Glossary of Financial Aid Terms

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Acronyms

Term: The number of years (or months) during which the loan is to be repaid.

Title IV Loans: Title IV of the Higher Education Act of 1965 created several education loan programs which are collectively referred to as the Federal Family Education Loan Program (FFELP). These loans, also called Title IV Loans, are the Federal Stafford Loans (Subsidized and Unsubsidized), Federal PLUS Loans and Federal Consolidation Loans.

Title IV School Code: When you fill out the FAFSA you need to supply the six-character identifier Title IV Code for each school to which you are applying. MSU-Northern's code is 002533.

Test Of English As A Foreign Language (TOEFL): Most colleges and universities require international students to take the TOEFL as part of their application for admission. The TOEFL evaluates a student's ability to communicate in and understand English.

Tracking Letter: A computer-generated letter from the Financial Aid Office which notifies a student of documentation required for his/her financial aid file.