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Delinquent: If one falls behind on making loan payments, the loan is seen as delinquent. There are sometimes options available to help borrowers bring delinquent loans into good standing. The loan servicer can help determine available options. Disbursement Date: This refers to the date when financial aid funds will be made available to either the school or the student's account. The release of funds depends on the type of aid, school regulations and other determining factors. Entrance Counseling: This term refers to counseling that covers the rights and responsibilities of those receiving student loans. It is typically required for first-time borrowers and may be called financial counseling at some institutions. Expected Family Contribution (EFC): You may see this term on your Student Aid Report (SAR) after you fill out your application for federal student aid. It is used to determine your eligibility. It's important to know that your EFC is not the amount you need to pay, but it is used by the educational institution to help calculate the amount of aid you may receive. Need-based Aid: This term refers to financial aid that is offered based upon the financial need of an applicant. Master Promissory Note (MPN): This is a legally binding document in which a borrower promises to repay their federal student loans. Depending on the policy of the school, you may only need to sign an MPN once within a ten-year period. You may also have multiple loans under a single MPN. Merit-based Aid: This term refers to financial aid that is offered to people based on a set of pre-determined criteria including things like academic achievement or athletic ability. Out-of-State Student: This refers to a student that attends an educational institution that is outside of their state of legal residence. Payment Period: This refers to the number of courses a student must progress through in order to receive their next financial aid award. This number is dependent upon the policies of the individual institution. Satisfactory Academic Progress: This refers to the standard set by a school regarding a student's academic progress. Each school sets their own standards, which can impact a student's access to financial aid and successful completion of their degree program. Scheduled Award: This refers to the maximum amount of student aid you are eligible to receive if you're enrolled as a full-time student for the entirety of the school year. The amount of your scheduled award comes from your completed FAFSA application. Student Aid Report (SAR): This is a report created after you have filled out the Free Application for Federal Student Aid (FAFSA) form. It is essentially a summary of all the information you provided during the application process. It will be sent to you by email and by mail. Title IV Funds: This refers to funds offered by the federal government under the Higher Education Act. It includes a range of financial aid option including Pell Grants and a variety of loan programs. Work-Study: This refers to part-time employment while you're attending school. It is offered through the federal government and isn't available at all educational institutions.