Glossary of Student Loan Related Terms

On Hold

Disbursement is on hold and waiting permission to release funds by the school.

On Hold - Past Disbursement

Disbursement is on hold and has passed the designated disbursement date. Currently waiting permission to release funds by the school.

Origination

All of the steps required to initiate a loan from the time of application to final approval and disbursement.

Origination Fee

Fee paid to the bank to compensate them for the cost of administering the loan. The origination fees are charged as the loan is disbursed, and typically run to 3% of the amount disbursed. A portion of this fee is paid to the federal government to offset the administrative costs of the loan.

Origination History

For all loans that meet the search criteria entered, a display showing the loan status information up to the time the loan is, or was, disbursed. Please note the status date. After disbursement, loans are placed in service. The current information on disbursed loans is at the servicer.

OSFAP

Office of Student Financial Assistance Programs

Out-of-State Student

A student who has not met the legal residency requirements for the state, and is often charged a higher tuition rate at public colleges and universities in the state.

Outside Resource

Aid or benefits available because a student is in school and is counted after need is determined. Outside scholarships, prepaid tuition plans and VA educational benefits are examples of outside resources.

Outside Scholarship

A scholarship that comes from sources other than the school and the federal or state government.

Overawards

A student who receives federal support may not receive awards totaling more than $400 in excess of his or her financial need.