American Student Assistance

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z ---------------------------------------------------------A--------------------------------------------------------- Ability to Benefit (ATB) Also False Certification, a type of loan discharge application based on a borrower’s inability to benefit from the education that has been offered from a school, and the subsequent financial aid that was awarded. Academic Year A period of time defined for credit hour schools as a minimum of 30 weeks instructional time in which a full time student is expected to complete at least 24 semester or trimester hours, or 36 quarter hours. For a clock hour school the period of time is a minimum of 26 weeks in which a full time student is expected to complete at least 900 clock hours. Accrual The process of adding up accumulated interest. Can also be used in verb form, accrue, as in The interest accrues at a rate of 6.8% per year. Adjusted Gross Income (AGI) One’s full, or gross, income including wages, alimony and Social Security, as well as business, investment, and dividend income, after certain adjustments are made, but before standardized and itemized deductions are made. Used in the calculation of an individual’s income tax liability. Administrative Wage Garnishment Process by which a guarantor, under federal law, may intercept a portion of the wages of a borrower with a defaulted FFELP loan. Adverse Credit A derogatory credit status which, in turn, does not meet established status criteria needed in order to approve a PLUS Loan. Aggregate Loan Limit The total amount of loan proceeds for which a borrower is eligible by loan and borrower type throughout the student’s academic career. Amortization The process of gradually repaying a loan over an extended period of time through periodic installments of principal and interest. Amnesty Forgiveness of interest, penalties and/or the principal of a student loan. This is rarely offered to student loan borrowers and only under extraordinary circumstances. Annual Loan Limit The maximum loan amount that can be approved for a borrower during an academic year. Anticipated Graduation Date The date a student is expected to complete the academic program requirements. ASA Direct

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