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<strong>FDF</strong> – Federal Default Fee, a loan program fee required by the Deficit Reduction Act of 2005 to offset the risk of default and its subsequent costs. All Stafford and PLUS Loans guaranteed on or after July 1, 2006 must be assessed a one percent default fee. The fee either must be deducted from the borrower' s loan proceeds at the time of disbursement or paid by a third party from other non-federal sources (such as by a lender or servicer). Also referred to as DFee.
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Provisional Collection of Taxes Act (H2)<br />UK statute permitting changes in INDIRECT TAXES to be made before that year's Finance Act has been passed. This Act reduces IMPLEMENTATION LAGS in UK fiscal policy.
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<strong>PJ</strong> – Professional Judgment, the flexibility given to a financial aid administrator to make adjustments to student eligibility for federal Title IV aid and for Missouri student aid on a case- by-case basis.
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economic life (M4)<br />The period during which an asset is expected to yield a return. For the purposes of calculating DEPRECIATION, assets are assumed to have a standard life. Houses are given a notional life of 80 years, coal mines 100 years and machines 8, 16 or 25 years.
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