This Glossary provides definitions of common terms and provides overviews of many of the programs referenced in this website. You may also Download our Glossary. The download provides a full copy of the entire glossary listings.
There are currently 7 names in this directory beginning with the letter I.
A student whose permanent residence is in the same state as the college or university they attend or hope to attend. In-state students pay lower tuition than out-of-state students. Sometimes called a Resident Student.
Action a financial aid administrator may take to change a student’s status for federal student aid from dependent to independent (the reverse is not permitted). There must be unusual circumstances to warrant an override, and the FAA must document those circumstances in the student’s file. Sometimes called a dependency override.
For financial aid purposes, an independent student is a student who satisfies one of the following criteria: is 24 years of age or older by December 31 of the award year; is an orphan, in foster care, or a ward of the court, or was an orphan, in foster care, or a ward of the court at any time when the individual was 13 years of age or older; is, or was immediately prior to attaining the age of majority, an emancipated minor or in legal guardianship as determined by a court of competent jurisdiction in the individual’s State of legal residence; is a veteran of the Armed Forces of the United States or is currently serving on active duty in the Armed Forces for other than training purposes; is a graduate or professional student; is a married individual; has legal dependents other than a spouse; has been verified during the school year in which the application is submitted as either an unaccompanied youth who is a homeless child or youth or as unaccompanied, at risk of homelessness, and self-supporting; or is a student for whom a financial aid administrator makes a documented determination of independence by reason of other unusual circumstances.
The cost of borrowing money. Interest is an expense calculated as a percentage of the outstanding (unpaid) principal balance.
Iraq and Afghanistan Service Grant Program
A federal grant for dependents of soldiers who died as a result of service in the U.S. military in Iraq or Afghanistan after September 11, 2001. This grant is awarded to students who are not eligible for the Federal Pell Grant Program.