COST OF ATTENDANCE:   The total estimated cost to attend school for one year, includes tuition, fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses. Direct costs are tuition, fees, room and board.

DEFERMENT:  A temporary suspension of a borrower's monthly loan payment.

DRN:   A four-digit number assigned to all Title IV federal student aid applications and appears on the SAR.  DRN’s allow a school to access a student’s application data if they were not originally listed on the FAFSA.

ELECTRONIC FUNDS TRANSFER (EFT):  The process of your lender wiring your loan funds directly to The College of Idaho to be applied to your student account.

ENTRANCE COUNSELING:  A debt management session prior to the first disbursement of your federal loans to explain your rights and responsibilities regarding loan funding.  This is completed on-line at  

ESTIMATED FAMILY CONTRIBUTION (EFC):  The EFC figure is determined by congressionally approved Federal Methodology need-analysis formulas.  The EFC is an index that colleges use to determine financial aid eligibility.

EXIT COUNSELING:  A debt management session prior to graduation or withdrawal to review the terms and obligations of your student loan.

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA):  The FAFSA is a standard federal application, which is used to determine your eligibility for financial aid.  The FAFSA should be completed early every year.  The College of Idaho’s federal code is 001617.

FEDERAL METHODOLOGY:  The formula used in determining a student’s need for federal financial aid assistance.

FINANCIAL AID:  Any form of assistance including scholarship, federal and state grants, loans and work study employment.

GIFT AID:  Grants, scholarships, or awards that do not have to be paid back.

GRACE PERIOD: A period of time (6 to 9 months) after borrowers graduate, leaves school, or drop below half-time enrollment, before payments are due on loans.

ISIR:  The ISIR is the FAFSA information sent by the processor to the schools.  The ISIR contains the EFC and other information submitted on the FAFSA.

LOAN:  Money that is borrowed and has to be paid back.

NEED:  The difference between the cost of education minus the Expected Family Contribution (EFC).

OFFER:  Financial Aid Letter of awards. 

PRIVATE EDUCATION LOAN:  A non-need based loan borrowed from a private lender.  These loans are not federal loans.

PIN:  Personal Identification Number assigned by the Department of Education to electronically identify a student.  Students can use their PINs to access their FAFSA data, make corrections to that data, electronically sign an initial FAFSA on the Web or Renewal FAFSA on the Web, sign the Master Promissory Note for a student loan, and view their loan and grant information in the National Student Loan Data System

SAR:  The SAR is the report sent to students that summarizes the information included in the FAFSA.  The SAR also indicates if a student may be eligible for a Federal Pell Grant and the Expected Family Contribution (EFC), as well as any eligibility issues.   The SAR is the student version of the ISIR.

SATISFACTORY ACADEMIC PROGRESS (SAP):  To be eligible to receive federal student aid, you must maintain satisfactory academic progress toward a degree or certificate.  You must meet your school’s written standard of satisfactory progress.

SELF-HELP:  Loan and/or work study awarded to the student.

SUBSIDIZED LOAN:  A need-based loan on which the government pays the interest for you while you are enrolled as at least a half-time student and during the six month grace period after leaving school.

UNSUBSIDIZED LOAN:  A non-need based loan.  The borrower is always responsible for paying the interest on the loan.  Interest accrues while the student is attending school.  Interest can be paid or capitalized and accrued.

VERIFICATION:  The process of comparing the information on the FAFSA to certain documents such as federal tax returns.  The process may identify the need for corrections to the information provided on the FAFSA.  Students may be selected for verification by the processing center or by the school.

WORK STUDY:  A federal and a state self-help program (with limited funding) that provides students with part-time employment during the school year.  Eligibility is based on need and money earned is not counted as income for the subsequent year’s need-analysis process