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Student Loan College Dictionary and Glossary Terms

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Scholarships
a financial aid award that does not have to be repaid. Scholarships are generally made based on an applicant meeting certain eligibility criteria.

Scholastic Assessment Test, SAT (1): Reasoning Test
Also known as “board scores” because the test was developed by the College Board. The SAT stands for the Scholastic Assessment Test. The SAT measures a student's mathematical and verbal reasoning abilities. Most students take the SAT or the ACT (see above) during their junior or senior year of high school. The maximum combined score for both sections is 1600.
 
Scholastic Assessment Test, SAT ((2), SAT II Subject Test
The SAT stands for the Scholastic Assessment Test. The SAT subject tests is also known as a SAT II tests. Topics typically covered include English, mathematics, many sciences, history and foreign languages. More emphasis has been placed on these tests in recent years, not only because they are used for admission purposes, but also for placement and exemption decisions.
 
Scholarship
A scholarship is money given to a student for the purposes of paying for all or part of the cost of college. Scholarships can be awarded to students based on students' academic achievements or on many other factors as determined by a college.
 
Semester System
A system that divides the regular academic year into two periods of about 18 weeks (fall and spring semesters). The summer term is shorter and usually is optional.
 
Seminar
A class that has a group discussion format rather than a lecture format.
 
Silent Scores
The term is applied to PSAT scores because only the student and his or her guidance counselor see the scores. They are not reported to colleges. It is the “practice without penalty” feature of the test.
 
Standby
If a student registers for an SAT or ACT testing date and there are no seats available, the student may accept a standby position; that is, if a seat becomes available the day of the test, the student will take the test. The student must go to the testing center and wait to see if there is an open seat. A fee is attached to standby.
 
Stafford Loan
A Stafford Loan is a student loan offered by the federal government. Two types of Stafford Loans exist
1)Needs based and 2) Non needs based. With a Stafford Loan a student can borrow money to attend school and the federal Government will guarantee the loan in case the student is unable to repay.
 
Student Aid Report (SAR)
Report of the government’s review of a student’s FAFSA. The SAR is sent to the student and released electronically to the schools that the student listed. The SAR does not supply a real money figure for aid but indicates whether the student is eligible.
 
Student-designed major
Students design their own majors under this policy. It offers students the opportunity to develop nontraditional options not available in the existing catalog of majors.
 
Student Loan
While there are many types of loans, a student loan is a specific type of financial aid that is available to college students and their parents. Student loans must be repaid.
 
Subsidized Loan
A subsidized loan is awarded on the basis of financial need, which is determined by the information provided on the Free Application for Federal Student Aid (FAFSA). For those who qualify for a subsidized loan, the federal government pays interest on the loan (subsidizes the loan) until repayment begins and during authorized periods of deferment thereafter.
 
Supplemental Educational Opportunity Grant, SEOG
The SEOG is a federal award that helps undergraduates with exceptional financial need, and is awarded by the school. The SEOG does not have to be paid back.
 

 

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