FAA (Financial Aid Administrator)		A college or university employee who is involved in the administration of financial aid. Some schools refer to them as "Financial Aid Advisors" or "Financial Aid Counselors".
FAFSA (Free Application for Federal Student Aid)		The form that must be completed by students and parents applying for Federal Title IV student aid. This is the need-analysis form utilized to apply for federal student aid.
FAO		Financial Aid Office.
FDLP		The William D. Ford Federal Direct Loan Program. Stafford and PLUS loans are available directly from the federal government rather than through commercial lenders. Selected colleges and universities participate in this program.
Federal Methodology (FM)		The need analysis formula mandated by federal law to determine a family's Expected Family Contribution (EFC).
Federal Pell Grant		A grant from the U.S. Department of Education. Awards are based on financial need. No repayment is necessary if academic obligations are met.
Federal Perkins Loan		A federally subsidized low-interest loan, made by the school, for students with exceptional financial need as determined by the school. This is a loan and must be repaid by the student.
Federal PLUS Loans		A low-interest loan for parents who want to borrow to help pay for their dependent child's education. This is a loan and must be repaid by the parent(s).
Federal Processor		The organization that processes the information submitted on the Free Application for Federal Student Aid (FAFSA) and uses it to compute eligibility for federal student aid.
Federal Stafford Loan		A low-interest loan, made by financial institutions or the college, to help students pay for their education. Stafford loans based on financial need are subsidized by the government (the interest is paid while the borrower is in school or deferred). Stafford loans not based on need are unsubsidized and the student is responsible for the interest while in school or in a deferment period. This is a loan and must be repaid by the student.
Federal Work Study (FWS)		A form of financial aid that allows an individual to earn money to pay for college by way of part-time employment with the school or a private nonprofit corporation. The program encourages community-service work.
Fellowship		A form of aid given to graduate students to help support their education. Some fellowships include tuition waivers or payments to universities in lieu of tuition. Most fellowships include a stipend to cover reasonable living expenses. Fellowships are a form of gift aid and do not have to be repaid.
FFELP		The Federal Family Education Loan Program. Stafford, PLUS, and consolidation loans are financed by private lenders and guaranteed by the federal government.
Final Demand		A letter sent by the lender to the borrower, demanding payment in full of a delinquent account. This letter is sent at least 30 days prior to the date the lender will file a claim.
Financial Aid		A form of monetary assistance for college students. Financial aid includes: scholarships, loans, fellowships, assistantships, grants, tuition reduction, and federal work-study.
Financial-Aid Package		The total amount of financial aid (federal and nonfederal), such as scholarships, grants, loans, and/or work-study, for which a student is eligible.
Financial Aid Transcript (FAT)		A record of all federal aid received by students at each school attended.
Financial Need		The difference between the Estimated Cost of Attendance at a college and the Expected Family Contribution.
Fixed Interest Rate		On a fixed interest loan, the interest rate remains the same for the life of the loan.
Forbearance		A temporary cessation or reduction in repayment of a loan due to certain hardships not covered by a deferment. The borrower is responsible for all the interest that accrues during forbearance. Some forbearances are entitlements for eligible borrowers; others are granted at the discretion of the lender.