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The amount that was scheduled to be paid in previous month(s), but was not. The past-due amount may also be called the delinquent or default amount.

The amount of money that can be borrowed from a loan program during one academic year.

The amount an undergraduate student can reasonably be expected to save from working over the summer.

A fellowship is a funding award to a graduate student that covers tuition partially or fully, provides a stipend to help defray living expenses, and may also cover student health insurance.

The failure of a borrower to repay according to the terms agreed to when the promissory note was signed.

The organization that holds the loan promissory note and has the right to collect from the borrower. Many banks sell their loans, so the initial lender and the current loan holder could be different.

Fixed expenses are those which do not change from month to month. This can include your rent, utilities, credit card bills, and other monthly payments.

A loan in which there is monetary assistance granted to the borrower to assist with the interest expense.

A supplement to the CSS Financial Aid Profile application used to collect financial information from self-employed parents, or from parents who own any part of a business or farm.

The amount of financial aid provided to a student that exceeds that student's financial need.

An overview of the borrower’s monthly payment, due dates, interest rate, total repayment amount, and length of time for repaying the loan.

The release of a borrower’s obligation to repay all or a designated portion of principal and interest on an education loan. Also called discharge or forgiveness of a loan.

Any financial aid awarded to a student from a source other than MIT, such as community groups, high schools, corporations, foundations, or a parent’s employer.

A term used to describe an individual whose track record of timely repayments on debts indicates that he or she is likely to continue to manage future credit obligations well.

A temporary suspension or reduction in monthly loan payments granted to borrowers who are willing but unable to make loan payments due to certain types of financial hardships.

A binding legal document that a borrower signs, which contains a feature allowing the borrower to sign once to receive multiple loans under the same program in different academic years. The MPN lists the terms

A period of time colleges and universities use to measure a quantity of study. The MIT Academic Calendar is available from the Registrar's Office.

A term used in connection with separated and divorced parents to refer to the parent who does not have custody of the child, meaning the child does not live with this parent.

Prospective students are not disadvantaged in the undergraduate admissions process because of their financial need. We are one of only nine schools in the U.S. that is need blind and meets full need for all students

The Employee’s Allowance Withholding Certificate, a federal form that allows employers to withhold the correct amount of federal income tax from employees’ paychecks.