Generally defined as two academic semesters (Fall and Spring) .
The day interest charges begin to be added to the loan balance.
Adjusted Gross Income (AGI)
Taxable income after all allowable deductions are made, such as IRA deductions, moving expenses, self-employment taxes and health insurance, Keogh retirement plans and alimony payments. (For more information, please see the IRS' definition of AGI for individual taxpayers.)
For financial aid purposes, assets are generally considered to include cash on hand in checking and savings accounts, trusts, stocks, bonds, other securities (i.e., real estate, income-producing property, business equipment and business inventory). These assets are considered in determining expected family contribution (EFC). Assets in formal retirement plans and/or life insurance accounts are not generally considered in need analysis.
The award year, for federal aid and most institutional purposes, begins on July 1 of one year and extends to June 30 of the next year.