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Definitions of Common Terms

Award Notification/Letter

The Award Letter is an official letter issued by the Financial Aid Office that lists the types and amounts of financial aid awarded to you. You are required to accept/decline certain awards.

Bill (E-Bill, Statement, etc.)

Tuition bills are produced and sent to you by the Student Accounts Office. Your bill will include your total charges, the current amount due, and the due dates for payments. Roosevelt University does not mail out paper bills. You will receive an email each month to your Roosevelt University Email account to let you know when your billing statement is ready to be viewed online (E-Bill).

Entrance Counseling

Entrance Counseling is a loan repayment and debt management session that you must complete before the first disbursement of your federal student loans.  Entrance Counseling covers your rights and responsibilities, the terms and conditions of your loans and the consequences of default.

FAFSA/SAR

FAFSA: The Free Application for Federal Student Aid (FAFSA) is a form that you must complete every year to apply for federal and state financial aid.

Higher One

Higher One is a company that provides higher education institutions and their students with efficient, convenient and easy-to-use solutions to handle financial disbursements. Higher One processes the refunds for all Roosevelt University students.

IRS Data Retrieval Tool

The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA). Students and parents may transfer the data directly into their FAFSA.

IRS Federal Tax Return

The tax form or forms used to file income taxes with the Internal Revenue Service (IRS). Tax returns often are set up in a worksheet format, where the income figures used to calculate the tax liability are written into the documents themselves. Tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits.

IRS Tax Account Transcript

The tax account transcript, shows basic data from the tax return (Form 1040, 1040A or 1040EZ), including marital status, type of return filed, adjusted gross income and taxable income. It also includes any adjustments that were made after the return was filed.

IRS Tax Return Transcript

A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. In most cases, the transcript includes all the information a lender or government agency needs. It does not show any changes that was made after filing.

Master Promissory Note

A Master Promissory Note (MPN) is a binding legal document that you must sign to receive federal student loans. It lists the conditions under which you're borrowing and the terms under which you agree to pay back your loans.

Payment Plan

Upon registering for classes, you must make satisfactory payment arrangements for your charges with the Student Accounts Office. You may choose from one of the payment plans acceptable by Roosevelt University, which include: full payment plan, extended payment plan, Direct Bill payment plan, and Tuition Reimbursement payment plan.

Private Loans

Private Loans are credit-based loans that you apply for through a private lender. Private loans cannot be consolidated with your federal loans.

Promissory Note

The Promissory Note is an official note that you sign acknowledging your responsibility for all direct charges associated with attending Roosevelt University (e.g. tuition, fees, Room and Board, etc…). You must submit a signed promissory note to the Student Accounts Office at the beginning of each semester.

Refund

Refunds are generated as a result of total payments toward your student account exceeding your total charges. Payments include financial aid, private loans/scholarships, payments made by you, etc.

RUACCESS

RUACCESS is your student portal to pertinent information related to your registration, financial aid, and student accounts. Through RUACCESS you will be able to register for classes, view your grades, view and accept your financial aid awards, make payments, and much, much more. You must use RUACCESS regularly.

SAR

The Student Aid Report (SAR) is a report that summarizes all the information you provided on your FAFSA.  Your SAR will contain your Expected Family Contribution (EFC), which is used to determine your eligibility for federal and state aid.  Your SAR will be sent to you and electronically released to the schools you listed on your FAFSA.

Sallie Mae

Sallie Mae (SLMA) is one of the nation’s largest providers of saving, planning and paying for education programs. Sallie Mae offers an interest-free extended payment plan, known as TuitionPay payment plan, which allows students to pay the balance on their student account through multiple installments over the course of the semester or academic year. If you choose the extended payment plan option, you will be enrolling in the Tuition Pay payment plan with Sallie Mae.

Terms and Conditions

These are the Terms and Conditions of receiving financial aid.  You are required to accept these terms and conditions before accepting your awards. 

Verification

Verification is a process where the Financial Aid Office confirms the data reported on your FAFSA.  If selected for verification, you will be asked to submit all required documentation (e.g. tax returns, W-2’s, etc…) that supports the information that you reported.