The purpose of this glossary is to increase understanding of the terms, concepts, policies and procedures used by the Lehman College Financial Aid Office.

A

• Academic Advisement
• Academic Year
• APTS
• Appeal
• Asset
• Award Letter
• Award Year

B

• Base Year
• Bursar's Office

C

• Campus-Based Aid
• Capitalization
• Consolidation
• Cost of Attendance
• Credit
• Credit Rating
• CUSTA

D

• Default
• Deferment
• Delinquent
• Dependency Status
• Dependent Student
• Disbursement
• Documentation

E

• Eligible Non-Citizen
• Enrollment Status
• Entrance Interview
• Equity
• Exit Interview
• EFC

F

• FAFSA
• Financial Aid Package
• Financial Aid Transcript
• Financial Need
• Forbearance
• Foreign Student
• Form 1090

G

• Garnishment
• Grace Period
• Grant

H

• Hardship Deferment
• HESC

I

• Income
• Income Tax Return
• Independent Student
• In-State Student
• Interest

L

• Legal dependent
• Legal Guardian
• Lender
• Loans

M

• Mariculation

N

• Need-Based Financial Aid
• Need Analysis
• New York Resident
• Non-Taxable Income

O

• Origination Fee
• Out-of-State Student
• Overaward
• Overpayment

P

• Parent
• Pell Grant
• Perkins Loan
• PLUS Loans
• Principal
• Professional Judgment
• Promissory Note

R

• Refund and Return To Title IV
• Registrar's Office
• Resource

S

• Satisfactory Academic Progress
• Scholarship
• SEEK
• SEOG
• Selective Service Registration
• Self-Help
• Statement of Educational Purpose
• Student Aid Report (SAR)
• Subsidized Loan

T

• TAP
• TAP Appeal
• TAP Waiver
• Taxable Income
• Title IV Financial Aid
• Tuition Deferment

U

• Verification
• Veteran

W

• Ward of the Court
• Work-Study
• W2 Forms

Academic Advisement

Academic advisement offices support students’ academic journey at Lehman. Advisors guide students as they progress toward graduation, offering support on questions regarding course selection, graduation requirements, academic standing, probation, retention and graduate school.

Academic Year

Academic Year is a period defined as a Fall and Spring semester sequence, consisting of at least 30 weeks of instruction. For example, the 2021-2022 Academic Year consists of the Fall 2021 and Spring 2022 semesters. See: Base Year, Cost of Attendance.

APTS

APTS (Aid for Part Time Study) is New York State funded grant program to assist part time students. The eligibility criteria parallels the eligibility criteria used by the TAP program. APTS recipients are required to enroll for at least three (3), but less than twelve (12) credits. Additionally, students must not have exhausted their existing TAP awards. APTS award are subject to change based on funding. For more information click here. Also see: TAP, HESC, and Satisfactory Progress

Appeal

Appeal refers to a formal request for a review of Federal and State aid eligibility. See: Professional Judgment and TAP Waiver.

Asset

Asset refers to cash on hand or in checking and savings accounts as well as trusts, stocks, bonds, and other securities (i.e., real estate, income-producing property, business equipment, and business inventory). See: Equity.

Award Letter

Award Letter refers to an official letter that notifies financial aid applicants of the types and amounts of student financial assistance being offered. Student responsibilities, as well as specific conditions governing the receipt of the award(s) are also stated. See: Award Year, Financial Aid Package and Satisfactory Progress.

Award Year

Award Year refers to a period of funding. An award year begins July 1st of one year and extends through June 30 of the next year. Funding from Pell Grant and campus-based aid programs is provided on an award year basis. For example, the 2021-2022 Award Year consists of the Fall 2021 and Spring 2022 semesters.See: Award Letter and Financial Aid Package.

Base Year

Base Year, for needs analysis purposes, refers to the calendar year proceeding the award year. For instance, 2000 is the base year for the academic year 2001-2002. The FAFSA and the TAP/APTS application determine aid eligibility by using family income totals from the base year. See: Academic Year, Cost of Attendance, Documentation, Need Analysis, Professional Judgment and Verification.

Bursar's Office

Bursar's Office refers to the Lehman College office that is responsible for billing, collecting and refunding college tuition, fees and related expenses. It is located in Shuster Hall room 031 (718-960-8573). See: Disbursement.

Campus-Based Aid

Campus-Based Aid is non-entitlement, need-based aid, awarded by the college. Examples of such aid include SEOG, Work-Study, SEEK, CUSTA and APTS. TAP and Pell are not considered campus-based aid because the State of New York and the federal government, respectively, award them. See: Award Letter, CUSTA, Financial Aid Package, SEEK, SEOG and Work-Study.

Capitalization

Capitalization is the practice of adding unpaid interest charges to the principal of a loan thereby increasing the size of the loan. Interest is charged on the new balance, including both the unpaid principal and the accrued interest. Capitalizing the interest increases the monthly payment and the amount of money that will eventually have to be repaid. For more information click here. See: Loans, Interest, and Unsubsidized Loan.

Consolidation

Consolidation is the combining of all of a student's federal student Loans into a one new loan. The new loan ("a consolidation loan") will require smaller monthly payments but at the cost of an increased interest rate and an extended repayment period. For more information, click here. See: Loans and Interest.

Cost of Attendance

Cost of Attendance (COA) is the official maximum total needed to support a student’s education per a given term. That figure usually refers to a 9 month (fall/spring) academic period year period. COA includes tuition/fees, room, board, books, supplies, transportation, clothing, childcare, and miscellaneous expenses. The COA is arrived at from Bureau of Labor and Statistics figures. Federal law prohibits the deliberate awarding of federal campus based aid in excess of the COA. The COA is compared to a student's Expected Family Contribution (EFC) to determine the student's need for aid (COA - EFC = student's financial need). To view our current year Cost of Attendance, click here. See: Campus Based Aid, EFC, FAFSA, Financial Aid Package, Financial Need, Need Analysis, Overaward, Overpayment and SAR.

Credit

Credit (also equated credit and credit hour) is a unit of measurement assigned to a course. Twelve (12) credits are considered a full time course of study. The term credit can also refer to units of achievement that count towards graduation. Students should expect to register for more than 12 credits per semester if they intend to graduate in 4 years. See: Enrollment Status.

Credit Rating

Credit Rating refers to an evaluation of the likelihood that a borrower will default on a loan. People, who make all their payments on time, are considered good credit risks. People, who are frequently delinquent in making their payments are considered bad credit risks and receive negative credit ratings. With the exception of the PLUS Loan, a good credit rating is not required for receipt of Title IV educational loans. Lack of diligence regarding student loan repayment will result in a negative credit rating. See: Loans and Default.

CUSTA

CUSTA (City University Student Tuition Assistance) is a New York State funded campus-based tuition assistance grant. Like TAP, recipients are required to maintain satisfactory academic standards. CUSTA eligibility criteria are the same as those used by the New York State TAP program with the following additions. See: Campus-Based Aid and TAP

Default

Default is any failure on the part of a borrower to repay a loan according to the terms of the promissory note.  Should you find yourself in default on any of your federal student loans, you can explore your options by going to https://studentloans.gov/ or by speaking with a Lehman College financial aid officer. See: Credit Rating, Delinquent, Garnishment, Loans, and Promissory Note.

Deferment

Deferment refers to a temporary postponement of payment on a loan that is allowed under certain conditions and during which interest generally does not accrue on Direct Subsidized Loans, the subsidized portion of Direct Consolidation Loans, Subsidized Federal Stafford Loans, the subsidized portion of FFEL Consolidation Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s). See: Loans, Forbearance, and Hardship Deferment.

Delinquent

Delinquent is the state of being overdue on one or more payments on a loan. For more information, click here. See: Credit Rating, Garnishment, Loans, and Promissory Note.

Dependency Status

Dependency Status refers to whether parental economic information must be used in the determination of student eligibility for financial aid. Dependent students must submit parental economic information. Independent students do not have to submit parental information. Be aware that not all financial aid programs share the same dependency status definitions. It is quite possible for a person to be considered a dependent student for one aid program and an independent student for another aid program. In addition, do not confuse being self-supporting with being independent. It is possible that a student be required to report parental information even though he/she is self-supporting. See: Dependent Student, Independent Student, Parent and Professional Judgment.

Dependent Student

Dependent Student refers to a person who is required by law to report parental income. For Pell Grant and other Title IV aid, a person is considered a dependent person when none of the following questions can be answered yes. For the 2021-2022 Academic Year FAFSA Application::

• Were you born before January 1, 1998?
• Are you a veteran of the U.S. Armed Forces?
• Will you be enrolled in a graduate school or professional program?
• Are you married?
• Are you an orphan or ward of the court or were you a ward of the court until age 18?
• Do you have legal dependents other than a spouse?

A student who believes that the requirement to report parental information constitutes an unfair and/or extreme burden should speak to a financial aid counselor. It may be possible for the financial aid counselor to intercede into the process and declare the student to be independent via professional judgement.

For TAP purposes, a dependent student is a person who is less than 22 years of age as of the July 1st prior to the academic year and must answer yes to at least one of the following questions:

Did or will you live in an apartment, house, or building owned or leased by your parents for more than six weeks in:

• The base year,
• The year following the base year,
• The second year following the base year?

Were you or will you be claimed as a dependent on your parents' federal or state tax return for:

• The base year,
• The year following the base year?

Did you or will you receive gifts, loans or other financial assistance worth more than $750 from your parents during:

• The base year,
• The year following the base year,
• The second year following the base year?

See: Dependency Status, Independent Student, Parent, Professional Judgment and Ward of the Court.

Disbursement

Disbursement is the process of making financial aid funds available to students. Funds may be disbursed directly to the student (via paper check or direct deposit into student's checking account) and/or applied to the student's outstanding tuition/fee balance with the Bursar's Office. See: Bursar's Office and Financial Aid Package.

Documentation

Documentation refers to record(s)s submitted in an attempt to certify the accuracy of SAR information. The following is a partial listing of items that may require documentation and the records that may be submitted as proof records or documents:

Item	Supporting Records or Document
Household Size	Federal tax return for base year (signed by taxpayer) or Public assistance document stating household composition. For household members not listed as a taxpayer, a tax exemption or part of a pubic assistance supported household, a marriage certificate and/or a birth certificate may be submitted.
Wages, Salary, Tips	Federal tax return for base year (signed by taxpayer) and W-2 Form(s).
Earnings not on Indicated Tax Return	Internal Revenue document Letter 1722 or RTFTP for base year signed by wage earner and notarized letter from employer.
Social Security or SSI	Form 1099 or letter from SSA stating totals that household member(s) received for the base year.
Public Assistance	Form 700U for the base year or letter from Department of Social Services stating total benefits received by household.
Pension or Other Untaxed Income	Form 1099 or letter from agency or organization that paid the pension or untaxed income, stating the total benefits paid to household member(s) for the period January 1 to December 31 of the base year.
Child Support or Alimony	Court papers or collection/garnishee documentation.
Other Members of Household in College	Court papers or collection/garnishee documentation.
Citizenship	Citizenship Birth certificate, naturalization papers, alien registration receipt card ("green card"), passport or I-94 or 688.
Selective Service Registration Status	Letter from the selective service system.

The above is only a guide as to how to prepare for a documentation request. Additional documents may be needed and requested by the financial aid counselor. Be aware that all copies of records submitted to the Financial Aid Office will become the property of the Financial Aid Office; therefore, make copies of documents prior to the office visit. See: Base Year, Income Tax Return, Professional Judgment, SAR, Form 1090 and Verification.

Eligible Non-Citizen

Eligible Non-Citizen refers to someone who is not a US citizen but is nevertheless eligible for Federal student aid. Eligible non-citizens include US permanent residents who are holders of valid green cards, US nationals, holders of Form I-94 who have been granted refugee or asylum status, and certain other non-citizens. Non-citizens holding visitor or student visas are not eligible for Federal student aid. For more information about Eligible Non-Citizens, click here.

Enrollment Status

Enrollment Status refers to whether a student is a full or part-time student. A student is full-time when registered for (and attending) at least 12 credits (or equated credits, credit hours or any combination there of) per semester. Any enrollment of less than 12 credits (or equated credits, credit hours or any combination there of) is considered part-time. A 3 / 4 time enrollment is a registration for at least 9 but less than 12 credits (or equated credits, credit hours or any combination there of) per semester. 1 / 2 Time enrollment means registering for at least 6 but less than 9 credits (or equated credits, credit hours or any combination there of) per semester. Less than 1 / 2 time enrollment refers to registering for less than 6 credits (or equated credits, credit hours or any combination there of) per semester. See: Satisfactory Progress and Credit.

Entrance Interview

Entrance Interview refers to the federally mandated conference that must occur between the financial aid counselor and the student loan borrower prior to the loan disbursement. To complete the Entrance Interview, click here. See: Loans and Exit Interview.

Equity

Equity is the dollar-value of a property minus any mortgage or other debt. See: Asset and Need Analysis.

Exit Interview

Exit Interview refers to the federally mandated conference that must occur between the financial aid counselor and the student loan borrower prior to his/her graduation, drop/withdraw below 6 credits for the semester, or leave from school. To complete the Exit Counseling, click here. See: Loans and Entrance Interview.

EFC

EFC (Expected Family Contribution) is a dollar amount derived from the processing of the FAFSA. The EFC reflects the economic strength of a household. It is what a household is expected to contribute towards meeting the cost of attendance (COA) a student's attendance. The EFC is printed in the upper right hand corner of part 1 of a SAR. This number is used to determine a First Time Bachelor's Degree student's Federal Pell Grant award amount. See: Cost of Attendance, FAFSA, Financial Need, Need Analysis and SAR.

FAFSA

FAFSA (Free Application for Federal Student Aid) refers the application used by the federal government to collect the household economic information used in the calculation of eligibility for student financial aid. The FAFSA is filled out using a household's base year income and asset information. It is mailed (or submitted electronically via the Internet) to the federal Central Processor. The submitted information is analyzed according to a formula developed by the US Congress. The initial result of FAFSA analysis is called the Expected Family Contribution (EFC). The EFC is a measure of a family's economic strength. In addition to calculating an EFC, the Central Processor performs a series of student eligibility matches against data banks maintained governmental agencies such as The Department of Justice, The Immigration and Naturalization Service, The Social Security Administration, The Selective Service System and The National Student Loan Data Service. Certain types of student eligibility database match, "edits", require action on the part of or clarification by the student before aid can be disbursed. A FAFSA's EFC and edits are sent to the student as part of a "Student Aid Report" (SAR). An electronic version of the SAR, the ISIR, is also forwarded the college of the student's choice. Colleges use ISIR information as the basis for almost all "need based" student aid eligibility decisions. See: Cost of Attendance, EFC, FAFSA, Financial Aid Package, Financial Need, Need Analysis and SAR.

Financial Aid Package

Financial Aid Package refers to the total amount of financial aid offered to a student for an award year. The package may consist of a combination of funds (loans, grants, scholarships and/or employment). The awarding of financial aid to a student is referred to as "packaging". The items are usually "Estimated" amounts, especially if you are seelcted for Verification. Please check your "To Do List" in CUNY First to ensure the college does not need any additional information before finalizing your Financial Aid. See: Award letter, Award year, Cost of Attendance, FAFSA, Financial Need, Need Analysis and, SAR.

Financial Aid Transcript

Financial Aid Transcript is a form used to collect data about financial aid awards received at previously attended educational institutions.

Financial Need

Financial Need is the difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC). Usually, this is the maximum amount that a financial aid officer can theoretically offer a student in financial aid (however, independent students, can borrow against their EFC). Due to a scarcity of funding from the federal and state government, most students will not be offered enough financial aid to cover all of their need. See: Award Year, Cost of Attendance, EFC, FAFSA, Financial Aid Package, Need Analysis, Overaward, Overpayment and SAR.

Forbearance

Forbearance is a temporary postponement a student loan repayment. During forbearance, the lender allows the borrower to temporarily postpone repaying the principal, but the interest charges continue to accrue even on subsidized loans. The borrower must continue paying interest charges during the forbearance period. Forbearances are granted at the lender's discretion, usually in cases of extreme financial hardship or other unusual circumstances, when the borrower does not qualify for a deferment. Forbearance is not available for loans currently in default. For more information, click here. See: Deferment, Loans and Hardship Deferment.

Foreign Student

Foreign Student refers to a student who belongs to or owes allegiance to another country. Foreign students are not eligible for the basic federal Title IV aid or NY State student aid programs. See: Eligible Non-Citizen.

Form 1090

Form 1090 (also 1091, 1092,1099) is a form used by business(es) to report taxable income paid to a non-employee(s). See: Satisfactory Progress and TAP Appeal.

Garnishment

Garnishment is the practice of withholding, without the borrower's consent, a portion of a defaulted loan borrower's wages to repay his/or her loan. See: Credit Rating, Default, Loans, and Promissory Note.

Grace Period

Grace Period is the period of time that begins when a loan recipient ceases to be at least halftime and ends when the loan repayment period starts. Loan principal need not be paid and interest does not accrue during this period for Subsidized Loans (interest, however, does continue to accrue on Unsubsidized loans). Once a grace period has been exhausted further grace period can not be granted. See: Loans, Interest, and Principal.

Grant

Grant is a form of financial assistance that is usually awarded on the basis economic need and does not require repayment or employment

Hardship Deferment

Hardship Deferment refers to a student who belongs to or owes allegiance to another country. Foreign students are not eligible for the basic federal Title IV aid or NY State student aid programs. For more information, click here. See: Deferment and Loans.

HESC

HESC (New York State Higher Education Services Corporation) is the state agency that administers New York State's grant and scholarship awards. See: APTS and TAP.

Income

Income is money received from employment (salary, wages, and tips), profit from financial instruments (interest, dividends, capital gains), or other sources (including welfare, disability, child support, Social Security, and pensions). See: Base Year, Documentation, Income Tax Return, Need Analysis, Professional Judgement, Form 1090 and W2 form.

Income Tax Return

Income Tax Return refers to the Federal (1040 or Foreign Tax Return 1040NR or 1040NR-EZ) or New York State (IT-100, 200, 201) tax form used by a taxpayer to declare income and calculate taxes owed. The federal tax return is the foundational document for FAFSA completion and income proof. NY State tax return information is used to complete the TAP application. See: Base Year, Documentation, Income, Need Analysis, Professional Judgement, Form 1090, W2 form and Verification.

Independent Student

Independent Student refers to a person who is not required by law to report parental information. For Pell Grant purposes a person is considered to be an independent student when at least one of the following questions can be answered yes. For the 2021-2022 Academic Year FAFSA Application:

• Were you born before January 1, 1998?
• Are you a veteran of the U.S. Armed Forces?
• Will you be enrolled in a graduate school or professional program?
• Are you married?
• Are you an orphan or ward of the court or were you a ward of the court until age 18?
• Do you have legal dependents other than a spouse?

For TAP purposes, an independent student is a person who is at least 22 years old and can answer no to all of the following questions:

Did or will you live in an apartment, house, or building owned or leased by your parents for more than six weeks?

• the base year,
• the year following the base year,
• the second year following the base year?

Were you or will you be claimed as a dependent on your parents' federal or state tax return for:

• the base year,
• The year following the base year?

Did you or will you receive gifts, loans or other financial assistance worth more than $750 from your parents during:

• The base year,
• The year following the base year,
• The second year following the base year?

See: Base Year, Documentation, Income, Need Analysis, Professional Judgement, Form 1090, W2 form and Verification.

In-State Student

In-State Student refers to a student that has met the legal residency requirements for New York and is eligible for reduced in-state student tuition at public colleges and universities in the state. See: APTS, CUSTA, New York Resident and TAP.

Interest

Interest is the fee charged for borrowing money. Loan payments consist of interest plus principal. Usually, interest is calculated as a percentage of the principal and paid in monthly payments. See: Capitalization, Loans, Principal and Unsubsidized Loan.

Legal Dependent

Legal dependent is anyone who will receive more than half of their support or upkeep from the student and/or spouse of the student. See: Dependency Status, Independent Student and Legal Guardian.

Legal Guardian

Legal Guardian refers to a non-parent who has been granted the right by the court to exercise legal custody and parental rights in regards to another person. See: Dependency Status, Independent student, Legal Dependent and Parent.

Lender

Lender refers to an agency, bank or any other organization that grants a loan. See: Credit Rating, Default, Delinquent, Garnishment, Loans, and Promissory Note.

Loans

Loans are a type of financial aid, which must be paid back when the student leaves school or drops below half time. The repayment is made over an extended period of time and with interest. Examples of loans include the Federal Direct Loan family and the Perkins Loan. See: Campus-Based Aid, Credit Rating, Default, Delinquent, Financial Aid Packaging, Garnishment, and Promissory Note.

Matriculation

Matriculation refers to the state of being enrolled in college and officially pursuing a degree. See: Academic Progress, APTS, Enrollment Status and TAP.

Need-Based Financial Aid

Need-based Financial Aid is financial aid that is awarded according to the economic strength of the student's family household (i.e. the greater a household's income, the less the need that household is considered to have). See: Base Year, Cost of Attendance, EFC, Equity, FAFSA, Financial Aid Package, Financial Need, Need Analysis, SAR, and Title IV Financial Aid.

Need Analysis

Need Analysis is the process of determining the economic strength of a student's household. Base year income, family assets (equity) and household demographic data are submitted on a FAFSA application and analyzed by a formula approved by Congress. The result is a dollar figure called Expected Family Contribution (EFC). The greater the EFC, the greater the economic strength of a household and therefore the more a family is assumed to be able to contribute towards the student's education. The EFC can be found in the upper right-hand side of Part 1 or Part 2 of the Student Aid Report. See: Base Year, EFC, Equity, FAFSA, Financeial Aid Packaging, Financial Need, SAR and Title IV Financial Aid.

New York Resident

New York Resident refers to a student who:

Currently resides in NY State, graduated from a NY State high school after attending junior and senior years therein and has continued to resided in New York State continually since high school graduation

OR

Has resided in New York State continually for at least 12 months prior to the term that aid is being sought for and can prove that the current residence is for other than temporary purposes.

OR

Has re-established New York State residency within 6 months after leaving military service, vista or the peace corp.

See: APTS, CUSTA, In-State Student and TAP.

Non-Taxable Income

Non-Taxable Income refers to all base year household income that was excluded from taxation by the Internal Revenue Service. Such income would include but not be limited to any untaxed portion of unemployment benefits, untaxed capital gains, interest on tax-free bonds, IRA's, Keogh, dividend exclusion, military and other subsistence and quarters allowances, retirement contributions, child support, Social Security, SSI benefits and welfare payments. See: Income, Need Analysis and Taxable Income.

Origination Fee

Origination Fee is the fee paid to the Federal government to help run the Federal Family Education Loan (FFELP) programs. This fee is subtracted from the loan principal before the loan is paid to the student. See: Loans.

Out-of-State Student

Out-of-State Student refers to a student who has not met the legal residency requirements for New York and is charged a higher tuition rate at New York public colleges and universities. In addition, out-of-state students are not eligible for TAP. See: New York Resident.

Overaward

Overaward refers to any amount of federal campus-based aid or a Federal Family Education Loan funds awarded to a student that exceeds the student's financial need. Federal law prohibits the deliberate overawarding of federal campus based aid. See: Award Year, Campus Based Aid, Cost of Attendance, Financial Aid Package, Financial Need, Overpayment and Refund.

Overpayment

Overpayment is the award of any federal aid that exceeds the amount for which the student was eligible. Federal law prohibits the deliberate overawarding of federal campus based aid. Overpayments can result from overawards, changes to Cost of Attendance, Expected Family Contribution, or any other eligibility criterion. See: Award Year, Cost of Attendance, Financial Aid Package, Financial Need, Overaward and Refund.

Parent

Parent refers not only to the biological mother and/or father of the student but also to the adoptive and custodial stepparent. Federal regulations require that a legal guardian be treated as a parent if a court has stipulated that the legal guardian's financial resources must be used to support the student. TAP regulations do not equate legal guardianship with parenthood. See: Dependency Status, Dependent Student, Independent Student and Legal Guardian.

Pell Grant

Pell Grant is an undergraduate Title IV grant from the federal government. The maximum award for the 2021-2022 award year is $6,495 for Full-time enrollment. Less than Full-time will be adjusted accordingly, based on the Federal Government's Regulations.

Perkins Loan

Perkins Loan is a type of campus based aid in the form of a low-interest (5%) loan. These loans are for both undergraduate and graduate students with exceptional financial need as determined by the school. For undergraduate students, priority is given to Federal Pell Grant recipients. All or part of the loan may be forgiven upon the borrower's employment in certain types of public service. See: Campus-Based Aid, Credit Rating, Default, Delinquent, Financial Aid Package, Garnishment, Loans, and Promissory Note.

PLUS Loans

(Parent Loans for Undergraduate Students) are federal loans available to parents of dependent undergraduate students in order to help finance their child's education. Parents may borrow up to the full cost of their children's education, less the amount of any other financial aid received. PLUS Loans may be used to pay the EFC. There is a minimal credit check required for the PLUS loan. PLUS Loans are unsubsidized loans. Plus Loan repayment (principal and interest) commences while the student is still in school. For more information click here.See: Credit Rating, Default, Delinquent, Garnishment, Loans, Promissory Note and Unsubsidized Loan.

Principal

Principal refers to the amount of money borrowed under the loan. Interest is charged as a percentage of the principal. See: Capitalization, Forbearance, Interest and Loans.

Professional Judgment

refers to a financial aid officer's review and over ride of the data used to determine student's aid eligibility because of the existence of special family or personal circumstances. Initiated at the student's request, a Professional Judgement review can be used to address the following, as well as other special circumstances:

• Loss of base year income,
• Parental or spousal impairment, dysfunction, or abandonment,
• Unusual and/or unusually high family expenses,
• Death of spouse or custodial parent(s),
• Divorce or separation.
• De facto or early emancipation of student from parent(s).

Override decisions are determined on a case-by-case basis. All requests for review must be supported by documentation. The decision by the financial aid administrator is final and cannot be appealed. See: Appeal, Base Year and Independent Student.

Promissory Note

Promissory Note is Federal Government Requirement in order for your loan to be processed and disbursed to your account. It is a legal document; signed by you, the borrower, obligating you to repay a loan according to the terms stipulated on that promissory note. See: Default, Delinquent and Loans.

Refund and Return To Title IV

Refund in general, refers to the amount of tuition reimbursement due a student who drops a course, withdraws from school or otherwise fails to pursue his/her course of study after tuition has been paid to the college.

Another type of refund, Return of Title IV Funds, refers to the recalculation of a student's federal financial aid eligibility because of withdrawing from school. A specific formula is used to recalculate the amount of federal aid that, as the result of class attendance, has been "earned". If the amount received by the student or received on the student's behalf is less than the amount "earned" by the student, the student is able to receive additional funds. If the amount received by the student or received on student's behalf is greater than the amount "earned" by the student, the excess funds must be returned. The amount of assistance "earned" is determined on a pro-rata basis. That is, if 30 percent of a period of enrollment is completed, 30 percent of the originally scheduled assistance is considered "earned". Once more than 60 percent of a period of enrollment is completed, all of the originally scheduled assistance for that period is considered "earned". If excess funds must be returned, the college must return a portion of the excess equal to the lesser of institutional charges multiplied by the unearned percentage of funds, or the entire amount of the excess funds. If the college is not required to return all of the excess funds, the student must return the remaining amount. Any excess loan funds (including PLUS Loans) must be returned in accordance with the terms of the promissory note. That is, repayment of the loan is to begin immediately.

The law provides that a student cannot be held responsible for returning more than 50 percent of the originally scheduled grant assistance. However, any amount, that must be repaid, is considered a grant overpayment and will be reported to the US Department of Education. Students, in overpayment, must arrange to repay the excess funds. In general, students in overpayment cannot receive federal student aid. See: Overaward and Overpayment.

Registrar's Office

Registrar's Office refers to that office which implements and maintains college policies regarding registration, course offerings, attendance certification, academic transcripts and graduation requirements. The Registrar's Office is actually a suite of offices. Shuster Hall, room 114 (current attendance and TAP certification) is that part of the Registrar's which has the most direct and substantial impact on student financial aid eligibility.

Resource

Resource refers to any form of Financial Aid (grants, scholarships, loans, etc.) that the student is scheduled to receive, whether or not the college administers it. It can also refer to any income that a student may have received during the base year.

 Satisfactory Academic Progress(SAP)

Satisfactory Academic Progress refers to the minimum expectation of academic achievement required to maintain financial aid eligibility. The federal government (Pell and other Title IV aid) and New York State, (TAP) use different progress standards. With regards to federal aid (Pell, etc.), federal regulations require that the student be:

• Be in good standing (G.P.A. of 2.0 or better) and
• Accumulate credits toward graduation in accordance with the CUNY SAP Regulations and
• Not have registered for more than 150% of the number of credits required for graduation (at Lehman College the limit is 180 credits).

Click here for additional information on Satisfactory Academic Progress (SAP)

See TAP academic eligibility guidelines.

Scholarship

Scholarship is a form of financial assistance that does not require repayment or employment and is usually awarded on the basis of excellence or potential for distinction, usually in academic performance, the arts, or athletics. See: Capitalization, Forbearance, Interest and Loans.

SEEK

SEEK (Search for Elevation and Education Through Knowledge) is an academic support program of the City University of New York (CUNY). SEEK supports the academic attendance of specific economically and educationally disadvantaged students attending the 4-year colleges of the CUNY (the corresponding community college program is the College Discovery Program (CD). SEEK Program students are admitted into the SEEK Program as a requirement for their admissions to college and must be in-state students. SEEK financial aid is awarded to SEEK students on a per need basis and in accordance with FAFSA need analysis results. The sister academic support programs for the State University of New York and the private institutions of higher education in New York State are HEOP and EOP, respectively. See: In-State Student.

SEOG

(Supplemental Educational Opportunity Grant) is a type of campus-based aid. These grants are limited and awarded to Undergraduate students with exceptional financial need who have not completed their first baccalaureate degree. Priority for SEOG awards must be given to Federal Pell Grant recipients. See: Title IV Financial Aid and Financial Aid Package.

Selective Service Registration

Selective Service Registration refers to the legal requirement for male students, of at least 18 years of age and born after December 31, 1959, to be registered with the Selective Service System, in order to receive federal student aid. You can register through the FAFSA application. On the 2021-2022 FAFSA, you can check "Register Me" on question #22.

Self-Help

Self-help is student aid provided through the work of the student or a loan to be repaid from future earnings. Self-help funds are requested by checking the appropriate FAFSA box. See: Work-Study and Loans

Statement of Educational Purpose

Statement of Educational Purpose is a document signed by the student to indicate his/her agreement to use any financial aid funds awarded for educationally-related purposes only. This statement was signed as a part of the completion of the FAFSA and is requested by the college each time information is resubmitted to the federal Central Processor. See: FAFSA.

Student Aid Report (SAR)

Student Aid Report (SAR) refers to an output paper document that results from the analysis of the information submitted on a FAFSA. A SAR contains not only calculation results from the needs analysis (the Expected Family Contribution - EFC) but also results from matches with national data bases; the Social Security Administration, Selective Service Systems, Department of Justice, Immigration and Naturalization Service, and the National Student Loan Data Service. Part one of the SAR will indicate whether further clarification of FAFSA information and/or submission of proof documents to the Financial Aid Office are necessary. See: Documentation, EFC, FAFSA, Need Analysis, Professional Judgment and Verification.

Subsidized Loan

Subsidized Loan refers to a type student loan for which the interest payment, during school attendance (at least - time enrollment), is assumed by the federal government. See: Loans and Unsubsidized Loan.

TAP

TAP (Tuition Assistance Program) is the largest N.Y. State higher education grant program administered through HESC (Higher Education Services Program). Awardees must be matriculated students, N.Y. State residents, enrolled full-time and in good academic good academic standing. Awards at Lehman can range from $75 to $1600 per semester. Awards are based on the NY State, base year, net-taxable income figures. See: Base Year, Enrollment Status, Matriculation, N.Y. State resident, Satisfactory Progress and TAP Appeal.

TAP Appeal

TAP Appeal refers to a reasoned, written request for re-instatement of TAP eligibility. A Tap appeal that has been granted is called a TAP Waiver. See: Satisfactory Progress and TAP.

TAP Waiver

TAP Waiver refers to the re-instatement of TAP eligibility because of an appeal. See: Satisfactory Progress and TAP Appeal.

Taxable Income

Taxable Income refers to income earned from wages, salaries, and tips as well as interest income, dividend income, business or farm profits, and rental or property income. See: Base Year, Documentation, Income, Professional Judgement, Verification, Need Analysis and Non-Taxable Income.

Title IV Financial Aid

Title IV Financial Aid refers to student aid programs that were authorized under the Title IV Higher Education Act of 1965, as amended. Funds for the Title IV programs are appropriated each year by Congress. The basic philosophy of Title IV aid is that the student, student's spouse, and parents have primary responsibility to pay for higher education expenses. Title IV authorization includes funding for the following aid programs: Pell, Work-Study, SEOG, and Perkins and Direct Loans. See: Award Letter, Campus-Based Aid and Financial Aid Package.

Tuition Deferment

Tuition Deferment (University Hardship Deferral Program) is a CUNY program that allows students to postpone payment of a portion of their tuition fees beyond registration. To qualify for a deferment, students must:

• Make a down payment equal to at least half of the tuition charges plus student fees.
• Agree to pay 50% of the deferred tuition within 30 days of the first day of classes. Agree to pay any remaining tuition within 60 days of the first day of classes.
• Enroll for 6 or more credits.
• Never have violated a tuition deferment before.
• Accept $15 fee for each late payment.

Failure to make the second deferment payment on time will result in forfeiture of right to future deferments. In addition, any financial aid disbursed through the college will be used (regardless of the deferment payment due date) for automatic payment of outstanding tuition balances.

Unsubsidized Loan

Unsubsidized Loan is a type student loan for which the student assumes the interest payment during school attendance. See: Campus-Based Aid, Credit Rating, Default, Delinquent, Financial Aid Package, Garnishment, Loans, Promissory Note and Subsidized Loan.

Verification

Verification is a procedure, conducted usually at the request of the federal government, requiring a student to document the accuracy of the information on his/her Student Aid Report (SAR). 30% of a college's financial aid population will be selected for verification. Student Aid Reports, that must be verified, can be identified by this statement on page three of the SAR, "Your school will ask you to provide certain financial documents for you and your parents(s)." When a SAR has been selected for verification, the following five items must be documented:

• Current household size
• Current number of household members attending college
• Base year adjusted gross income
• Income tax kept by Internal Revenue Service
• Any base year income not included as part of the adjusted gross income.

All verification documents/records must be submitted in person. No records will be accepted via the mail. All documents/records submitted as verification proof become the property of Lehman College. Therefore, make copies of documents to be submitted. The Financial Aid Office is also required to document FAFSA data items or circumstances that "appear" to be unreasonable (e.g. a household of 10 persons living on no income). After Verification, the corrected SAR data is re-submitted electronically by the Financial Aid Office to the federal Central Processor. The Central Processor recalculates student aid eligibility using the new data and sends an updated SAR to the student (and also an updated electronic SAR and EFC to the Financial Aid Office). SARs selected for Verification must be completely processed (verified) no later than 60 days after the last day of enrollment or August 31st of the SAR's fiscal year, whichever is earlier. Lehman College will withhold disbursement of all federal student aid funds until selected SARs have been completely verified. Failure to complete the Verification Process by the above deadline(s) will result in the complete loss federal student aid funds for that academic year. The burden of proving the accuracy of SAR information rests with the student. See: Base Year, Documentation, EFC, Professional Judgment and Student Aid Report.

Veteran

Veteran refers to a person who has served on active duty in the Army, Navy, Air Force, Marines, or Coast Guard and can produce a DD-214 showing discharge status other than dishonorable. There is no minimum length of service requirement. For more information contact the Lehman Veterans and Military Affairs Office. See: Award Letter, Campus-Based Aid and Financial Aid Package.

Ward of the Court

Ward of the Court is a person who is under the care of a court. For federal financial aid purposes, such a person is automatically considered an independent. See: Independent Student.

Work-Study

Work-Study is a campus based aid program that provides financial assistance through student employment. Work-Study is awarded on a first come, first served basis. In addition to assisting with educational expenses, college work-study can provide entry-level practical experience in a profession of choice. Students also encouraged to use work-study as an opportunity to gain community service experience. See: Campus-Based Aid and Financial Aid Package.

W2 Forms

W2 Forms are yearly income statements issued by employers to their employees. See: Campus-Based Aid and Financial Aid Package.