Accronyms Flashcards
FSA
Federal Student Aid -
Who We Are
Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of student financial aid in the nation. At the office of Federal Student Aid, our 1,200 employees help make college education possible for every dedicated mind by providing more than $150 billion in federal grants, loans, and work-study funds each year to more than 13 million students paying for college or career school. We are proud to sponsor millions of American minds pursuing their educational dreams.
What We Do
Federal Student Aid is responsible for managing the student financial assistance programs authorized under Title IV of the Higher Education Act of 1965. These programs provide grants, loans, and work-study funds to students attending college or career school.
We ensure students and their families can benefit from these programs by
informing students and families about the availability of the federal student aid programs and the process for applying for and receiving aid from those programs;
developing the Free Application for Federal Student Aid (FAFSA®) and processing approximately 22 million FAFSA submissions each year;
accurately disbursing, reconciling, and accounting for all federal student aid funds that are delivered to students each year through more than 6,200 colleges and career schools;
managing the outstanding federal student loan portfolio and securing repayment from federal student loan borrowers;
offering free assistance to students, parents, and borrowers throughout the entire financial aid process; and
providing oversight and monitoring of all program participants—schools, financial entities, and students— to ensure compliance with the laws, regulations, and policies governing the federal student aid programs.
CPS
Central Processing System (CPS) – The Department’s processing facility for application data. The CPS receives student information from the FAFSA processors, calculates the student’s official EFC, and returns the student’s information to the FAFSA processor, which prints the Student Aid Report (SAR).
EFC
EFC - Expected Family Contribution – For the calculation of Federal Title IV aid.
SAR
Student Aid Report (SAR) – The federal “output document” printed by a FAFSA processor and mailed to the student. The SAR contains the family’s financial and other information as reported by the student on the financial aid application. The student can make corrections/update information on the SAR and submit it to the federal processor. The student’s eligibility for aid is indicated by the EFC printed on the front of the SAR. Schools receive an electronic version of the SAR from the FAFSA processor, called an ISIR.
ISIR
ISIR - Institutional Student Information Report – A form that is sent to the student’s school. Similar to the Student Aid Report that is sent to the student; the ISIR contains the family’s financial information and indicates the student’s eligibility for aid.
SAP
Satisfactory Academic Progress - (SAP) – Progress required of a financial aid recipient according to the school’s approved published policy.
FY
Fiscal Year- A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual (“yearly”) financial statements in businesses and other organizations all over the world.
AY
Academic Year – A period of time, defined by the school, which measures the academic work to be accomplished by the student. Federal regulations set minimum standards for the purpose of determining SFA awards. For instance, the academic year at a term school must be at least two semesters, two trimesters, or three quarters and must include at least 30 weeks of instructional time. Unlike the award year, an academic year does not have to begin and end at the same time for all students. One student might enroll as a full-time student in September and complete one academic year of study in May, while another student might enroll as a half-time student in January and take twice as long to complete an academic year.
FAA
Financial Aid Administrator (FAA) – An individual who is responsible for preparing and communicating information pertaining to student loans, grants or scholarships, and employment programs, and for advising, awarding, reporting, counseling, and supervising office functions related to student financial aid. He/she is accountable to the various publics which are involved, is a manager or administrator who interprets and implements federal, state and institutional policies and regulations, and is capable of analyzing student and employee needs and making changes where necessary.
FFEL
Federal Family Education Loan Programs (FFELP) – The Federal Stafford (subsidized and unsubsidized), Federal PLUS and Federal Consolidation loan programs. Funds for these programs are provided by commercial lenders and credit unions. The loans are guaranteed by a guaranty agency and the federal government.
HEA
Higher Education Act - The Higher Education Act (HEA) is the federal law that governs the administration of federal student aid programs. The HEA was originally passed in 1965 and signed into law by President Lyndon B. Johnson.
HEAB
The Higher Educational Aids Board (HEAB) is the state agency responsible for the management and oversight of the state’s student financial aid system for Wisconsin residents attending institutions of higher education. It also may enter into interstate agreements, such as remission of nonresident tuition.
HEAB administers programs of student financial aid, including grant, scholarship, and loan programs; tuition reciprocity agreements; and tuition capitation contracts.
FSEOG (SEOG)
Federal Supplemental Educational Opportunity Grants (FSEOG) – One of the campus-based programs; grants to undergraduate students of exceptional financial need who have not completed their first baccalaureate degree and who are financially in need of this grant to enable them to pursue their education. Priority for SEOG awards must be given to Pell Grant recipients.
FISAP
FISAP (Fiscal Operations Report and Application to Participate) files: these files provide the income distribution of all federal financial aid applicants and the 12-month undergraduate enrollment count. Colleges report these data to the Department of Education when applying to participate in the federal campus-based financial aid programs (Work-Study, Perkins loans, and Supplemental Educational Opportunity Grants). Information about these programs is available on the Department of Education website.
IFAP
The Information for Financial Aid Professionals (IFAP) Web site consolidates guidance, resources, and information related to the administration and processing of Title IV federal student aid into one online site for use by the entire financial aid community.
