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Scholarship:
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A form of financial assistance that does not usually require repayment or employment and is awarded to a student who demonstrates or shows exceptional ability, usually in academic performance or sports. You must apply for each scholarship separately and they come from a variety of sources including churches, professional organizations, businesses and schools. If you are still in high school, the counseling center will have scholarship information. Public libraries are also a good source of information (ask the reference librarian). If you do not qualify the first year, do not be afraid to apply in subsequent years. Sometimes organizations prefer to award scholarships to college sophomores, juniors and seniors.
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Secondary Market:
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The
organization that buys loans from the lenders
to provide them with funds to make more
student loans. Secondary markets can also
be lenders for certain loan programs. If
the lender sells the loan to a secondary
market, the secondary market becomes the
holder until the loan is paid in full. Colorado's
state-appointed secondary market is CollegeInvest
but there are other secondary markets that
also buy student loans within the state.
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Servicer:
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The organization that a lender or secondary market can hire to help administer the student loan program. This includes disbursing funds, monitoring loans while borrowers are in school, and assisting borrowers during repayment. The Colorado Servicing Consortium (A College Assist/Nelnet Partnership) is the primary servicer in Colorado.
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Student Aid Report (SAR):
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The report or electronic file you will receive approximately 4-6 weeks after you mail your FAFSA. Look it over carefully; it will confirm the information you supplied on the form. If corrections are required, you need to make them quickly. Before making any corrections, check with the financial aid office of the school you are going to attend. A financial aid counselor may be able to make corrections electronically for you.
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Supplemental Educational Opportunity Grant:
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See Federal Supplemental Educational Opportunity Grant.
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Supplemental Leveraging Educational Assistance Partnership (SLEAP) Grant:
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State grant assistance for postsecondary students with substantial financial need, which is supplemental to the Colorado Leveraging Educational Assistance Partnership (CLEAP) grant. It includes federal and state funds. SLEAP Grants may be targeted for specific programs, such as teaching. The FAFSA is your application.
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