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• Eligible Program - A course of study that leads to a degree or certificate and meets the U.S. Department of Education's requirements for an eligible program. If you want to get federal financial aid, you must be enrolled in an eligible program, with two exceptions:
1. If a school has told you that you must take certain coursework to qualify for admission into one of its eligible programs, you can get a Direct Loan or a FFEL Program Loan (or your parents can get a PLUS Loan) for up to 12 consecutive months while you're completing that coursework. You must meet the usual student aid eligibility requirements and be enrolled at least half-time.
2. If you're enrolled at least half-time in a program to obtain a professional credential or certification required by a state for employment as an elementary or secondary school teacher, you can get a Federal Perkins Loan, Federal Work-Study, a Direct or FFEL Stafford Loan, (or your parents can get a PLUS Loan) while you're enrolled in that program.
• Entrance Counseling - An educational session that first time Stafford borrowers must fulfill before the loan's proceeds can be disbursed. The entrance counseling session offers first time borrowers basic information about student loans and the terms and conditions of the Stafford Loan program.
• Exit Counseling Interview - An educational session that Stafford Loan borrowers must fulfill around the time of graduation or separation from a college. The exit counseling session offers the borrower detailed information about the loans he/she borrower, the company that will collect the payment and the available repayment alternatives.
• Expected Family Contribution (EFC) - The amount that a student and family can be expected to contribute towards educational expenses over a year's time. Expected family contribution is calculated when the student submits a financial aid application.
• Extended Repayment - A new option for recent federal loan borrowers. Extended repayment allows borrowers with high balances (greater than $25,000 in federal loans) to extend the repayment term from its standard 10 year term to 25 or 30 years. Extended repayment not only reduces the loan's monthly payment, it also increases the total amount of interest paid on the loan.
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