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<strong>Unsubsidized loan</strong> – A loan that is not based on need and is NOT eligible for federal interest benefits. The borrower is responsible for the interest that accrues on any unsubsidized loan, including unsubsidized Federal Stafford Loans, Federal PLUS Loans, and Graduate PLUS Loans.
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<strong>R</strong> – Code used to request a “release” on a disbursement or to indicate a released status, as defined within CommonLine file specifications.

mons, included RICARDo: they recommended a restoration of convertibility as soon as practicable. During the period of suspension, the Bank of England was accused of over-issuing banknotes and creating much of the wartime inflation. However, Henry THORNTON, a commercial banker, in his brilliant Paper Credit, took a broader view of money and the banking system.<br /><em>See also:</em> Currency School

<strong>Bursar, or Business Office</strong> – The institutional office that is responsible for the billing and collection of school charges.
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<strong>FANG</strong> – Financial Aid Noon Group, the mid-Missouri group of financial aid officers. FANG normally meets several times a year in Columbia.

<strong>DAAR</strong> – Default Aversion Assistance Request, the request sent by the lender to the MDHE to request DAA when a borrower is more than 60 days delinquent.

<strong>Unsolicited response file</strong> – A CommonLine file containing “M records,” or modification records sent in response to status updates and changes made by a source other than a school' s CTSF.

manpower forecasting (J2)<br />Estimating the future demand for and supply of labour. These forecasts can be made for a nation, a region or a firm. They consist of deriving a demand for labour forecast from an output forecast using fixed labour-output coefficients (sometimes revised by informed management opinion) and a supply of labour forecast based on population projections, LABOUR FORCE PARTICIPATION RATES and estimations of labour migration.
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<strong>PT</strong> – Part time, a term used to describe students attending school with less than a full-time academic workload, as defined by the school.
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dual-decision hypothesis (E6)<br />Clower's reinterpretation of KEYNEs's unemployment equilibrium by distinguishing 'notional' demand, the demand of households at prices reflecting a FULL- EMPLOYMENT equilibrium from 'effective' demand, the demand of households whose actual incomes have fallen through unemployment. Adjustment to unemployment equilibrium takes place through incomes and not through relative prices. This hypothesis recognizes that in a market system a household cannot buy and sell what it pleases if there is excess supply in the economy, and attempts to reconcile WALRAS'S LAW with KEYNEs's General Theory.<br /><em>Reference</em><br />Clower, R.W (ed.) (1969) Monetary Theory, ch. 19, Harmondsworth: Penguin.
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08-02-2011 10:46 PM

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<strong>ANN</strong> – Type of Dear Colleague Letter providing training announcements.

piece rate (J3)<br />A specific wage rate per unit of output. Piece rates were a major method of paying workers and now are useful in incentive pay schemes.<br /><em>See also:</em> time rate

<strong>Change Transaction Send File (CTSF)</strong> – The CommonLine file type used to send change transactions to guarantors, lenders, and/or servicers so that FFEL Program loans may be updated. CTSFs are divided into pre-disbursement transactions (@1-09) and post-disbursement change transactions (@1-10).

<strong>R record</strong> – Response record, a record type included in CommonLine response files. An “R record” is sent to the original source of a change transaction send file.
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08-02-2011 11:10 PM

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distribution (D3, L8)<br />1 The division of the NATIONAL !NCOME among the FACTORS OF PRODUCTION in the form of WAGES, PROFITS, !NTEREST and RENT. TURGOT, in his Reflections sur la formation et la distribution des richesses (1766), was probably the first economic writer to examine the distribution as a separate issue. Despite John Stuart MILL's attempt to separate the laws of production from the laws of distribution, there has always been an intimate relationship between distribution and other economic theories. Socialist economists have made the study of distribu- tion a major concern.<br /> 2 The distribution of one type of income between persons or between groups.<br /> 3 The last stage of production in which goods or services reach final consumers.<br /><em>See also:</em> labour's share of national income; post-Keynesians

<strong>NAACP</strong> – National Association for the Advancement of Colored People.

<strong>POP3</strong> – Post Office Protocol Version 3, a method to permit workstations on the internet to access a mailbox server.
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Marshallian demand curve (DO) MARSHALL's graphical representation of a demand schedule showing the relationship between two variables, price and quantity demanded, assuming that any other determinants of demand remain the same as prices change. FRIEDMAN and others have discussed the implications of the ceteris paribus assumptions, especially the difficulty of keeping real income constant as prices change.<br /><em>Reference</em><br />Friedman, M. (1953) Essays in Positive Economics, pp. 47-99, Chicago and London: University of Chicago Press.<br /> Marshall, A. (1920) Principles of Economics, 8th edn, Book 3, ch. 3 and Mathematical Appendix, London: Macmillan
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08-02-2011 11:34 PM

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<strong>Add Loan</strong> – Application processing feature within MODEL Direct. The Add Loan process provides a realtime guarantee for loan applications.

<strong>FERPA</strong> – Family Educational Rights and Privacy Act of 1974.
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motility (J6)<br />The tendency of a worker to be mobile in a labour market. This can be measured by a questionnaire concerning a worker's intentions. Determinants of motility include a person's level of education, type of occupation and financial ability to obtain housing in another area.<br /><em>See also:</em> mobility of labour

revalorization (E3, H2)<br />Changing prices or tax rates, e.g. periodic increases in excise duties in line with INFLATION SO that these INDIRECT TAXES are constant in real terms.

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Garn St Germain Depository Institutions Act 1982 (G2, K2)<br />The sequel to the DEPOSITORY INSTITUTIONS DEREGULATION AND MONETARYCONTROL ACT 1980 which continued the deregulation of the US banking industry, particularly through the removal of interest rate ceilings.
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sunbelt (L6, R3)<br />An area of a country with new growing industries, e.g. California or the UK belt from Cambridge through Berkshire and Hampshire to Bristol. The expansion of such an area often poses a threat to the prosperity of an older industrial area.

<strong>Late disbursement</strong> – A disbursement made by a lender after the end of the loan period or the date on which the student ceased to be enrolled at least half time.

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marzipan layer (G2, M1)<br />The managers below the level of director or partner who are responsible for the operations of a financial institution such as a bank or brokerage house,
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<strong>Financial Aid Administrator (FAA)</strong> – A staff member at an eligible school who administers financial aid programs.
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08-03-2011 12:42 AM

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economic devolution (DO, PO)<br />1 The transfer of all economic decision making to individual households and businesses.<br /> 2 The principal characteristic of a MINIMAL STATE.
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<strong>FY</strong> – Fiscal Year, an annual budgetary period. A fiscal year may defined as a calendar year or other period, such as a State Fiscal Year (July 1-June 30) or Federal Fiscal Year (October 1– September 30).

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<strong>IPEDS</strong> – Integrated Postsecondary Education Data System, an annual report filed by postsecondary educational institutions to the U.S. Department of Education. IPEDS data is submitted to the National Center on Education Statistics (NCES).

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08-03-2011 01:05 AM

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<strong>Escrow agent</strong> – A guarantor or other eligible entity that receives the proceeds of a FFEL Program loan as an agent of an eligible lender for the purpose of transmitting those proceeds to the school.
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<strong>MOHELA</strong> – Missouri Higher Education Loan Authority, Missouri' s designated FFELP secondary market. MOHELA, a non-profit quasi-governmental entity, originates, disburses, services, and purchases FFELP and private loans. Additionally, MOHELA provides Missouri students with significant repayment benefits, including deeply discounted interest rates when the MDHE is the guarantor. MOHELA was created more than 20 years ago and is headquartered in Chesterfield, Missouri. May be found on the world wide web at www.mohela.org.
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prime bank scam (G2)<br />An investment scheme by a financial institution giving itself the exalted title of 'prime bank' in order to attract funds from unsophisticated, often older, investors, who are tempted by promises of rates of return of over 100 per cent.
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08-03-2011 01:31 AM

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<strong>Multiple changes</strong> – Feature within MODEL Direct allowing a single change to be applied to multiple borrowers/loans at one time. Change types supported include multiple hold/release and multiple cancellations.

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indicator variable (E6)<br />An economic statistic which describes the current state of an economy and guides a policy-maker in his or her actions, particularly whether to deflate or reflate the economy.<br /><em>See also:</em> coincident indicators; economic indicators
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cartalist (E4)<br />A person believing that the value of a currency depends on the power of the issuing authority and not on its intrinsic value or its convertibility into gold.<br /><em>See also:</em> Banking School; fiat money; metallist

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08-03-2011 01:53 AM

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<strong>Federal Fiscal Year (FFY)</strong> – The period of October 1st through September 30th.
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<strong>Electronic Access Conference (EAC)</strong> – An annual conference sponsored by the U.S. Department of Education.

<strong>FT</strong> – Full Time, an enrollment status indicating the student is carrying a full academic workload as determined by the school.

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Model Tax Convention (H2)<br />The OECD's consensual rules for taxing income and capital to avoid double taxation and the consequential discouragement to investment. This guide, first published in 1992 and regularly updated, has been the basis for over 1,500 tax treaties throughout the world.

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inflation targeting (E5)<br />Setting as the goal for a CENTRAL BANK the achievement of price inflation at or below a prescribed rate. New Zealand in 1990 was the first to adopt this policy; Canada, the UK, Sweden and Australia were next to adopt targeting. In the USA the FEDERAL RESERVE under the EMPLOYMENT ACT 1946 has a broader remit which includes both economic growth and the control of inflation.<br /><em>See also:</em> Monetary Policy Committee (UK)

overnight money (E4)<br />Short loans of one to three days' duration by banks to the money market. In London this is the major source of finance of the DlSCOUNf HOUSES.
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free market (D4)<br />A market in which buyers and sellers are free to contract on whatever terms they wish without governmental interference.

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<strong>MOHELA</strong> – Missouri Higher Education Loan Authority, Missouri' s designated FFELP secondary market. MOHELA, a non-profit quasi-governmental entity, originates, disburses, services, and purchases FFELP and private loans. Additionally, MOHELA provides Missouri students with significant repayment benefits, including deeply discounted interest rates when the MDHE is the guarantor. MOHELA was created more than 20 years ago and is headquartered in Chesterfield, Missouri. May be found on the world wide web at www.mohela.org.

<strong>Independent student</strong> – A student who meets one or more of the federal criteria to be classified as independent for aid awarding purposes. Criteria under section 480(d) of the HEA include: • Age 24 by December 31 of the academic year • Graduate or professional student • Married student • Student with legal dependents • Veteran • Orphan or ward of the court
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<strong>FAT</strong> – Financial Aid Transcript, an official record of federal financial aid a student has received at schools the student previously attended.

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08-03-2011 03:29 AM

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Proposition 13 (H2)<br />A proposition made binding on the State of California (USA) in 1978 to reduce the amount of taxation on residential property. It was believed that residential property owners were paying an unfair amount of taxation compared with business. The proposition reduced the assessed values of
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regional multiplier (R1)<br />The number of times the income or employment of a region will multiply as a consequence of an increase in AUTONOMous EXPENDITURES.<br /> TWo approaches are often used: the economic base multiplier and the modified KEYNESIAN approach. The economic base approach assumes that regional income can be divided into two pa rts -what a rises from the BASIC IN DUSTRIES of the region and what springs from other regional industries. This multiplier is then calculated as I /(1 - s) with s the ratio of income earned in the non-basic sector to total regional income, i.e. the regional mul tiplier is<br />1 1 - ( 1 - t )( c - m )<br />with t the income tax rate, c the ma rginal propensity to consume and m the ma rginal propensity to import. There are many problems in calculating this multiplier, including the fact that basic industries may vary greatly in the extent to which they export to other regions. The KEYNESIAN approach merely applies a national multiplier formula to a region. A multiplier for a particular region is usually smaller than that for the national economy of which it is part as regions are more open, thus suffering from leakages of expenditures to other regions.<br /><em>See also:</em> multiplier

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debt restructuring (GO)<br />Changing the MATUR!T!ES of the debts of a government or a firm so that it is easier to service them. Restructuring often takes the form of lengthening the maturity of debt. It is allowed by creditors who would otherwise have little prospect of receiving interest and repayment of the PRINCIPAL
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coincident indicators (E3)<br />Measures of economic activity used by economic forecasters to track cyclical movements in the ECONOMY. The main ones used are employment in non-agricultural enterprises, personal income less transfer payments. and indices of total industrial production and manufacturing and trade sales.<br /><em>See also:</em> economic indicators
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division of labour (D2)<br />Specialization of productive activity either by persons in different occupational groups undertaking particular tasks or by

DEVALUATION of a currency with a fixed exchange rate On the BALANCE OF PAYMENTS current account. It is based on the observation that initially after devaluation, before there can be responses to the changed import and export prices, the total cost of imports will be higher and the total value of exports lower. An appreciation of a currency, conversely, will produce an inverted J-curve. The curve plots the balance of payments current account balance against time (in the figure, td is the date at which devaluation occurs).

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