Tax Deductible Interest		You may be able to deduct interest you pay on a qualified student loan. This applies to loan interest payments due and paid after 1997. Prior to 2002, deduction of student loan interest was limited to the first 60 months of required interest payments, and, was subject to income limitations. Beginning in 2002, interest paid over any period of time on a qualified education loan is deductible. There are also income limits. For more information, refer to Publication 970, Tax Benefits for Education, and Student Loan Interest Deduction.
Title IV		A section of the Higher Education Act of 1965, that authorizes federal loan, work, and grant education financial assistance programs.
TOEFL		Test of English as a Foreign Language, often required of applicants for whom English is not their native language.
Transcript		A list of all the courses that a student has taken at a particular high school or college with the grades that the student earned in each course. Transcripts are usually required for college applications.
Transfer Student		A student who attended and earned credit at one school, then transfers to another school to finish his/her education.
Treasury Offset		An interception by the United States Treasury Department's Financial Management Service or state agency of any payment of applicable federal funds (tax refunds, Social Security benefits, federal retirement benefits, etc.) or state funds otherwise due a borrower who has defaulted on a FFELP loan.
Trimester		A system in which the school year is divided into three equal periods, not including summer school.
Tuition		The amount of money colleges charge for classroom and other instruction, and use of some facilities such as libraries.
Tuition Waiver		A form of financial aid in which the school lowers or eliminates tuition for qualified students.