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  219 Appendix 4. Watch Your Language: A Glossary of Financial Aid This glossary includes organizations and other entities as well as technical terms broadly associated with financial aid. To save space and avoid invidious selection, the glossary does not list specific statutes, or state and nongovernmental programs and organizations other than college associations. The one exception is American College Testing (ACT). Cross-references to other glossary entries are in boldface type, and items usually referred to by abbreviations are listed under their abbreviations. Most of the items are current, but the glossary also includes a few archaic terms. Acceptance rate, admit rate. The percentage of applicants that a college admits (offers a place to). Cf. yield. ACE. Founded in 1918, the American Council on Education has served as an umbrella organization of colleges and college associations but has developed its own voice. Its mission statement stresses the equalizing of educational opportunity and the promotion of a stronger higher-education system as “cornerstones of a democratic society.” ACT. American College Testing administers national college admissions tests; it started up in 1959 in competition with College Board’s SATs. Based in Iowa City, ACT is strong in the Midwest and Southeast. Admit (noun). An admit is a college applicant to whom the college has offered a place (applicant has been admitted). The student has not necessarily said yes and enrolled. Cf. yield. Admit-deny. The practice of admitting a student but denying college grant aid, though the student qualifies for it on the basis of financial need. Grant aid is reserved for those considered more meritorious. This was common practice till the 1970s, but the term was more common before the 1990s, when alterna- 220   Aiding Students, Buying Students tives appeared. College aid policies today are usually more flexible. Cf. gap, need-aware, need-blind, and preferential packaging. AmeriCorps, or the Corporation for National and Community Service, is the federal agency administering awards for community work given under the National Community Services Trust Act of 1993. The awards include small stipends during service plus grants to pay for college or repay student loans. Athletic scholarships are muscular merits, awarded on the basis of athletic prowess , not financial need. Beneficiary aid. A nineteenth- and early-twentieth-century term for need-based aid. BEOG. See Pell grant. Campus-based aid. Federal or state aid provided to colleges to distribute according to colleges’ discretion but within set guidelines. COFHE (pronounced “co-fi”). The Consortium on Financing Higher Education is an elite association of thirty-one highly selective private universities and liberal arts colleges. Created in 1974 out of a smaller group, it is much concerned with financial aid policy and practices. (COFHE should not be confused with the temporary Commission on Financing Higher Education, funded by the Rockefeller Foundation in the 1950s.) College Board. Founded in 1900 as the College Entrance Examination Board, the board is today a testing body (it owns the SATs), an association of colleges and schools, a research sponsor, and an educational publisher. Dedicated to “equity” as well as “excellence,” it has been much concerned with financial aid, especially since the 1940s. Consolidated loans. Like some other bodies, the federal government enables graduates to replace various federal loans, including “unsubsidized” ones, with a single loan, at a relatively low fixed interest rate. (At the time of writing, the program’s survival is uncertain.) CSS. The College Scholarship Service, an arm of the College Board, was created in 1954 to help colleges process aid applications and apply need analysis to them. CSS also promoted need-based aid through conferences and training . The CSS’s financial aid processing is now done by a differently named part of the College Board—College and University Enrollment Solutions, or CUES—but CSS remains an oddly named committee within the board bureaucracy . CSS/Financial Aid Profile (or CSS/Profile) is the College Board’s equivalent of FAFSA, a financial aid application and assessment form used by some colleges in allocating nonfederal aid. CWS. See FWS. Dependent students. The traditional undergraduate population, at least since the mid-nineteenth century. By legal definition they depend on parents for over Appendix 4. Glossary of Financial Aid  221 half their financial support, are under twenty-four, and fulfill other criteria indicating that they are not independent students. Differential packaging. See preferential packaging. Direct lending. See Ford Direct Loans. Discount rate. A college’s total spending on grant aid in relation to its tuition revenue. It is usually expressed as a percentage...