Cost of Attendance (COA) - The total amount of money that a student requires for educational purposes, including: tuition fees, accommodation, books and supplies, transport, loan fees, and if applicable, disability assistance and dependent care.
Deferment/In-School Deferment - Deferment is a temporary period during which a borrower is not required to make payments.
Disbursement - A pre-agreed amount of money, which is released to you.
Entrance & Exit Counselling - Entrance Counselling is a federal requirement of all first-time borrowers taking out a Federal Direct Subsidized or Unsubsidized Loans. Exit Counselling will be requested by all borrowers upon completion of, or withdrawal from, their degree program.
Exchange Rate - The University uses a standard exchange rate for the year to help calculate your Cost of Attendance (COA).
Expected Family Contribution (EFC) - The amount dependent students are expected to receive in financial support from their parents.
FAFSA - Free Application for Federal Student Aid used by the U.S. Department of Education (ED) to determine your financial need.
Financial Aid Office - This is the term used by the U.S. Department of Education (ED) to refer to the office within your chosen University who administers Federal Aid. At the University of Birmingham, this office is Funding, Graduation & Awards.
Forbearance - A period during which your monthly loan payments are temporarily suspended or reduced, as granted by your Lender.
Interest - Interest is money paid to your lender in exchange for borrowing money. Interest is calculated as a percentage of the unpaid principal amount (loan amount) borrowed.
Master Promissory Note (MPN) - A legal document in which you promise to repay your loan(s) and any accrued interest and fees.
National Student Data Loan System (NSLDS) - The U.S. Department of Education's central database for student aid to maintain a record of a student's loan history.
Origination Fee - A charge made by the lender to cover the administrative charges related to your loan. The origination fee will be taken from each disbursement.
Satisfactory Academic Progress (SAP) - A measure of your continuing eligibility for a Federal Loan, based on academic contact points being met, satisfactory attendance and minimum grade achievement.
Student Aid Report (SAR) - A compilation of all the information submitted on the FAFSA. The information is used by the University to assess eligibility for Federal Loans.