Glossary of Student Loan Related Terms

National College Fair

A free program that allow students to interact with admission representatives from a wide range of postsecondary institutions to discuss course offerings, admission and financial aid requirements, college life in general, and other information pertinent to the college selection process. National College Fairs are held in the spring and in the fall each year.

National Health Corps Scholarship (NSC)

Scholarship program administered by the US Department of Health and Human Services (HHS). It is available to medical students studying allopathic and osteopathic medicine and to dental school students studying dentistry.

National Service Trust

President Clinton's national community service program. if you participate in this program before attending school, the funds may be used to pay your educational expenses. If you participate after graduating, the funds may be used to repay your federal student loans. Eligible types of community service include education, human services, the environment, and public safety.

NCHELP

National Council of Higher Education Program

NDEA?

National Defense Education Act (1958)

NDSL

National Defense Student Loan (next National Direct Student Loan, now Perkins)

Need

The difference between the COA and the EFC is the student's financial need - the gap between the cost of attending the school and the student's resources. The financial aid package is based on the amount of financial need. The process or determining a student's need is known as need analysis.

Need Analysis

The process of determining a student's financial need by analyzing the financial information provided by the student and his or her parents (and spouse, if any) on a financial aid form. The student must submit a need analysis form to apply for need-based aid. Need analysis forms include the Free Application for Federal Student Aid (FAFSA) and the Financial Aid PROFILE.

Need-Based

Financial aid that is need-based depends on your financial situation. Most government sources of financial aid are need-based.

Need-based Aid

The cost of education compared to a student's (or a student's family's) ability to meet those costs.

Need-Blind

Under need-blind admissions, the school decides whether to make an offer of admission to a student without considering the student's financial situation. Most schools use a need-blind admissions process. A few schools will use financial need to decide whether to include marginal students in the wait list.

Need-blind Admissions

An admissions policy in which the ability or inability to pay college costs is not considered when determining a student's eligibility for admission.

Need-Sensitive

Under need-sensitive admissions, the school does take the student's financial situation into account when deciding whether to admit him or her. Some schools use need-sensitive admissions when deciding to accept a borderline student or to pull a student off of the waiting list.

Needs Analysis

How much a student or a student's family can afford to pay towards the student's college education, as determined by the financial resources reported on the FAFSA form.

Net Income

Income after taxes, deductions and allowances have been subtracted.

New Hampshire Education Assistance Foundation (NHHEAF)

A guarantor of federal loans in New Hampshire.

New Jersey Office of Student Assistance (NJOSFA)

A guarantor of federal loans in New Jersey.

New York State Higher Education Services Corporation (NYSHESC)

A guarantor of federal loans in New York.

NHSC

National Health Corps Scholarship

NMSQT

National Merit Scholarship Qualifying Test

NOG or NOLG

Notice of Loan Guarantee 

Non-portable Funding

College funding that can't be transferred to another college or university. For example, many colleges have scholarship funds that are specific to that particular college. If a student leaves or transfers, the money remains at that school.

Northwest Education Loan Association (NELA)

A guarantor of federal loans in the states of Washington and Idaho.

Notice of Loan Guarantee and Disclosure Statement

Statement sent to borrowers at the time the loan is disbursed. It includes information on the total loan amount, fees, and disbursement dates. Also included on this statement is information regarding total indebtedness and repayment.

Notification of Loan Transfer

A letter of notification is sent to the borrower when a loan has been transferred to another organization. The notification will identify the new organization holding the loan, the name and address where future payments should be sent, and the telephone numbers of both organizations.

NSL or NPSL

Nursing Student Loan or Nursing Profession Student Loan

NSLC

National Student Loan Clearinghouse

NSLDS

National Student Loan Data System

Nursing Student Loan (NSL)

A low interest loan administered by the US Department of Health and Human Services (HHS) and available to students enrolled in nursing programs.