| General Education Development(GED) |
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A certificate students receive in lieu of a high school diploma when they have passed a specific approved high school equivalency test.
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| Gift Aid |
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Financial aid, such as grants and scholarships, which does not need to be repaid.
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| Grace Period |
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Specified period of time between the date a student graduates or drops below half-time status and the date loan repayment begins. In most cases the grace period is six months.
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| Grade Point Average (GPA) |
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An average of a student's grades, where the grades have been converted to a 4.0 scale - with 4.0 being an A, 3.0 being a B, and 2.0 being a C.
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| Graduate Student |
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A student in a post-secondary institution who is enrolled in a master's or higher level degree program.
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| Graduated Repayment Schedule |
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A repayment schedule in which the monthly payments are lower at the start of the repayment period and increase every 24 months of repayment until the loan is repaid.
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| Grants |
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Financial aid awards that do not have to be repaid. Grants are available through the federal government, state agencies and colleges.
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| Gross Income |
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Income before taxes, deductions, and allowances have been subtracted.
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| Guarantee |
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An agreement between a lender and a guarantor that stipulates that the guarantor will reimburse the lender for a portion of the loan in the event that the loan is not repaid by the borrower due to death, disability, bankruptcy, school closure, or default.
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| Guarantee Agency |
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A state-run or designated agency that acts as an agent for the federal government to ensure proper procedures are followed by lenders and schools. Guarantee agencies also reimburse lenders for defaulted loans.
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| Guarantee Fees |
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A predetermined fee withheld from the principal loan amount and forwarded to the guarantee agency to offset the administrative cost. Fees can range from zero to one percent of loan amount.
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| Guaranteed Student Loan (GSL) |
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See Federal Stafford Loan.
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| Guarantor or Guarantee Agency |
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State agency or private non-profit institution that insures student loans for lenders and helps administer the FFELP.
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