Master's degree A degree that takes at least a year after the bachelor's to complete.

Master Promissory Note (MPN) A legally binding contract between a borrower and a lender. It establishes the conditions under which a student or parent borrows money and the terms under which it must be repaid. The MPN is good for 10 years if the student doesn’t change schools.

Median The middle value of a set of numbers.

Merit-based Financial aid based on academic, athletic or some other type of achievement.

Minor Secondary academic field of study in college.

MyKHEAA A personalized online account for students at kheaa.com.

Need analysis Formula used to determine eligibility for federal student aid. Updated each year by the federal government and other organizations to reflect changes in the economy.

Need-based Financial aid based on the government's need analysis formula.

Orientation A period of time at the beginning of the academic year at a university during which a variety of events are held to orient and welcome new students.

Parchment Exchange A secure network allowing high schools, postsecondary institutions and employers to securely transmit electronic transcripts.

Postsecondary “After high school.” Postsecondary education can be received at a college, university, community and technical college, proprietary school or off campus.

Precollege curriculum Specific credits high school students are required to complete for admission into Kentucky's public universities.

Private student loan An education loan from a lender other than the U.S. Department of Education. It can be from a public agency, bank, credit union or other lender.

Professional degree A degree in such fields as dentistry, law and medicine. These usually take at least six years to complete.

Professional Judgment The authority of financial aid administrators to make adjustments to certain data elements on the FAFSA in cases involving special circumstances with a family's income or assets. Proprietary schools Privately owned schools that provide a wide range of courses of study, such as cosmetology, business and broadcasting. Programs range from two to 24 months and lead to certificates, diplomas or degrees in a variety of subjects.

Proprietary schools Privately owned schools that provide a wide range of courses of study, such as cosmetology, business and broadcasting. Programs range from two to 24 months and lead to certificates, diplomas or degrees in a variety of subjects.

PSAT The Preliminary SAT, a practice version of the SAT, most often taken in the 11th grade.

Registrar An official in a college or university who is responsible for keeping student records.

Registration The process in which students plan their courses for the next semester or term, meet with their advisors and then register for classes.

Resume A document outlining a person's educational and work background, as well as special skill sets and training, often used to get a job.

Rolling admission Applicants are often notified of their acceptance or rejection within a few weeks of applying. A college with rolling admission typically accepts applications for as long as spaces are available.

Satisfactory academic progress A school's written standard of how it expects students to progress. To continue receiving federal student aid, the student has to meet certain requirements regarding grade level, credits earned and GPA.

SAT A college entrance exam with multiple-choice questions in math and critical reading sections and an optional essay. Scores are used for admissions purposes and in awarding scholarships.

Scholarship A financial aid award to help pay for higher education. Scholarships generally do not have to be repaid and are normally based on ability, talent or achievement.

StudentAid.gov Account Comprised of a username and password and can be used to log in to the FAFSA and certain Federal Student Aid websites.

Student Aid Index (SAI) The sum of your parents' available income, your income and assets.

Study abroad An arrangement that allows students to complete part of their degree program through educational activities outside the United States.

Subsidized Federal Direct Loan On a subsidized loan, the federal government pays the interest while you're in school and during a six-month grace period. This means you have more money to spend on your education. To qualify, you have to apply for financial aid, show financial need and receive a loan.

Scholarly Sources