What is a borrower based academic year?
The Borrower Based Academic Year (BBAY) is a standard that may be used to measure annual loan limit progression when a student does not attend school according to the traditional calendar.
What does academic period of the loan mean?
A loan period is the academic year or portion of an academic year (for example, a single semester or quarter) that the loan is requested for.
What is a standard academic year?
An academic year typically includes a fall and spring semester, with a shorter optional summer session. Many also have a short optional winter session. Some operate on a trimester calendar.
What are student loans based?
Your school will determine how much you can borrow, based on the cost of attendance and how much other financial aid you’re receiving. Direct PLUS Loans are credit-based, unsubsidized federal loans for parents and graduate/professional students. Direct PLUS Loans for parents are also known as Parent PLUS Loans.
What is an academic year for financial aid?
An academic year is one complete school year at the same school, or two complete, half years at different schools. For schools that have a year-round program of instruction, nine months is considered an academic year. Acceleration is the demand for immediate repayment of the entire outstanding balance of a loan.
What are the reasons for a student borrower to consider postponement of a federal student loan?
There are a variety of circumstances that may qualify you for a deferment on your federal student loan.
- Cancer Treatment Deferment.
- Economic Hardship Deferment.
- Graduate Fellowship Deferment.
- In-School Deferment.
- Military Service and Post-Active Duty Student Deferment.
- Parent PLUS Borrower Deferment.
What is the start date of a student loan?
When setting up an employee’s student loan, the Start Date can either be the date that you as the employer plan on starting the deduction, or the actual Start Date of the loan repayment itself. You don’t have to enter in an end date.
What is a loan period start and end date?
Start date: The first day of your classes for the upcoming academic year. End date: The last day of your classes for the upcoming academic year.
How do I know my academic year?
A Calendar year ranges from 1 January through to 31 December. An Academic year is comprised of two Teaching Periods, January to June, and July to December. Each Teaching Period includes the main 13-week Study Period (SP) and 10-week Trimesters as well as block and/or intensive study period.
Is academic year and school year the same?
The academic year is the period of the year during which students attend school or university.
What is the basic criteria to be eligible for FAFSA?
Our general eligibility requirements include that you have financial need, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at your college or career school.
What is an academic year?
The academic year is one component used in determining a student’s eligibility for Title IV aid. A school may have different academic years for different academic programs. For example, a school may choose to define the academic year for a term-based program differently from a non-term program.
What is the academic year for FSA purposes?
For FSA purposes, the academic year is defined in weeks of instructional time and for undergraduate programs in credit or clock-hours. The program’s academic year does not have to coincide with the school’s academic calendar.
What are the payment periods for the program?
There are four scheduled payment periods, each of which is equal to one-half of the defined academic year: 12 semester hours and 15 weeks of instructional time. Students in the program are expected to complete the first 24 hours over 36 weeks of instructional time, and the final 24 semester hours in 24 weeks of instructional time.