment, representing aid through which a student borrows or works to assist with educational expenses.

Servicer

Refer to “Loan Servicer.”

Student Aid Index (SAI)

Effective with the 2024–2025 academic year, the U.S. Department of Education changed the terminology from Expected Family Contribution to Student Aid Index. The SAI continues to be used to identify a student’s level of federal financial need.

Stafford Loan

A name often associated with the Federal Direct subsidized and unsubsidized loan program. Refer to “Direct Loan.”

Study Abroad

A period of enrollment in which a student studies outside the United States. Students enrolled in programs associated with Tulane may be eligible to receive federal and institutional aid.

Subsidized Loan

A loan where, during eligible periods, the interest is paid by an entity other than the borrower. Eligibility generally requires demonstrated financial need.

Supplemental Educational Opportunity Grant (SEOG)

A federal grant program awarded, based on funding availability, to eligible undergraduate students who qualify for a Federal Pell Grant.

Tax Return Transcript

An IRS document required when selected for federal verification. A Tax Account Transcript is not acceptable when a Tax Return Transcript is requested.

Terms and Conditions

The specific details regarding an award offer that a recipient must generally review and accept before accepted aid can disburse.

Title IV

A term referring to federal financial aid funds.

Unmet Need

The difference between a student’s determined level of need and the amount of aid offered.

Unsubsidized Loan

A loan where interest is not paid by an entity other than the borrower. Eligibility generally does not require demonstrated financial need.

Untaxed Income

Income that is not subject to income taxation, such as contributions to certain retirement accounts or municipal bond interest.

Unusual Enrollment History (UEH)

U.S. Department of Education regulations identify students who received Federal Pell Grants at multiple institutions during the past three academic years. A financial aid office must review the academic history to determine eligibility for federal student aid.

Validation

Tulane’s requirement that the financial aid office validate data reported on the CSS Profile for aid applicants seeking Tulane need-based scholarships. Refer to the validation page for more details.

Verification

A requirement that a financial aid office verify data reported on the FAFSA for aid applicants selected by the U.S. Department of Education or the institution. Refer to the verification page for more details.

Veterans Benefits

Educational benefits available to eligible U.S. military veterans and/or their dependents through the U.S. Veterans Administration.

W-2 Form

An IRS tax document issued by an employer to an employee that details annual earnings and withholdings. Tulane may require parental W-2 forms for validation purposes.

Work-Study

Refer to “Federal Work-Study.”