FINANCIAL AID TERMS

Assistantship

Funds awarded to students in exchange for services. Note: Due to the demands on a medical student's time, assistantships should be accepted only after careful evaluation and assessment of one's needs.

FAFSA

Free Application for Federal Student Aid - a need analysis application which all students applying for financial assistance are required to file. This is also referred to as the "Federal Application."

Loan

Funds which are given to help meet costs. Loans must be repaid according to the terms on the signed promissory notes.

Deferment

A specified and limited period of time during which payments on principal and/or interest need not be made. Deferments can, in some cases, be granted for further study.

Grace Period

The time prior to the beginning of the repayment period. Grace periods vary for different loan programs and certain borrower circumstances. For some loans, repayment does not begin until several months after graduation.

Interest

The fee charged for the use of borrowing money, computed as a percentage of the principal borrowed for a given period of time.

Principal

The amount of money that is borrowed. The principal is the amount upon which interest is charged.

Promissory Note

The binding legal document you sign in order to get a student loan. It specifies the terms and conditions of your loan.

Master Promissory Note

An open ended loan promissory note that is signed only one time during your educational career.

Subsidized Loan

A loan on which interest is paid while the student is enrolled at least half-time (example: subsidized portion of the Federal Stafford Loan).

Unsubsidized Loan

A loan on which interest is added from the day the loan is issued. Students have the option of paying the interest while in school or having the interest capitalized (added to the principal) while enrolled  (example: the unsubsidized portion of the Federal Stafford Loan).

MedLoans

A Federal Stafford Loan Lender that also provides additional loan options for medical students.

Need Analysis

The method of determining how much a family/student is able to contribute toward the cost of education. The contribution is determined based on the results of the processed FAFSA.

Student Aid Report (SAR)

Student Aid Report (SAR). The document that is sent to the student as a result of filing the FAFSA.

Scholarship

Money awarded to students in good academic standing. Awards are based on need and merit and do not have to be repaid.

South Carolina Student Loan Corporation (SCSLC)

A Federal Stafford Loan lender located in South Carolina. The South Carolina Student Loan Corporation offers special loan programs for medical students