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Financial Aid Glossary
This numeral refers to the individual Federal Income Tax preparation form.
This tax form is used as reference when filling out the Free Application for Federal Student Aid (FAFSA).
This tax form CANNOT be used for the Verification process.
4134, 4136, and 4132
These numerals refer to the following JCTC semesters:
4134—Fall 2013 semester
4136—Spring 2014 semester
4132—Summer 2013 semester
This numeral references JCTC’s Federal School Code.
Ability to Benefit (ATB)
A student must prove Ability to Benefit in order to be eligible to receive Title VI Federal financial aid.
To do so the student must be either a high school graduate or have received passing scores on the General Educational Development (GED) exam.
Academic Plan of Action
A student signs an Academic Plan of Action if a Satisfactory Academic Progress appeal is approved by the appeals committee.
This form identifies the specific steps a student will take to achieve Satisfactory Academic Progress in the future.
Academic Program Plan (APP)
An electronic course information format designed to chart progress toward earning JCTC credentials and for students seeking majors who intend to transfer.
Students with fewer than 18 credit hours must fill out and sign an Academic Progress Plan with an Academic Advisor in order to self-register.
If a student changes his or her major, a new Academic Program Plan must be created and consulted.
Accruing Interest (on a loan)
The cost of the loan represented by the interest.
The interest is added to the loan amount before the repayment period or before a payment installment.
Adjusted Gross Income (AGI)
Defined as gross income minus adjustments to income.
It is all the taxable income as reported on a U.S. income tax return.
A student loan not regulated by the U.S. Department of Education.
American College Testing (ACT)
A standardized test for high school achievement and college admissions in the United States.
It consists of four tests: English, Mathematics, Reading and Science Reasoning.
There is an optional Writing test.
The main four tests are scored individually and a combined score is provided which is the average.
A funding source used by AmeriCorps participants to attend college.
Cash on hand in checking and savings accounts; trusts, stocks, bonds, other securities; real estate (excluding the home), income-producing property, business equipment, and business inventory.
Assets are considered in calculating the Expected Family Contribution (EFC).
A method of notifying successful financial aid applicants of the assistance being offered by the institution.
The award letter usually provides information on the types and amounts of aid offered, as well as specific program information, student responsibilities, and the conditions which control the award.
Provides students with the opportunity to accept or decline the aid offered.
Bachelor’s Degree (BA)
An academic college degree usually awarded for undergraduate study or a major that generally lasts four years.
An external technology system that answers frequently asked student questions by phone and e-mail, and provides scheduled help sessions.
See Cost of Attendance.
A federally sponsored, merit-based scholarship for outstanding high school students.
This date is also referred to as the Enrollment Status Date.
This is generally the 7th calendar day after the semester begins.
Prior to this date, aid awards are projected for full time enrollment status.
When the census date arrives and all enrollment activity has ended, a snapshot of enrollment is taken and financial aid awards are adjusted for actual enrollment.
College Access Program (CAP)
A grant program offered in the state of Kentucky designed for undergraduate students who demonstrate financial need to attend college.
Grants may be awarded to Kentucky residents enrolled for at least six semester hours (half time) in academic programs that take at least two years to complete.
To be considered for a CAP Grant, the total expected family contribution (EFC) toward the student's educational expenses cannot exceed $5,273.
Funding for this grant program is limited; funds are awarded on a first-come, first-served basis.
U.S. Department of Education federal student aid programs administered directly by institutions of higher education.
Campus-based programs include:
Federal Perkins Loan
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work-Study (FWS).
Capitalization (of interest)
An arrangement between borrower and lender where interest payments are deferred as they come due and are added to the principal amount of the loan.
Central Processing System (CPS)
The U.S. Department of Education's processing facility for FAFSA data.
The CPS receives student information from the application processors, calculates a student's official EFC, performs several eligibility database matches, prints the Student Aid Report (SAR) that is mailed to the applicant and produces Institutional Student Information Records (ISIRs) that are sent to the colleges.
United States citizenship status must be verified to receive financial aid.
Common Origination and Disbursement (COD)
A streamlined method for processing, storing, and viewing Pell Grant and Direct Loan financial aid data.
The system allows JCTC to access a student’s financial aid history online via a secure website and view Pell Grant and Direct Loan data for that student.
A loan made to enable a borrower with different types of loans to obtain a single loan with one interest rate and one repayment schedule.
Federal Stafford (Subsidized and Unsubsidized)
Health Education Assistance Loans (HEAL)
Health Professions Student Loans (HPSL)
Loans for Disadvantaged Students may be combined for purposes of consolidation, subject to certain eligibility requirements.
A consolidation loan pays off the existing loans; then the borrower repays the consolidated loan.
- The information disseminated to students as required by the U.S. Department of Education.
Cost of Attendance (COA)
The cost of attendance for a student is an estimate of that student’s educational expenses for the period of enrollment.
It is used to determine a student’s financial need and provides a limit for the total aid that a student may receive for purposes of the Campus-Based Programs and Stafford/PLUS loans, and is one of the basic components of the Pell Grant calculation.
Also called “Budget” or “Cost of Education”.
The cost of attendance includes:
Tuition and fees normally assessed a student.
Institution’s estimate of the cost of room and board.
Transportation and commuting costs.
Books and supplies.
Appropriate miscellaneous personal expenses.
Student loan fees.
Reasonable costs for: study abroad program; cooperative education program; computer.
Costs related to a disability.
Council on Postsecondary Education (CPE)
The Council on Postsecondary Education coordinates change and improvement in Kentucky’s postsecondary education system.
The Council is a statewide coordinating agency comprised of fifteen members with thirteen citizens, one faculty member, and one student appointed by the Governor.
The system of steps used by the JCTC Financial Aid office to review a student’s Financial Aid file to ensure it is complete and current.
Defaulted Student Loan
A student loan not repaid according to the terms of the student’s Promissory note.
Deferment (of loan)
A condition during which payments of principal are delayed, and, interest does not accrue for:
Subsidized Federal Stafford Loan
Direct Subsidized Loans
The repayment period is extended by the length of the deferment period.
A Degree Audit is a document that outlines a student’s course work in a framework that indicates what courses are still needed to meet graduation requirements for their program of study.
These “audits” are generally used to assist with appeal decisions for students in Maximum Time Frame or other Satisfactory Academic Progress situations.
Department of Education (U.S. ED)
The federal government agency that administers assistance to students enrolled in postsecondary educational programs under the following programs:
Federal Family Education Loan (FFEL) Programs
Federal Pell Grant
Federal Perkins Loan
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work-Study (FWS)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
William D. Ford Federal Direct Loan (Direct Loan) Program.
A student who does not qualify as an independent student, and whose parental income and asset information is used in calculating the Expected Family Contribution.
Direct PLUS Loan
Long-term loans made available to parents of dependent students.
Interest rates are linked to 52-week Treasury bill rates, but may not exceed 9%.
May be used to replace the Expected Family Contribution; amount borrowed is limited to the cost of attendance, minus estimated financial assistance.
Direct Subsidized Loan or Direct Unsubsidized Loan
Long term, low-interest loans administered by the Department of Education and institutions.
Loans carry a fixed interest rate of 6.8%.
Direct Unsubsidized Loans can be used to replace Expected Family Contribution.
Financial Aid payments made to a student’s PeopleSoft account.
Student group to identify a special category of students –those in Dismas House.
Eligibility and Certification Approval Report (ECAR)
A report that reviews an application for Approval to Participate in Federal Student Aid by a school.
Early Childhood Development Scholarship (ECDS)
The Kentucky Higher Education Assistance Authority offers a scholarship to Kentucky residents who are seeking an associate or bachelor's degree in early childhood education.
Applicants must be enrolled in a maximum of nine hours of study at an accredited Kentucky college and be currently employed at least 20 hours per week in a licensed early childhood learning facility.
See Budget and Cost of Attendance.
An eligible non-citizen meets ONE of the following criteria for Financial Aid:
U.S. Permanent Resident with an Alien Registration Card (I-551).
A Conditional Permanent Resident with an I-551C card.
An Arrival Departure Record (I-94) from the Immigration and Naturalization Service (INS) with any of the following designations:
Victim of human trafficking
Entrance Loan Counseling
Before a school disburses Direct Subsidized or Unsubsidized Loan funds, regulations require the student complete an Entrance Loan Counseling session.
The loan counseling session provides information about how to manage student loans, both during and after college and takes the form of an on-line self-directed learning format.
Exit Loan Counseling
Before withdrawing, graduating, or dropping below half-time attendance (regardless if planning to transfer to another school), regulations require students complete an Exit Loan Counseling session for a Federal Stafford Loan (Subsidized or Unsubsidized) and Direct Subsidized and Unsubsidized Loans.
The counseling session provides information about how to manage student loans after college.
Expected Family Contribution EFC
The amount a student and his or her family is expected to pay toward the student’s cost of attendance as calculated by a Congressionally-mandated formula known as Federal Methodology.
The EFC is used to determine a student’s eligibility for the student financial assistance programs.
Federal Work-Study (FWS)
A campus-based program: a part-time employment program which provides jobs for undergraduate and graduate students who are in need of such earnings to meet a portion of their educational expenses.
Financial Aid Advisor Access (FAA)
Used by the Central Processing System (CPS) to:
View students' Student Aid Report (SAR) information;
Compare two Institutional Student Information Record ISIR) transactions for the same student;
Submit a signature flag for an application in a signature hold status;
Enter a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA ;
Correct a processed Free Application for Federal Student Aid (FAFSA);
Continue working on a saved Free Application for Federal Student Aid (FAFSA) or correction;
Review verification data with the Verification Tool (2011-2012 only);
Request Institutional Student Information Record (ISIR) data;
Analyze Institutional Student Information Record (ISIR )data as a basis for improving the verification process;
Calculate and manage the return of Title IV funds.
Free Application for Federal Student Aid (FAFSA)
The financial aid application completed by the student, and the student’s parents if applicable, that collects household and financial information.
The FAFSA is the foundation document for all Federal Financial Aid: need analysis computations and database matches performed for a student.
This application can only be completed through FAFSA on the Web.
FAFSA on the Web (FOTW)
Allows students to compete and file a Free Application for Federal Student Aid online at
Federal Family Education Loan programs (FFEL)
The collective name for the Federal Stafford (Subsidized and Unsubsidized), Federal PLUS Loan, and Federal Consolidated Loan programs.
Funds for these programs are provided by private lenders and the loans are guaranteed by the federal government.
Federal Supplemental Educational Opportunity Grant (FSEOG)
A campus-based program: 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 FSEOG awards must be given to Federal Pell Grant recipients with the lowest Expected Family Contributions (EFC).
A general term that describes any source of student assistance outside the student or the student’s family contribution.
Funds awarded to a student to help meet postsecondary educational expenses.
These funds are generally awarded on the basis of financial need and include scholarships, grants, loans, and employment.
Financial Aid Award
An offer of financial or in-kind assistance to a student attending a postsecondary educational institution.
This award may be in the form of one or more of the following types of financial aid:
Non-repayable grant and/or scholarship.
Financial Aid Notification
The letter from a postsecondary institution that lets the student know whether or not aid has been awarded. If the student will be receiving assistance, the notification also describes the financial aid package.
State agencies and private organizations may send students financial aid notifications separately from the postsecondary institution.
Financial Aid Package
The financial aid award given to a student consisting of a combination of forms of financial aid (loans, grants and/or scholarships, and federal work study).
Financial Aid Release (FAR)
This completed form gives the college permission to release financial aid information about the student to the Barnes and Noble bookstore allowing the student to charge books, etc. up to the amount of eligibility determined by the Financial Aid Office.
This form also has a Family Educational Rights and Privacy Act question and Title IV release question.
The ability to budget, manage funds and manage loan debt.
The difference between the cost of attendance at the institution and the family’s ability to pay (i.e., Expected Family Contribution).
The ability to pay is represented by the Expected Family Contribution balanced with federal need-based aid for many state and institutional programs.
Financial Need Equation
Cost of Attendance minus Expected Family Contribution equals financial need (COA - EFC = Need).
Permits the temporary cessation of repayments of loans, allowing an extension of time for making loan payments, or accepting smaller loan payments over a longer period of time than were previously scheduled.
Interest will continue to be charged on all loan types, including subsidized loans.
You can pay the interest during forbearance or allow the interest to accrue (accumulate).
If you don’t pay the interest on your loan during forbearance, it may be capitalized (added to your principal balance), and the amount you pay in the future will be higher.
General Education Diploma or General Equivalency Diploma/Degree (GED)
A group of five subject tests which, when passed, certify that the taker has American -level academic skills.
This is a test most commonly taken when a high school diploma was not achieved originally.
The Servicemen's Readjustment Act of 1944, known informally as the G.I. Bill, was a law that provided a range of benefits for returning World War II veterans.
This included cash payments of tuition and living expenses to attend college, high school or vocational education.
It was available to every veteran who had been on active duty during World War II for at least ninety days and had not been dishonorably discharged.
The program ended in 1956.
Since the original 1944 law, the term has come to include other veteran benefit programs created to assist veterans of subsequent wars, as well as peacetime service.
Go Higher Grant
The Go Higher Grant gives adults age 24 or older up to $1,000 for one academic year when enrolled in a participating Kentucky college less than half-time, which is usually one or two courses.
The award covers tuition and a book allowance of $50 per credit hour.
To be eligible student must be:
A Kentucky resident.
A U.S. citizen, national or permanent resident.
Be 24 years or older.
Demonstrate financial need.
Not have a bachelor’s degree.
The period of time that begins when a loan recipient ceases to be enrolled at least half-time and ends when the repayment period starts.
During this time, loan principal need not be paid and, generally, interest does not accrue during this temporary period.
Grade Point Average (GPA)
The number determined after averaging all the grade points/quality points by the number of credit hours taken by a student.
A Grade Point Average can range from .0 to 4.0.
The action of receiving or conferring an academic degree.
A type of financial aid that does not have to be repaid; usually awarded on the basis of need, and at times based on merit.
The campus where the student has registered and takes classes or expects to earn his or her credentials.
Amount of money received from any or all of the following:
Business or farm profits.
Certain welfare programs.
Subsistence allowances such as taxable and non-taxable Social Security benefits and child support.
A student who:
Will be 24 years of age by December 31 of the award year.
Was an orphan, in foster care, or a ward of the court, at any time when the student was 13 years of age or older even if that status changed later.
Is an emancipated minor or is in legal guardianship as determined by the court.
Is an unaccompanied youth who is homeless or who is at risk of homelessness and is self-supporting, as verified during the school year.
Is a veteran.
Is serving on active duty in the U.S. Armed Forces for purposes other than training.
Is a graduate or professional student.
Has legal dependents other than a spouse.
Has dependent children.
Presents documentation of other unusual circumstances demonstrating independence to the financial aid administrator.
Ineligible Program Plan
Programs of study that do not meet the minimum requirement of at least 15 weeks and 16 credits for completion.
Internal Revenue Service (IRS)
The Internal Revenue Service is the revenue service of the United States federal government and a bureau of the Department of the Treasury responsible for collecting taxes.
Institutional Student Information Record (ISIR)
These processed reports contain student information reported on the Free Application for Federal Student Aid (FAFSA), as well as key processing results and National Student Loan Data System (NSLDS) financial aid history information.
ISIRs are sent electronically to schools by the Central Processing System (CPS).
Kentucky Educational Excellence Scholarship (KEES)
This scholarship is administered by the
Kentucky Higher Education Assistance Authority (KHEAA)
to students who are recent Kentucky high school graduates, based primarily on high school Grade Point Average and/or American College Testing (ACT) scores.
Convicted felons are ineligible
Kentucky Higher Education Assistance Authority (KHEAA)
An agency created in 1966 to monitor and improve the quality of Kentucky education.
The agency is instrumental in administering programs to financially assist Kentucky students. (
Kentucky National Guard (KNG)
A funding source for eligible JCTC Kentucky National Guard students.
Legal Dependent (of Applicant)
A biological or adopted child, or a person for whom the applicant has been appointed legal guardian, and for whom the applicant provides more than half support.
In addition, a legal dependent is a person who lives with and receives at least half support from the applicant and will continue to receive that support during the award year.
A spouse is not considered a legal dependent.
An advance of funds shown by a promissory note and requiring the recipient to repay the specified amount(s) under specific conditions.
Loan Repayment Program
A special program available to qualified students who have attended college on federally-funded student loans and who subsequently enlist in the Army for at least three years in any job specialty.
Master Promissory Note (MPN)
A promissory note allows borrowers to apply for multiple loans during a student’s attendance at a postsecondary institution for:
Direct Loan programs.
Federal Family Education Loan Programs.
Federal Perkins Loan.
Maximum Time Frame
Students are expected to complete their degree/diploma/certificate credentials within a Maximum Time Frame (MTF) of 150 percent of the required number of credit hours to graduate from their enrolled program of study.
MTF of 150% includes all classes required for the credential plus 50%.
MTF is a component of Satisfactory Academic Progress (SAP).
Student assistance awarded because of a student’s achievement or talent in a particular area, such as academics, athletics, music, etc.
An agreement between JCTC and the University of Louisville with the United Parcel Service (UPS) where late-night workers at UPS take classes through the two colleges.
Specific requirements must be met for UPS to pay for classes.
For more information, call 502-213-4520.
Student assistance awarded because a student’s financial circumstances would not permit him or her to afford the cost of a postsecondary education.
Non Need-based Aid
Aid based on criteria other than need, such as academic, musical, or athletic ability.
Also, refers to federal student aid programs where the Expected Family Contribution is not part of the need equation.
A student not attending class (or classes).
NSLDS (National Student Loan Data System)
NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their loans and/or grant data.
Office of Postsecondary Education Identification (OPE ID)
Identification number used by the U.S. Department of Education's Office of Postsecondary Education (OPE) to identify schools that have Program Participation Agreements (PPA).
This is a 6-digit number followed by a 2-digit suffix used to identify branches and additional locations that are part of the eligible institution.
A general informational session required for all new JCTC students that also includes information about Financial Aid.
A condition when a student receives more money in disbursement than allotted from a loan or scholarship.
A part of the Satisfactory Academic Progress (SAP) measurement to ensure students are on track to graduate before they reach Maximum Time Frame.
The process of combining various types of student aid (grants, loans, scholarships, and employment) to attempt to meet full amount of student’s need.
A quantitative estimate of the parents’ ability to contribute to postsecondary educational expenses.
A federal grant program for needy postsecondary students who have not yet received a baccalaureate or first professional degree; it is administered by the U.S. Department of Education.
A computer system at JCTC that manages and offers access to individual students to their student data. PeopleSoft includes information on Financial Aid.
Personal Identification Number (PIN)
A PIN can be used each year to electronically apply for federal student aid and to access Federal Student Aid records online.
When a PIN is received, the student agrees not to share it with anyone.
Long-term loans made available to parents of dependent students. Interest rates may not exceed 9%.
PLUS Loans may be used to replace the Expected Family Contribution; the annual loan amount is limited to the cost of attendance minus estimated financial assistance.
Loans have a fixed interest rate of 6.8%.
Program Participation Agreement (PPA)
The Program Participation Agreement notes the requirements for the initial and continued participation of an eligible institution in any Title IV program.
Principal (of a loan)
The amount of money borrowed through a loan; does not include interest or other charges, unless they are capitalized.
Probation (Financial Aid)
A student is placed on Probation after a Satisfactory Academic Progress appeal has been filed and accepted.
Financial Aid Probation terms are generally one semester in length.
The student is given specific requirements that must be met in order to maintain Financial Aid eligibility in the future.
If probation requirements are not met within the semester, the student will again become ineligible for Financial Aid and may need to file another appeal.
Professional Judgment (PJ)
The financial aid administrator’s discretion, based on the special circumstances of the student, to change the data elements used in determining eligibility for federal student aid or to adjust a student’s costs.
The legal document which binds a borrower to the repayment obligations and other terms and conditions which govern a loan program.
Refund Residual/Residual Credit
Any level of excess funding on a student’s account after the balance owed to the school has been paid.
Return to Title Four (Return to Federal Funding) R2T4
When a student withdraws from all courses for any reason, including medical withdrawals, he/she may no longer be eligible for the full amount of Title IV funds that he/she was originally scheduled to receive.
The return of funds is based upon the premise that students earn their financial aid in proportion to the amount of time in which they are enrolled.
A pro-rated schedule is used to determine the amount of federal student aid funds he/she will have earned at the time of the withdrawal.
Based on this calculation, JCTC students who receive federal financial aid and do not complete their classes during a semester or term could be responsible for repaying a portion of the aid they received.
Students who do not begin attendance must repay all financial aid disbursed for the term.
A plan that is provided to the borrower at the time he or she ceases at least half-time enrollment.
The plan sets forth the principal and interest due on each installment and the number of payments required for paying the loan in full.
Additionally, it includes the interest rate, the due date of the first payment, and the frequency of payments.
Right to Cancel
Student borrowers have the right to cancel all or a portion of the loan and to have the cancelled funds returned to the lender.
Borrowers must notify the Financial Aid Office in writing within 14 days of the date of the disbursement if they want to cancel all or a portion of the loan.
Southern Association of Colleges and Schools (SACS)
This association provides institution’s accreditation and determines if an institution’s accreditation will be reaffirmed.
The Southern Association of Colleges and Schools accredits over 800 institutions of higher education in 11 southeastern states that are overseen by the Commission on Colleges.
Satisfactory Academic Progress (SAP)
Federal regulations mandate that a student receiving financial aid under Title IV programs must maintain Satisfactory Academic Progress (SAP) in his/her course of study regardless of whether or not financial aid is awarded each semester.
Students are responsible for understanding and adhering to the satisfactory academic progress policy.
Satisfactory Academic Progress is measured with the following standards:
A student must maintain a minimum cumulative 2.0 Grade Point Average (GPA).
A student must complete 67% of the credit hours they attempt (calculated Credit Hours Earned divided by Credit Hours Attempted).
This is sometimes referred to as a student’s Completion Rate.
Maximum Time Frame
A student must receive their credential within 150% of the number of credit hours required for completion.
Evaluation used to determine if student is on track to receive their intended credential before aid is lost due to Maximum Time Frame.
You must be on pace to graduate).
Satisfactory Academic Progress (SAP) is measured at the end of each term for all students.
The first semester a student fails to meet all of these standards, he/she is placed on a Warning Status (WARN) for the following term.
If during the term of Warning, the student fails to meet SAP standards, he/she is placed on a Suspended Status (SUSP).
Once a student reaches Suspended Status, then Financial Aid is rejected and the student is ineligible unless an appeal is filed and approved by the Satisfactory Academic Progress committee.
A form of financial assistance that does not require repayment or employment and is usually made to students who demonstrate potential for distinction, usually in academic performance.
Selective Service System
According to United States law, If you are a man ages 18 through 25 and living in the U.S., then you must register with Selective Service.
A man must register with Selective Service within 30 days of his 18th birthday.
Selective Service will accept late registrations but not after a man has reached age 26.
Male students must register or have registered with Selective Service in order to receive federal financial aid.
If a student, who was required to register, failed to do so between ages 18 and 25, then he must submit a Selective Service Appeal to the financial aid office.
In order to keep students informed about their status, a positive or negative service indicator may be placed on a student’s account.
Positive Service Indicator
: for informational purposes only - an update on a specific status, such as pending Financial Aid.
Negative Service Indicator:
a hold-back on services such as enrollment or the release of transcripts.
Student Aid Report (SAR)
The official notification sent to a student as a result of the Central Processing System (CPS) receiving a Federal Application for Federal Student Aid (FAFSA) for a student.
The Student Aid Report (SAR) summarizes applicant information, provides the Expected Family Contribution (EFC) for a student, and displays other special messages related to the student’s application (i.e. being selected for Verification).
If the school requests it, the SAR may need to be submitted to the Financial Aid office at the school the student plans to attend.
Student Aid Report SAR Acknowledgment
Students who file a Free Application for Federal Student Aid (FAFSA) on the web and do not provide an email address or who make corrections on line to applicant information may receive this acknowledgment.
A mathematical estimate of the student’s ability to contribute to postsecondary expenses for a given year.
A JCTC computer/Internet portal for student use in order to view individual information: grades, status of Financial Aid, class schedule, etc.
Sub Loan/Subsidized Loan or Unsub Loan/Unsubsidized Loan
Awarded on the basis of financial need.
Students are not charged any interest before repayment of the loan because the Federal government subsidizes the interest during this time.
Unsubsidized loans :
Charged interest from the time the money is first disbursed until it is paid in full.
The interest is capitalized, meaning the student pays interest on any interest that has already accrued.
One way to minimize how much interest accrues is to pay the interest as it accumulates.
Action when a student fails to meet Satisfactory Academic Progress (SAP), Financial Aid standards, or academic standards set by JCTC.
If the student does not attain the required cumulative Grade Point Average and/or credit completion during a Warning period, or exceeds the Maximum Time Frame allowed to complete a program, the student will be placed on Financial Aid Suspension.
Income earned from: wages, salaries, and tips, as well as interest income, dividend income, business or farm profits, and rental or property income.
Business or farm profits.
Rental or property income.
Tax Return Transcript
The Tax Return Transcript is an official tax form generated by the IRS that is required for Verification purposes.
A Tax Return Transcript shows most line items from your tax return as it was originally filed, including any accompanying forms and schedules.
Tax Return Transcripts can only be obtained directly from the IRS and can be requested from the Internal Revenue Service (IRS) online at
or by phone at 1-800-908-9946.
A student will need to enter a Social Security Number, date of birth, home address and postal code, and then request a Tax Return Transcript in the most recent tax year option.
Tax Account Transcript
The Tax Account Transcript is an official tax form generated by the IRS.
The Tax Account Transcript CANNOT be used in place of the Tax Return Transcript for Verification purposes as it does not provide the necessary information for this process.
However, the Tax Account Transcript may be requested if the student filed an amendment to his/her taxes as it does include any adjustments made after a tax return was filed.
Tax Account Transcripts can only be obtained directly from the IRS.
See Tax Return Transcript for more information on how to request this document.
Any outside funding source for Financial Aid.
When Financial Aid is need-based, receiving a third party scholarship can affect a student’s overall Financial Aid.
JCTC asks students to report any outside scholarships received and takes those scholarships into consideration when awarding Financial Aid.
Title IV Programs
Those federal student aid programs authorized under Title IV of the Higher Education Act of 1965, as amended.
Direct PLUS Loan.
Federal Pell Grant.
Federal Perkins Loan.
Federal Stafford Loan.
Federal Supplemental Educational Opportunity Grant.
State Student Incentive Grants (SSIG).
Teacher Education Assistance for College and Higher Education (TEACH) Grants.
The difference between a student’s total cost attendance at a specific institution and the student’s total available resources.
All income received that is not reported to the Internal Revenue Service (IRS) or is reported but excluded from taxation.
Such income would include, but not be limited to, any untaxed portion of Social Security benefits, earned income credit, welfare payments, untaxed capital gains, interest on tax-free bonds, dividend exclusion, and military and other subsistence and living allowances.
A process through which scholarships and the Financial Aid Office confirms the information a student reports on the Free Application for Federal Student Aid (FAFSA).
Federal regulations require all institutions to perform Verification on a percentage of applicants who file for financial aid.
Applicants are randomly selected for Verification.
If a student is chosen for Verification, documents will be requested of the student.
Veterans Educational Benefits
Assistance programs for eligible veterans, and/or their dependents, for education or training.
Student group to identify a special category of students –those in the online Learn on Demand Program.
Programs administered by state departments of Vocational Rehabilitation Services to assist individuals who have physical or mental disabilities to achieve suitable employment and independence.
A Financial Aid status received after one semester of not complying with the standards for Satisfactory Academic Progress.
This is a warning to the student that a 2.0 cumulative Grade Point Average and a cumulative credit completion rate of 67% must be met during the next semester of enrollment.
While on Warning status (WARN), a student will be eligible to receive Financial Aid.
However, if in the following semester the student fails to meet all of the Satisfactory Academic Progress standards, he or she will be placed on Suspension status (SUSP) and will then not be eligible to receive Financial Aid, but will still be responsible for previous loan debt.
William D. Ford Federal Direct Loan (Direct Loan) Program
The collective name for the following programs:
Direct Subsidized Loan.
Direct Unsubsidized Loan.
Direct PLUS Loan.
Direct Consolidation Loan .
Loan funds for these programs are provided by the federal government to students and parents through postsecondary institutions that participate in the program.
With the exception of certain repayment options, the terms and conditions of loans made under the Direct Loan programs are identical to those made under the Federal Family Education Loan programs.
: Federal Financial Aid regulations consider a student to be an unofficial withdrawal if the student receives all fail (E/F) grades or a combination of all fail (E/F) and withdraw (W) grades for the term.
Complete Class Withdrawal:
An official withdrawal by the student.
1 The official withdrawal date will be the date the student sends an e-mail from their JCTC student e-mail account requesting a withdrawal from the instructor or, if an instructor signature is required, the date the student brings the signed slip to the Records Office.
It will not be the date the signature is obtained.
2 Students will be required to turn in withdrawal slips no later than five working days after instructors sign them.
Once instructors have signed a withdrawal form for a student, that student may no longer attend the class or participate in any class activities or assignments.
A service of the Kentucky Higher Education Assistance Authority (KHEAA) that answers questions about general Financial Aid information and other related topics.
There is an option to ask questions and receive a personalized response.
Multiple Sources for the JCTC Financial Aid Glossary include: National Association of Student Financial Aid Administrators (NASFAA)
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