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Gift Aid or Assistance:
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The form of financial aid (grants and scholarships) that does not normally require repayment or require that work be performed.
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Grace period:
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The period of time that begins when a loan recipient ceases to attend school on at least a halftime basis and ends when the repayment period starts. Loan payments do not have to be made and, if borrowing a Federal Perkins or a subsidized Federal Stafford Loan, the federal government continues to pay the interest during this period. Currently the grace period is 6 months for Federal Stafford Loans and 9 months for Federal Perkins Loans.
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Graduate or Professional Student:
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A student enrolled in an academic program of study above the baccalaureate level at an institution of higher education.
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Grant:
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A type of financial aid that does not normally have to be repaid and is usually awarded on the basis of financial need.
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Guaranty Agency or Guarantor:
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A state agency or private, non-profit institution or organization that administers the Federal FEL Program. The guarantor oversees the student loan process, including approval of the loan and issuance of the guarantee to the lender that the loan will be repaid. In Colorado, the designated guaranty agency is College Assist.
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