Glossary

Family Farm

A farm which: produces agricultural commodities for sale in sufficient quantities so that it is recognized in the community as a farm rather than a rural residence

Interest Assistance

A program under FSA's guaranteed farm operating loan program which enables lenders to provide credit to operators of family farms who do not have the financial resources to meet the standard repayment terms.

Socially Disadvantaged Applicant

A loan applicant who is a member of a group whose members have been subjected to racial, ethnic or gender prejudice because of their identity as a member of a group, without regard to their individual qualities.

504 Loan Program

Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the Certified Development Company (CDC) (backed by a 100 percent SBA-guaranteed debenture) covering up to 40 percent of the cost, and a contribution of at least 10 percent equity from the small business being helped.

Affiliates

Business concerns, organizations, or individuals that control each other or that are controlled by a third party.

Community Adjustment and Investment Program (CAIP)

The United States Community Adjustment and Investment Program was created to help communities that suffered job losses due to changing trade patterns with Mexico and Canada following the North American Free Trade Agreement (NAFTA).

Cost of Attendance (COA)

The total amount it will cost you to go to school - usually expressed as a yearly figure.

Default

Default is a failure to repay a loan according to the terms you agreed to when you signed a promissory note.

Eligible Non-citizen

You are not eligible for federal student loans if: You have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464); You're in the United States on certain visas, including an F1 or F2 student visa or a J1 or J2 exchange visitor visa; You have only a G series visa (pertaining to international organizations). Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau are not eligible for federal student loans.

Expected Family Contribution EFC

Your Expected Family Contribution (EFC) is calculated by the U.S. Department of Education based on the information you submit on your Free Application for Federal Student Aid (FAFSA), and is used to determine your eligibility for federal student loans and other aid.