Glossary of Terms

 

Alumni and Friends/Trustee Scholarship

Alumni and Friends and Trustee Scholarships are direct gift aid from the University that do not need to be repaid.

Eligibility for these funds is based on financial need and academic achievement. Gifts and donations from alumni, parents and friends of the University provide these grant funds that include several endowed scholarships.

Students may not apply for specific endowed scholarship: recipients of these awards will be selected and notified by the University.

CSS

College Scholarship Service. The PROFILE can be filed online at www.collegeboard.com.

Federal Direct Stafford Loan

Loan capital is supplied directly by the federal government, which also serves as the guarantor.

There are two different forms of this loan: the Federal Direct Subsidized Stafford Loan and the Federal Direct Unsubsidized Stafford Loan.

Borrowers of the Federal Direct Stafford Loan do not have to pay the interest that accrues on this loan while they are in school; instead, the federal government forgives the interest on this portion of the loan.

Borrowers of the Federal Direct Unsubsidized Stafford Loan are assessed interest on the loan from the time the loan funds are disbursed. Interest may be deferred and capitalized.

For the 14-15 academic year, the interest rate on the subsidized and unsubsidized versions of this loan for undergraduate students will be a fixed rate of 4.66%.  The interest rate on the unsubsidized version of this loan for graduate students is a fixed rate of 6.21%.

The government charges an origination fee of 1.072% (for loans first disbursed between November 13, 2013 and October 1, 2014) and 1.073% (for loans first disbursed on or after October 1, 2014 and before Octobet 1, 2015) on the total amount of the Stafford Loan. The loan proceeds will be disbursed directly to the student's account, less the fee, in equal amounts, one payment for each term in the loan period.

Repayment of the principal of the loan is deferred while a student is enrolled in school at least half-time. Once a student ceases at least half-time enrollment, he/she enters a grace period of six months. Repayment begins at the conclusion of the grace period.

(Please note that the subsidized version of this loan is no longer available to graduate students for loan periods beginning on or after July 1, 2012.)

Federal Pell Grant

The Federal Pell Grant is funded by the federal government and provides awards from $602 to $5,730 to eligible undergraduates enrolled on at least a half-time basis.

Any amount indicated on your Financial Aid Award Letter is estimated based on the information provided on the Free Application for Federal Student Aid (FAFSA). The University cannot finalize a student's Federal Pell Grant and ensure proper crediting of the funds to a student's account unless the student has listed Brandeis University as a recipient of the information on the student's Student Aid Report (SAR) and/or has provided the Office of Student Financial Services with the Personal Identification Number (PIN) listed on his/her SAR.

In most cases, if the actual Pell award differs from the amount estimated, institutional scholarship will be adjusted so that the total grant remains the same.

Federal Perkins Loan

The Federal Perkins Loan is low interest, fixed rate (5%) student loan. Loan capital is provided by Brandeis, the federal government and the repayment proceeds of Brandeis alumni who borrowed from the program as students.

This loan is awarded only to students who demonstrate significant financial need and is generally only awarded in the freshman and sophomore years. The maximum Perkins Loan is $5,500 per year, however, awards generally range from $1,000 to $3,000.

Students are expected to borrow from the Federal Direct Stafford Program in addition to the Federal Perkins Loan Program.

Repayment of both the interest and the principal on this loan is deferred while a student is enrolled in school at least half-time. Once the student ceases at least half time enrollment, he/she enters a grace period of nine months. Repayment begins at the conclusion of the grace period.

FSAP

Federal Student Aid Program. The FAFSA can be filed online at www.fafsa.ed.gov. A paper copy of the FAFSA can also be obtained from our office.

Gilbert Grant

The Gilbert Grant is funding provided to Brandeis University by the Commonwealth of Massachusetts. The University awards this grant to Pell-eligible students who are legal residents of the Commonwealth of Massachusetts. The maximum award is $2,500 per year, however, awards generally range from $500 to $1,000.

SEOG

The Federal Supplemental Educational Opportunity Grant is a federally and institutionally funded grant program.

Recipients are selected by Brandeis and are students who demonstrate significant financial need. This grant is generally awarded only to those students eligible for a Pell Grant. The maximum award is $4,000 per year; however, awards generally do not exceed $1,000.

State Scholarship/Grant

The State Scholarship/Grant is an award from the student's state of legal residence.

Any amount indicated on your Financial Aid Award Letter is estimated based on the information provided on the Free Application for Federal Student Aid (FAFSA). Brandeis cannot replace with University funds any state funds for which a student is eligible but fails to apply, so be certain you file the FAFSA prior to your state's application deadline.

In most cases, if the actual state award differs from the amount estimated, Brandeis Grant will be adjusted so that the total grant remains the same.

Student Loans

Students who are awarded the Federal Direct Stafford Loan, the Perkins Loan or the Brandeis Loan as part of their financial aid package will be provided with the required promissory note(s), additional information and instructions from the Office of Student Financial Services.

First-time borrowers must obtain these documents at the beginning of their entering semester upon receipt of correspondence from the Office of Student Financial Services. It is the student's responsibility to respond to contact from the Office of Student Financial Services regarding these documents.

Funds will be tentatively credited to the billing statement pending the signing of the promissory note and completion of other forms. Anticipated credits on a student's account will be cancelled if all necessary forms are not completed.