Glossary | MIT Student Financial Services

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type="submit"> <svg width="23" height="22" viewBox="0 0 23 22" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" stroke="currentColor" stroke-width="1.5" class="icon--search-mag search__mag"> <g stroke="currentColor" fill="none"> <circle cx="9.20757329" cy="8.99160695" r="8.50646589"></circle> <path d="M14.8522097,14.6362434 L20.7140392,20.4980728"></path> </g> </svg> <span class="visually-hidden">Submit your filter term</span> </button> </div> </form> </div> <nav aria-label="page" aria-describedby="glossary-nav-description"> <p id="glossary-nav-description" class="visually-hidden">Use this navigation to alphabetically browse the glossary.</p> <ol class="glossary__nav-list"> <li class="glossary__nav-item"> <a href="#glossary-terms-number">#</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-a">A</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-b">B</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-c">C</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-d">D</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-e">E</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-f">F</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-g">G</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-i">I</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-l">L</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-m">M</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-n">N</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-o">O</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-p">P</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-r">R</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-s">S</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-t">T</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-u">U</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-v">V</a> </li> <li class="glossary__nav-item"> <a href="#glossary-terms-w">W</a> </li> </ol> </nav> </div> <div class="page__body"> <div class="page__body-inner" id="glossary-results" aria-live="polite"> <p class="filter-alert"></p> <section class="glossary__lists-mod"> <div class="glossary__list-wrapper" id="glossary-terms-number"> <h2 class="glossary__list-label">#</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-1098-t"> <article class="glossary-article"> <h3 id="term-1098-t-2" class="glossary__term">1098-T</h3> <div class="glossary__definition"><p>An Internal Revenue Service (IRS) form that all educational institutions, such as MIT, are required to complete at the end of the calendar year for each enrolled student who was billed and/or paid tuition.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-a"> <h2 class="glossary__list-label">A</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-academic-year"> <article class="glossary-article"> <h3 id="term-academic-year" class="glossary__term">Academic year</h3> <div class="glossary__definition"><p>A period of time colleges and universities use to measure a quantity of study. The <a href="https://registrar.mit.edu/calendar" target="_blank" rel="noopener">MIT Academic Calendar</a> is available from the Registrar’s Office.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-accrued-interest"> <article class="glossary-article"> <h3 id="term-accrued-interest" class="glossary__term">Accrued interest</h3> <div class="glossary__definition"><p>Interest that accumulates on the unpaid principal balance of a loan.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-adjusted-gross-income"> <article class="glossary-article"> <h3 id="term-adjusted-gross-income" class="glossary__term">Adjusted gross income</h3> <div class="glossary__definition"><p>An Internal Revenue Service (IRS) term referring to wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-aggregate-loan-limit"> <article class="glossary-article"> <h3 id="term-aggregate-loan-limit" class="glossary__term">Aggregate loan limit</h3> <div class="glossary__definition"><p>The total amount of money that can be borrowed from a loan program over a student’s period of study.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-annual-loan-limit"> <article class="glossary-article"> <h3 id="term-annual-loan-limit" class="glossary__term">Annual loan limit</h3> <div class="glossary__definition"><p>The amount of money that can be borrowed from a loan program during one academic year.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-annual-percentage-rate-apr"> <article class="glossary-article"> <h3 id="term-annual-percentage-rate-apr" class="glossary__term">Annual percentage rate (APR)</h3> <div class="glossary__definition"><p>A rate that reflects the total cost of borrowing money over the life of the loan, considering not only the interest rate but also the effect of other loan fees.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-appointment"> <article class="glossary-article"> <h3 id="term-appointment" class="glossary__term">Appointment</h3> <div class="glossary__definition"><p>A graduate research or teaching appointment covers tuition partially or fully, provides a salary, and typically covers student health insurance, as well as other benefits. Salary rates are set each year by individual departments within ranges established by the collective bargaining agreement between MIT and the MIT Graduate Student Union.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-assets"> <article class="glossary-article"> <h3 id="term-assets" class="glossary__term">Assets</h3> <div class="glossary__definition"><p>When used as a financial term, assets mean tangible items of monetary value.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-authorized-user"> <article class="glossary-article"> <h3 id="term-authorized-payer" class="glossary__term">Authorized user</h3> <div class="glossary__definition"><p>An <a href="https://sfs.mit.edu/how-to-pay/paying-your-bill/authorize-users/">authorized user</a> is a person—most often a family member, parent, or spouse—who is designated by a student to have access to their monthly bill and make payments using MITPay.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-b"> <h2 class="glossary__list-label">B</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-borrower"> <article class="glossary-article"> <h3 id="term-borrower" class="glossary__term">Borrower</h3> <div class="glossary__definition"><p>The person who, by signing a promissory note, agrees to the terms of a loan and therefore is legally responsible for its repayment.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-budget"> <article class="glossary-article"> <h3 id="term-budget" class="glossary__term">Budget</h3> <div class="glossary__definition"><p>The estimated price to attend a college or university for one year. The budget is used to determine financial aid eligibility. It includes tuition, fees, room, board, books, supplies, personal, and travel expenses.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-business-farm-supplement"> <article class="glossary-article"> <h3 id="term-business-farm-supplement" class="glossary__term">Business/Farm Supplement</h3> <div class="glossary__definition"><p>A supplement to the CSS Financial Aid Profile application used to collect financial information from self-employed parents, or from parents who own any part of a business or farm.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-c"> <h2 class="glossary__list-label">C</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-cancellation"> <article class="glossary-article"> <h3 id="term-cancellation" class="glossary__term">Cancellation</h3> <div class="glossary__definition"><p>The release of a borrower’s obligation to repay all or a designated portion of principal and interest on an education loan. Also called discharge or forgiveness of a loan.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-capitalization"> <article class="glossary-article"> <h3 id="term-capitalization" class="glossary__term">Capitalization</h3> <div class="glossary__definition"><p>The addition of unpaid interest to the principal balance of a loan. Compounding is another term used for capitalization.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-co-borrower"> <article class="glossary-article"> <h3 id="term-co-borrower" class="glossary__term">Co-borrower</h3> <div class="glossary__definition"><p>A person other than the borrower who, by signing a loan promissory note as a backup, agrees to assume responsibility for repayment if the borrower fails to repay. The term is generally used interchangeably with co-signer and endorser.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-collection-costs"> <article class="glossary-article"> <h3 id="term-collection-costs" class="glossary__term">Collection costs</h3> <div class="glossary__definition"><p>Expenses charged to an individual whose account is in collection for failure to bring the account current.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-college-scholarship-service-css"> <article class="glossary-article"> <h3 id="term-college-scholarship-service-css" class="glossary__term">College Scholarship Service (CSS)</h3> <div class="glossary__definition"><p>A division of College Board, which is a national nonprofit association that offers services in the areas of college admissions, assessment, guidance, financial aid, and enrollment. The CSS provides the financial aid services, including the CSS Profile and the Institutional Documentation Service (IDOC).</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-community-service"> <article class="glossary-article"> <h3 id="term-community-service" class="glossary__term">Community service</h3> <div class="glossary__definition"><p>A service performed by an individual or organization to benefit the public and its institutions. While the term is often used as a synonym for volunteering, community service work can be paid or unpaid.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-consolidation"> <article class="glossary-article"> <h3 id="term-consolidation" class="glossary__term">Consolidation</h3> <div class="glossary__definition"><p>The process of combining eligible education loans into a single new loan.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-constitution-day"> <article class="glossary-article"> <h3 id="term-constitution-day" class="glossary__term">Constitution Day</h3> <div class="glossary__definition"><div class="page-header"> <div class="header__text">Celebrated on September 17, <a href="https://sfs.mit.edu/constitution-day/">Constitution Day</a> honors the document that guarantees Americans their essential rights.</div> </div> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-credit-balance"> <article class="glossary-article"> <h3 id="term-credit-balance" class="glossary__term">Credit balance</h3> <div class="glossary__definition"><p>The amount of credit in an account in excess of the charges.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-credit-bureau"> <article class="glossary-article"> <h3 id="term-credit-bureau" class="glossary__term">Credit bureau</h3> <div class="glossary__definition"><p>An organization that tracks credit histories and issues credit reports. There are three main credit bureaus in the United States: Experian, Equifax, and TransUnion.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-credit-report"> <article class="glossary-article"> <h3 id="term-credit-report" class="glossary__term">Credit report</h3> <div class="glossary__definition"><p>A very detailed snapshot of an individual’s financial history.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-credit-score"> <article class="glossary-article"> <h3 id="term-credit-score-2" class="glossary__term">Credit score</h3> <div class="glossary__definition"><p>A measure of creditworthiness based on your financial history. It is most often represented as a three-digit number ranging from 300 to 900, and is sometimes called a FICO score. You can develop a good credit score by paying bills and loans on time.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-creditworthy"> <article class="glossary-article"> <h3 id="term-creditworthy" class="glossary__term">Creditworthy</h3> <div class="glossary__definition"><p>A term used to describe an individual whose track record of timely repayments on debts indicates that he or she is likely to continue to manage future credit obligations well.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-css-profile"> <article class="glossary-article"> <h3 id="term-css-profile" class="glossary__term">CSS Profile</h3> <div class="glossary__definition"><p>An online financial aid application produced by College Board’s College Scholarship Service (CSS) and used by private institutions such as MIT to offer their institutional financial aid.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-d"> <h2 class="glossary__list-label">D</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-default"> <article class="glossary-article"> <h3 id="term-default" class="glossary__term">Default</h3> <div class="glossary__definition"><p>The failure of a borrower to repay according to the terms agreed to when the promissory note was signed.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-deferment"> <article class="glossary-article"> <h3 id="term-deferment" class="glossary__term">Deferment</h3> <div class="glossary__definition"><p>A postponement of payment on an education loan that is allowed under certain conditions.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-delinquency"> <article class="glossary-article"> <h3 id="term-delinquency" class="glossary__term">Delinquency</h3> <div class="glossary__definition"><p>The failure to make scheduled loan payments when due.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-dependent"> <article class="glossary-article"> <h3 id="term-dependent" class="glossary__term">Dependent</h3> <div class="glossary__definition"><p>As a financial term this refers to an individual who relies on another person, usually parent(s), for financial support.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-direct-deposit"> <article class="glossary-article"> <h3 id="term-direct-deposit" class="glossary__term">Direct deposit</h3> <div class="glossary__definition"><p>A secure electronic transfer of payment into a bank account.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-direct-grad-plus-loan"> <article class="glossary-article"> <h3 id="term-federal-direct-plus-loan" class="glossary__term">Direct Grad PLUS Loan</h3> <div class="glossary__definition"><p>A federal loan available to graduate and professional students. You must be enrolled at least half time, pass a standard credit check, and may not be in default on a prior education loan to be eligible. The maximum annual loan limit is the cost of attendance minus any other financial assistance you receive.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-disbursement"> <article class="glossary-article"> <h3 id="term-disbursement" class="glossary__term">Disbursement</h3> <div class="glossary__definition"><p>Payment of financial aid to a student’s account by a school.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-discharge"> <article class="glossary-article"> <h3 id="term-discharge" class="glossary__term">Discharge</h3> <div class="glossary__definition"><p>The release of borrowers from their obligation to repay all or part of their loans. Also referred to as cancellation.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-disclosure-statement"> <article class="glossary-article"> <h3 id="term-disclosure-statement" class="glossary__term">Disclosure statement</h3> <div class="glossary__definition"><p>A statement showing the terms and conditions of a loan.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-e"> <h2 class="glossary__list-label">E</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-entrance-counseling"> <article class="glossary-article"> <h3 id="term-entrance-counseling" class="glossary__term">Entrance counseling</h3> <div class="glossary__definition"><p>A mandatory information session to explain a borrower’s rights and responsibilities, which takes place before a new borrower at a school receives a loan. The counseling can be in-person or online.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-estimated-cost-of-attendance"> <article class="glossary-article"> <h3 id="term-estimated-cost-of-attendance" class="glossary__term">Estimated cost of attendance</h3> <div class="glossary__definition"><p>The estimated cost of attendance is a budget that we use for every student who applies for financial aid. It is the estimated total cost of attending MIT for one academic year, and it incorporates costs paid to the school such as tuition and fees, as well as costs paid to others for things such as personal expenses and books.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-exit-counseling"> <article class="glossary-article"> <h3 id="term-exit-counseling" class="glossary__term">Exit counseling</h3> <div class="glossary__definition"><p>A mandatory information session for a borrower who graduates, withdraws, or attends less than half time to explain the borrower’s loan repayment responsibilities, including when repayment begins. The counseling can be in-person or online.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-f"> <h2 class="glossary__list-label">F</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-family-contribution"> <article class="glossary-article"> <h3 id="term-parent-contribution" class="glossary__term">Family contribution</h3> <div class="glossary__definition"><p>We determine the family contribution based each family’s financial circumstances. The amount is assessed by a careful review of individual circumstances, as provided by your family, and reflects what your family can reasonably be expected to contribute toward your education.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-family-educational-rights-and-privacy-act-ferpa"> <article class="glossary-article"> <h3 id="term-family-educational-rights-and-privacy-act-ferpa" class="glossary__term">Family Educational Rights and Privacy Act (FERPA)</h3> <div class="glossary__definition"><p>A federal law that protects the privacy of student education records, including financial information. This law applies to all students who are at least 18 years old, and to schools that receive funds under an applicable program of the U.S. Department of Education.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-family-financial-responsibility"> <article class="glossary-article"> <h3 id="term-family-financial-responsibility" class="glossary__term">Family Financial Responsibility</h3> <div class="glossary__definition"><p>The MIT family financial responsibility is a measure for how much you and your family can be expected to contribute to the cost of your education for the upcoming year. It is a combination of the parent contribution and the student contribution. </p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-federal-direct-consolidation-loan"> <article class="glossary-article"> <h3 id="term-federal-direct-consolidation-loan" class="glossary__term">Federal Direct Consolidation Loan</h3> <div class="glossary__definition"><p>A federal loan that combines several types of federal student loans into one loan with one monthly payment.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-federal-methodology-fm"> <article class="glossary-article"> <h3 id="term-federal-methodology-fm" class="glossary__term">Federal Methodology (FM)</h3> <div class="glossary__definition"><p>The system used to determine a student’s eligibility for federal student financial aid.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-federal-student-aid-pin"> <article class="glossary-article"> <h3 id="term-federal-student-aid-pin" class="glossary__term">Federal Student Aid PIN</h3> <div class="glossary__definition"><p>An electronic personal identification number that serves as an identifier to allow a federal student aid applicant to access personal information in various U.S. Department of Education systems. It also acts as the applicant’s digital signature on some online forms.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-federal-student-financial-aid"> <article class="glossary-article"> <h3 id="term-federal-student-financial-aid" class="glossary__term">Federal Student Financial Aid</h3> <div class="glossary__definition"><p>Programs authorized under Title IV of the Higher Education Act that provide grants, loans, and work-study funds from the federal government to eligible students. Detailed information about federal student aid programs is available at <a href="https://studentaid.gov/" target="_blank" rel="noopener noreferrer">studentaid.gov</a>.</p> <p>Federal student aid for MIT undergraduates includes:</p> <ul> <li>Federal Pell Grants</li> <li>Federal Supplemental Educational Opportunity Grants</li> <li>Iraq and Afghanistan Service Grants</li> <li>Federal Direct Subsidized Loans</li> <li>Federal Direct Unsubsidized Loans</li> <li>Federal Direct Parent PLUS Loans</li> <li>Federal Work-Study</li> </ul> <p>Federal student aid for MIT graduate students includes:</p> <ul> <li>Federal Direct Unsubsidized Loans</li> <li>Federal Direct Grad PLUS Loans</li> <li>Federal Work-Study</li> </ul> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-fellowship"> <article class="glossary-article"> <h3 id="term-fellowship" class="glossary__term">Fellowship</h3> <div class="glossary__definition"><p>A fellowship is a funding award to a graduate student that covers tuition partially or fully, provides a stipend to help defray living expenses, and may also cover student health insurance.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-financial-hold"> <article class="glossary-article"> <h3 id="term-financial-hold" class="glossary__term">Financial hold</h3> <div class="glossary__definition"><p>A notation on a student record resulting from a student account balance from a prior term, a past-due MIT loan, unpaid Institute charges, or a returned check. A financial hold prevents a student from registering or receiving a diploma, and may also cause MIT student services to be revoked.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-financial-need"> <article class="glossary-article"> <h3 id="term-financial-need" class="glossary__term">Financial need</h3> <div class="glossary__definition"><p>The difference between the cost of attendance and the expected family contribution.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-fixed-expenses"> <article class="glossary-article"> <h3 id="term-fixed-expenses" class="glossary__term">Fixed expenses</h3> <div class="glossary__definition"><p>Fixed expenses are those which do not change from month to month. This can include your rent, utilities, credit card bills, and other monthly payments.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-flexible-expenses"> <article class="glossary-article"> <h3 id="term-flexible-expenses" class="glossary__term">Flexible expenses</h3> <div class="glossary__definition"><p>Flexible expenses are costs that are easily changed, reduced, or eliminated. Spending money on entertainment and clothing are flexible expenses. Even expenses that must be incurred, like groceries, are considered flexible because the amount you spend can vary.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-forbearance"> <article class="glossary-article"> <h3 id="term-forbearance" class="glossary__term">Forbearance</h3> <div class="glossary__definition"><p>A temporary suspension or reduction in monthly loan payments granted to borrowers who are willing but unable to make loan payments due to certain types of financial hardships.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-free-application-for-federal-student-aid-fafsa"> <article class="glossary-article"> <h3 id="term-free-application-for-federal-student-aid-fafsa" class="glossary__term">Free Application for Federal Student Aid (FAFSA)</h3> <div class="glossary__definition"><p>The FAFSA is an online application for all federal student aid, including grants, loans, and work-study. The FAFSA gathers the information required to determine need and eligibility according to the Federal Methodology.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-full-need"> <article class="glossary-article"> <h3 id="term-full-need" class="glossary__term">Full need</h3> <div class="glossary__definition"><p>Full need means that we meet 100% of your family’s demonstrated need through scholarships, grants, and student employment.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-g"> <h2 class="glossary__list-label">G</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-grace-period"> <article class="glossary-article"> <h3 id="term-grace-period" class="glossary__term">Grace period</h3> <div class="glossary__definition"><p>A payment-free period that follows the student’s graduation, withdrawal, or in some instances dropping below half-time enrollment status. Grace periods vary by loan program, but typically are six to nine months.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-graduated-repayment-plan"> <article class="glossary-article"> <h3 id="term-graduated-repayment-plan" class="glossary__term">Graduated repayment plan</h3> <div class="glossary__definition"><p>A loan repayment plan with lower payments at first, increasing about every two years.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-grant"> <article class="glossary-article"> <h3 id="term-grant" class="glossary__term">Grant</h3> <div class="glossary__definition"><p>A form of financial aid that does not need to be repaid and that is ordinarily awarded on the basis of financial need. Sometimes used interchangeably with the term scholarship, though scholarships are generally awarded on the basis of merit. At MIT, the MIT Scholarship is a need-based grant.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-i"> <h2 class="glossary__list-label">I</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-i-9-form"> <article class="glossary-article"> <h3 id="term-i-9-employment-eligibility-verification-form" class="glossary__term">I-9 Form</h3> <div class="glossary__definition"><p>A U.S. Citizenship and Immigration Services form that all U.S. employers are required to collect from all employees, including U.S. citizens, no later than the first day of work. Also known as the Employment Eligibility Verification Form, it is used to verify your identity and legal authorization to work and is required of all paid employees in the United States. All U.S. employers must ensure proper completion of Form I-9 for each individual they hire.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-income-driven-repayment-plan"> <article class="glossary-article"> <h3 id="term-income-driven-repayment-plan" class="glossary__term">Income-driven repayment plan</h3> <div class="glossary__definition"><p>A loan repayment plan with the monthly payment adjusted each year based on the borrower’s (and spouse’s) annual income.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-independent"> <article class="glossary-article"> <h3 id="term-independent" class="glossary__term">Independent</h3> <div class="glossary__definition"><p>As a financial term this refers to an individual who does not rely on another person, usually parent(s), for financial support.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-institutional-documentation-service-idoc"> <article class="glossary-article"> <h3 id="term-institutional-documentation-service-idoc" class="glossary__term">Institutional Documentation Service (IDOC)</h3> <div class="glossary__definition"><p>A service offered by the College Board that allows families applying for financial aid to submit documents such as federal tax returns and W-2 forms to the College Scholarship Service to be securely displayed online for participating schools.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-institutional-methodology-im"> <article class="glossary-article"> <h3 id="term-institutional-methodology-im" class="glossary__term">Institutional Methodology (IM)</h3> <div class="glossary__definition"><p>A formula used by many colleges, universities, graduate and professional schools, and private scholarship programs, including MIT, to determine an applicant’s need and eligibility for private, nonfederal student aid funds.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-interest"> <article class="glossary-article"> <h3 id="term-interest" class="glossary__term">Interest</h3> <div class="glossary__definition"><p>A charge for a loan, usually a percentage of the amount loaned.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-interest-rate"> <article class="glossary-article"> <h3 id="term-interest-rate" class="glossary__term">Interest rate</h3> <div class="glossary__definition"><p>The percentage at which interest is charged on a loan. A fixed interest rate is a constant rate of the amount borrowed; a variable interest rate is subject to change, anywhere from monthly to annually. It is normally tied to an index such as the U.S. prime rate, which is the interest rate banks charge to large corporations for short-term loans; U.S. treasury bills; or the London Interbank Offering Rate, or LIBOR.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-l"> <h2 class="glossary__list-label">L</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-late-charge"> <article class="glossary-article"> <h3 id="term-late-charge" class="glossary__term">Late charge</h3> <div class="glossary__definition"><p>A charge assessed to students for failure to pay the minimum amount due on their student account by the deadline, or for failing to make a timely student loan repayment.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-light-load-registration"> <article class="glossary-article"> <h3 id="term-light-load-registration" class="glossary__term">Light load registration</h3> <div class="glossary__definition"><p>A term used at MIT to refer to registering for fewer than 32 units.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-loan"> <article class="glossary-article"> <h3 id="term-loan" class="glossary__term">Loan</h3> <div class="glossary__definition"><p>Financial aid that is borrowed and must be repaid.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-loan-fee"> <article class="glossary-article"> <h3 id="term-loan-fee" class="glossary__term">Loan fee</h3> <div class="glossary__definition"><p>A fee charged to a borrower by the lender and deducted from the loan proceeds before disbursement. Most often loan fees are deducted proportionately from each loan disbursement.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-loan-holder"> <article class="glossary-article"> <h3 id="term-loan-holder" class="glossary__term">Loan holder</h3> <div class="glossary__definition"><p>The organization that holds the loan promissory note and has the right to collect from the borrower. Many banks sell their loans, so the initial lender and the current loan holder could be different.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-loan-repayment-options"> <article class="glossary-article"> <h3 id="term-loan-repayment-options" class="glossary__term">Loan repayment options</h3> <div class="glossary__definition"><p>Special repayment features offered at the discretion of the lender. Some education loan programs have loan repayment options either to make payment more convenient and less expensive and/or to reward timely payment.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-loan-servicer"> <article class="glossary-article"> <h3 id="term-loan-servicer" class="glossary__term">Loan servicer</h3> <div class="glossary__definition"><p>The agency employed by a lender to service student loans. Servicing can include billing, collecting and posting payments, processing requests for deferment, forbearance and cancellation, and responding to general borrower inquiries.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-m"> <h2 class="glossary__list-label">M</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-m-4"> <article class="glossary-article"> <h3 id="term-m-4" class="glossary__term">M-4</h3> <div class="glossary__definition"><p>The Massachusetts Employee’s Withholding Exemption Certificate, which allows employees to exempt themselves from having Massachusetts state tax withheld from their paychecks based on certain criteria.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-master-promissory-note-mpn"> <article class="glossary-article"> <h3 id="term-master-promissory-note-mpn" class="glossary__term">Master Promissory Note (MPN)</h3> <div class="glossary__definition"><p>A binding legal document that a borrower signs, which contains a feature allowing the borrower to sign once to receive multiple loans under the same program in different academic years. The MPN lists the terms and conditions under which money is borrowed and explains the borrower’s rights and responsibilities.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-merit-based-aid"> <article class="glossary-article"> <h3 id="term-merit-based-aid" class="glossary__term">Merit-based aid</h3> <div class="glossary__definition"><p>Financial aid that is offered based on a student’s academic, athletic or artistic merit, or some other criteria, and does not depend on financial need.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-military-scholarships"> <article class="glossary-article"> <h3 id="term-military-scholarships" class="glossary__term">Military scholarships</h3> <div class="glossary__definition"><p>Reserve Office Training Corps (ROTC) scholarships available from the U.S. Army, U.S. Navy, and U.S. Air Force for students who are attending participating schools, including MIT. These scholarships often cover tuition, fees, books and supplies, and pay a subsistence allowance.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-mit-scholarship"> <article class="glossary-article"> <h3 id="term-mit-scholarship" class="glossary__term">MIT Scholarship</h3> <div class="glossary__definition"><p>An MIT Scholarship is a need-based grant that can come from a variety of sources including endowment funds, gifts from alumni and friends, and general tuition revenues.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-mit-technology-loan-tech-loan"> <article class="glossary-article"> <h3 id="term-mit-technology-loan-tech-loan" class="glossary__term">MIT Technology Loan (Tech Loan)</h3> <div class="glossary__definition"><p>A low-interest loan for international undergraduates. Tech Loans require a creditworthy co-signer and are offered by, and repaid to, MIT.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-mitpay"> <article class="glossary-article"> <h3 id="term-mitpay" class="glossary__term">MITPay</h3> <div class="glossary__definition"><p>MITPay is our online payment system where you can view and pay your bill. An account is automatically created for every MIT student.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-monthly-payment-plan"> <article class="glossary-article"> <h3 id="term-mit-monthly-payment-plan" class="glossary__term">Monthly Payment Plan</h3> <div class="glossary__definition"><p>Allows students and their authorized users to pay their bill in regular monthly installments. The plan makes paying a bit easier with five payments per term instead of one lump sum.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-n"> <h2 class="glossary__list-label">N</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-need-analysis"> <article class="glossary-article"> <h3 id="term-need-analysis" class="glossary__term">Need analysis</h3> <div class="glossary__definition"><p>The process that determines a student’s financial need by analyzing the biographical and financial information provided by the student and parents (or by a student and spouse).</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-need-based"> <article class="glossary-article"> <h3 id="term-need-based-aid" class="glossary__term">Need based</h3> <div class="glossary__definition"><p>Need based means that we offer financial aid entirely based on your family’s financial circumstances.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-need-blind"> <article class="glossary-article"> <h3 id="term-need-blind-admissions" class="glossary__term">Need blind</h3> <div class="glossary__definition"><p>Prospective students are not disadvantaged in the undergraduate admissions process because of their <a href="https://sfs.mit.edu/glossary/#term-financial-need">financial need</a>. We are one of only nine schools in the U.S. that is need blind and meets full need for all students, foreign and domestic.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-negative-amortization"> <article class="glossary-article"> <h3 id="term-negative-amortization" class="glossary__term">Negative amortization</h3> <div class="glossary__definition"><p>A situation that can occur in loan repayment if the fixed repayment amount is less than the interest accruing each month.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-net-price"> <article class="glossary-article"> <h3 id="term-net-price" class="glossary__term">Net price</h3> <div class="glossary__definition"><p>An estimate of the actual price the student and family will pay in a given year based on subtracting any grants or scholarships awarded to that student from the budget.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-noncustodial-parent"> <article class="glossary-article"> <h3 id="term-noncustodial-parent" class="glossary__term">Noncustodial parent</h3> <div class="glossary__definition"><p>A term used in connection with separated and divorced parents to refer to the parent who does not have custody of the child, meaning the child does not live with this parent.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-nslds-national-student-loan-data-system"> <article class="glossary-article"> <h3 id="term-nslds-national-student-loan-data-system" class="glossary__term">NSLDS (National Student Loan Data System)</h3> <div class="glossary__definition"><p>A database for federal student financial aid where federal aid recipients can locate information about the aid they’ve received. <a href="https://nsldsfap.ed.gov/login" target="_blank" rel="noopener">Students access NSLDS</a> by using their federal student aid PIN.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-o"> <h2 class="glossary__list-label">O</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-off-campus-employment"> <article class="glossary-article"> <h3 id="term-off-campus-employment" class="glossary__term">Off-campus employment</h3> <div class="glossary__definition"><p>A term used most often in connection with student employment, which refers to working for any employer other than MIT.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-on-campus-employment"> <article class="glossary-article"> <h3 id="term-on-campus-employment" class="glossary__term">On-campus employment</h3> <div class="glossary__definition"><p>A term used most often in connection with student employment, which refers to working for MIT.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-outside-scholarships"> <article class="glossary-article"> <h3 id="term-outside-scholarships" class="glossary__term">Outside scholarships</h3> <div class="glossary__definition"><p>Any financial aid awarded to a student from a source other than MIT, such as community groups, high schools, corporations, foundations, or a parent’s employer.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-overaward"> <article class="glossary-article"> <h3 id="term-overaward" class="glossary__term">Overaward</h3> <div class="glossary__definition"><p>The amount of financial aid provided to a student that exceeds that student’s financial need.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-overpayment"> <article class="glossary-article"> <h3 id="term-overpayment" class="glossary__term">Overpayment</h3> <div class="glossary__definition"><p>A payment made to MIT that far exceeds the actual amount that is owed. <a href="https://sfs.mit.edu/policies/payment-limits/">Overpayments</a> exceeding $2,000 will be returned in their entirety to the payer via the original payment method at the expense of the payer.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-p"> <h2 class="glossary__list-label">P</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-past-due"> <article class="glossary-article"> <h3 id="term-past-due" class="glossary__term">Past due</h3> <div class="glossary__definition"><p>The amount that was scheduled to be paid in previous month(s), but was not. The past-due amount may also be called the delinquent or default amount.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-principal"> <article class="glossary-article"> <h3 id="term-principal" class="glossary__term">Principal</h3> <div class="glossary__definition"><p>The sum of money borrowed plus any interest that is capitalized.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-private-loan"> <article class="glossary-article"> <h3 id="term-private-loan" class="glossary__term">Private loan</h3> <div class="glossary__definition"><p>A non-federal education loan from a lender such as a bank, credit union, or state agency.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-promissory-note"> <article class="glossary-article"> <h3 id="term-promissory-note" class="glossary__term">Promissory note</h3> <div class="glossary__definition"><p>A binding legal document a borrower signs each time they receive a loan. The promissory note lists the terms and conditions under which money is borrowed and explains the borrower’s rights and responsibilities.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-r"> <h2 class="glossary__list-label">R</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-rehabilitation"> <article class="glossary-article"> <h3 id="term-rehabilitation-2" class="glossary__term">Rehabilitation</h3> <div class="glossary__definition"><p>The process of bringing a loan out of default and removing the default notation on a borrower’s credit report.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-repayment-schedule"> <article class="glossary-article"> <h3 id="term-repayment-schedule-2" class="glossary__term">Repayment schedule</h3> <div class="glossary__definition"><p>An overview of the borrower’s monthly payment, due dates, interest rate, total repayment amount, and length of time for repaying the loan.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-s"> <h2 class="glossary__list-label">S</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-satisfactory-academic-progress"> <article class="glossary-article"> <h3 id="term-satisfactory-academic-progress-2" class="glossary__term">Satisfactory academic progress</h3> <div class="glossary__definition"><p>An acceptable rate of student academic course completion using qualitative and quantitative measures.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-scholarship"> <article class="glossary-article"> <h3 id="term-scholarship" class="glossary__term">Scholarship</h3> <div class="glossary__definition"><p>A form of financial aid that does not need to be repaid and is often awarded on the basis of merit. The MIT Scholarship is a need-based grant that does not need to be repaid.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-social-security-number"> <article class="glossary-article"> <h3 id="term-social-security-number" class="glossary__term">Social Security number</h3> <div class="glossary__definition"><p>A nine-digit number assigned by the Social Security Administration that is often used as a form of identification. Everyone who works in the United States must have a Social Security number.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-stipend"> <article class="glossary-article"> <h3 id="term-stipend" class="glossary__term">Stipend</h3> <div class="glossary__definition"><p>Research and teaching assistants receive a monthly stipend as well as a full-tuition scholarship. Stipend levels are established each year by individual departments within guidelines approved by the Academic Council in discussion with the Provost.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-student-account"> <article class="glossary-article"> <h3 id="term-student-account" class="glossary__term">Student account</h3> <div class="glossary__definition"><p>Your student account is an exact record of your financial transactions with MIT, including charges and credits. This is where you can see exactly what you owe, your financial aid, and what you have already paid. You can access your student account through MITPay. If you need your family to access your student account you will need to designate them as authorized users in your account.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-student-contribution"> <article class="glossary-article"> <h3 id="term-expected-student-contribution" class="glossary__term">Student contribution</h3> <div class="glossary__definition"><p>The amount that a student can reasonably be expected to contribute toward their own educational expenses. For undergraduates, the student contribution is a combination of the summer savings expectation and student employment during the academic year. The typical amount students are expected to contribute is $5,400 per year.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-student-employment"> <article class="glossary-article"> <h3 id="term-student-employment" class="glossary__term">Student employment</h3> <div class="glossary__definition"><p>A student job is considered a part of financial aid. A student will see a suggested amount, to be earned by working during the school year, listed in their financial aid offer. Most undergrads work 6–8 hours per week during the term. Minimum wage is $15 an hour with most students making about $1,700 a semester. For more information, visit <a href="http://sfs.mit.edu/find-a-job">sfs.mit.edu/find-a-job</a>.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-student-information-review-form"> <article class="glossary-article"> <h3 id="term-student-information-review-form" class="glossary__term">Student information review form</h3> <div class="glossary__definition"><p>An MIT form that undergraduates, who are offered an MIT Scholarship, are required to complete in order to determine if their scholarships will be awarded from a particular donor’s fund or general funds.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-subsidized-loan"> <article class="glossary-article"> <h3 id="term-subsidized-loan" class="glossary__term">Subsidized loan</h3> <div class="glossary__definition"><p>A loan in which there is monetary assistance granted to the borrower to assist with the interest expense.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-summer-savings-expectation"> <article class="glossary-article"> <h3 id="term-summer-earnings-expectation" class="glossary__term">Summer savings expectation</h3> <div class="glossary__definition"><p>The amount an undergraduate student can reasonably be expected to save from working over the summer.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-t"> <h2 class="glossary__list-label">T</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-techcash"> <article class="glossary-article"> <h3 id="term-techcash" class="glossary__term">TechCASH</h3> <div class="glossary__definition"><p>A spending program for MIT students, employees, and affiliates. Participants deposit money into their TechCASH account and then use their MIT ID to make purchases on campus and with a few off-campus vendors.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-truth-in-lending-statement"> <article class="glossary-article"> <h3 id="term-truth-in-lending-statement" class="glossary__term">Truth in lending statement</h3> <div class="glossary__definition"><p>A document provided to loan recipients that explains the interest rate and other information regarding the loan the student has received. The statement is required by the Consumer Credit Protection Act.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-u"> <h2 class="glossary__list-label">U</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-unsubsidized-loan"> <article class="glossary-article"> <h3 id="term-unsubsidized-loan" class="glossary__term">Unsubsidized loan</h3> <div class="glossary__definition"><p>A loan in which there is no monetary assistance granted to the borrower to assist with the interest expense. The borrower may either pay the accruing interest monthly or allow the interest to be capitalized.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-v"> <h2 class="glossary__list-label">V</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-verification"> <article class="glossary-article"> <h3 id="term-verification" class="glossary__term">Verification</h3> <div class="glossary__definition"><p>A procedure whereby the school checks the information that the student reported on the financial aid application, usually by requiring a copy of the tax returns or other documents filed by the student and/or family.</p> </div> </article> </li> </ul> </div> <div class="glossary__list-wrapper" id="glossary-terms-w"> <h2 class="glossary__list-label">W</h2> <ul class="glossary__list"> <li class="glossary__list-item is-visible" id="glossary-w-4"> <article class="glossary-article"> <h3 id="term-w-4" class="glossary__term">W-4</h3> <div class="glossary__definition"><p>The Employee’s Allowance Withholding Certificate, a federal form that allows employers to withhold the correct amount of federal income tax from employees’ paychecks.</p> </div> </article> </li> <li class="glossary__list-item is-visible" id="glossary-websis"> <article class="glossary-article"> <h3 id="term-websis" class="glossary__term">WebSIS</h3> <div class="glossary__definition"><p>WebSIS is MIT’s secure online system that allows enrolled students to view their academic, financial, and biographical records.</p> </div> </article> </li> </ul> </div> </section> </div> </div> </div> </div> </main> <div class="site-footer-mod"> <footer class="site-footer"> <a class="site-footer__name-link" href="/">MIT Student Financial Services</a> <p class="site-footer__text">At Student Financial Services, we work to make MIT affordable for every family so their students can join our community and make the most of their education.</p> 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