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Office of Management and Budget (H1) An office of the US president set up in 1970 in succession to the Bureau of the Budget (founded 1921) which is responsible for preparing the Executive's budget for presentation to Congress in January each year. After examination by House and Senate committees, a concurrent resolution on the budget is announced by 15 April to be followed by legislation by 15 May. Once the budget is passed, the OMB supervises and controls its administration and provides data on programme performance.
<strong>Deferment</strong> – 1) A period of time during repayment in which the borrower, upon meeting certain conditions, is not required to make loan principal payments. For a subsidized Federal Stafford Loan, the loan is also eligible for a federal interest subsidy during periods of deferment. For an unsubsidized Federal Stafford, PLUS, or Grad PLUS Loan, the borrower is responsible for the interest during periods of deferment. In this case, the interest may either be paid or may be accrued and capitalized onto the principal amount. 2) For the Bright Flight program, a student may be eligible for a deferment of eligibility for up to 27 continuous months for participating in a student exchange program, service to a non-profit organization, service or active duty in the armed forces, and for medical reasons.
<strong>Freely associated states</strong> – States under U.S. jurisdiction whose residents are eligible for federal student aid. Includes the Republic of the Marshall Islands, the Federal States of Micronesia, and the Republic of Palau.
<strong>Blue Book, The</strong> – Department of Education manual providing guidance to school business office personnel who handle fiscal recordkeeping, accounting, and reporting functions for the federal Title IV student financial aid programs. The most recent edition is dated October 2005 and may be retrieved from the IFAP website (
http://www.ifap.ed.gov/bbooks/102005BlueBook.html).
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