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ACT: Standardized multiple-choice test administered to high school students. Colleges may use ACT scores to determine admission eligibility. The ACT is administered five times a year, and is designed to measure academic proficiency in English, math, reading, and science. |
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Academic Year: A period of instructional time,
generally at least 30 weeks, that schools use to measure a quantity
of study. For most schools this is September through May. |
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| Adjusted Available Income: The income remaining after taxes and basic living allowances have been subtracted. |
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Advanced Placement (AP): College Board program that offers students the opportunity to take college-level courses while they are enrolled in high school. Students may gain advanced standing and/or earn college credit through their performance on the Advanced Placement examinations given each year in May |
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Amortization: Payments made over a period of time on a loan's principal and interest. |
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| Assets: When calculating the Expected Family Contribution (EFC), all assets are considered, including: bonds, checking and savings accounts, stocks, trusts, other securities, real estate (this does not include a person's home), income, business equipment, and inventory. |
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Asset Protection Allowance: The formula used by the U.S. Department of Education and a financial aid office to determine which parental assets to exclude when calculating a parent's financial contribution to a student's education (Expected Family Contribution). |
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Assistantship: Student employment, usually referring to departmental research assistance or student teaching. |
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Associate Degree: A two year college
degree.
Award Letter: An official document
issued by a school's financial aid office to outline a student's
financial aid package. |
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