Western Illinois University: Macomb Campus
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Financial Aid Jargon
A fee paid to the bank/lender to compensate them for the cost of administering the loan. The origination fee is subtracted from the loan amount received by the borrower. Example: A one percent origination fee on $100 would result in the borrower receiving $99.
Parent Loans for Undergraduate Students (PLUS)
A federal loan available to parents of dependent, undergraduate students to help finance the child's education. Parents may borrow up to the full cost of their children's education, less the amount of any other financial aid received. There is a minimal credit check required for the PLUS loan, so a good credit history is required. If a PLUS application is denied, the student may be eligible to borrow an additional Federal unsubsidized loan
A federal grant that provides funds based on the student's financial need. Students will be notified of their eligibility on their financial aid award letter.
A type of federal loan awarded to students with exceptional financial need. Students will be notified of their eligibility on their financial aid award letter.
A four-digit number that is used in combination with your Social Security Number, name, and date of birth to identify you as someone who has the right to access your own personal information on Federal Student Aid websites.
The initial amount of money borrowed as a loan. Interest is charged as a percentage of the principal, which results in the student repaying more than what was borrowed.
Professional Judgment (PJ)
The delegation of authority from the federal government to the financial aid administrator. This allows for individual consideration when evaluating certain student/parent FAFSA information in determining financial aid eligibility.
Education loan programs established by private banks/lenders to supplement the educational loan programs available from the federal government.