Income		The amount of money received from employment (salary, wages, tips), profit from financial instruments (interest, dividends, capital gains), or other sources (welfare, disability, child support, Social Security, and Pensions).
Income sensitive repayment (Income Contingent)		Repayment schedule in which the amount of the monthly payment is based on the income earned by the borrower.
Independant Student		Students who are either 24 years of age or older, orphans, wards of the court, veterans of the U.S. Armed Services, graduate students, married, or have a legal dependent(s). For federal financial aid purposes, there will be no expected parent financial contribution towards this student's cost of education.
Ineligible Borrower		A borrower or potential borrower who does not meet federal eligibility criteria for a Federal Stafford or Federal PLUS loan.
In-School and Grace Interest Subsidy		Interest the federal government pays on certain loans while borrowers are in school, during authorized deferment, and during grace periods.
In-School Period		The period of time in which a student is enrolled, at least half-time, at a participating school.
Institutional Methodology		When a college or university uses its own formula to determine financial need for allocation of the school's own financial aid funds, the formula is referred to as the Institutional Methodology.
Institutional Work Study		Paid positions funded by the institution (without federal dollars) that are reserved for students.
Insurance Fee		A fee charged by guarantee agencies, which is deducted from loan proceeds and used to insure against defaulted loans. See Guarantee Fees.
Interest		An amount, calculated as a percent of the principal loan amount, that is charged for borrowed money.
Interest Capitalization		See Capitalization of Interest.
Interest Only Payment		A payment that covers only accrued interest owed on a loan and none of the principal balance. Interest-only payments do not prohibit borrowers from making additional or larger payments at any time if the borrower desires.
Interest Rate		The specific interest rate on a loan. The interest rate can be fixed or variable.
Internship		Part-time job during the academic year or the summer months in which a student receives supervised practical training in a field.