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Glossary of Terms

Glossary is usually defined as an alphabetical list of technical terms in some specialized field of knowledge. This InfoBase glossary provides a collection of InfoBase documents that define many technical terms. These terms are arranged alphabetically, but you can quickly jump to a specific term by selecting its first letter from the index of the InfoBase glossary below.

Legal Guardianship
A relationship created by court order, through which the court appoints an individual other than a minor’s parent to take care of the minor. A legal guardian is not considered a parent on the student’s FAFSA. In fact, a student in legal guardianship does not need to report parent information on the FAFSA because he or she is considered an independent student.
Lender
The organization that made the loan initially; the lender could be the borrower’s school, a bank, credit union, another lending institution, or the U.S. Department of Education.
LEU (Lifetime Eligibility Used)
The amount of all Federal Pell Grant aid (in percentage) awarded to you divided by the amount of Pell Grant aid you would have been eligible to receive based on full-time enrollment. The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by federal law to be the equivalent of six years (or 12 semesters) of Pell Grant funding.
Lifetime Eligibility Used (LEU)
The amount of all Federal Pell Grant aid (in percentage) awarded to you divided by the amount of Pell Grant aid you would have been eligible to receive based on full-time enrollment. The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by federal law to be the equivalent of six years (or 12 semesters) of Pell Grant funding.
Limited Admission Programs
Curriculum academic programs that have limited capacity due to clinical site, resource, and/or lab space availability. Students are accepted into these programs on a first-come, first-served basis after they have met the minimum program eligibility requirements. Current Limited Programs include Cosmetology, Emergency Medical Science, Esthetics, Manicuring/Nail Technology, Medical Assisting, Medical Coding, Pharmacy Technology, Phlebotomy, and Therapeutic Massage.
Loan Forgiveness
The cancellation of all or some portion of your remaining federal student loan balance. If your loan is forgiven, you are no longer responsible for repaying that remaining portion of the loan.
Loan Holder
The entity that holds the loan promissory note and has the right to collect from the borrower.
Loan Rehabilitation
The process of bringing a loan out of default and removing the default notation from a borrower’s credit report. To rehabilitate a Direct or a FFEL Loan, the borrower must make at least 9 full payments of an agreed amount within 20 days of their monthly due dates over a 10-month period. To rehabilitate a Perkins Loan, a borrower must make nine on-time, consecutive monthly payments of an agreed-upon amount. Rehabilitation terms and conditions vary for other loan types and can be obtained directly from loan holders.
Loan Servicer
A loan servicer is a company that collects payments on a loan and performs other administrative tasks associated with maintaining a loan on behalf of a lender. You can look up who your studentloan services is a www.nslds.ed.gov.
Loans
Money that is borrowed for tuition, books, and/or living expenses and must be repaid by the student.
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