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Help - Glossary

The following glossary listing contains definitions/descriptions of terms that are related to Federal student aid Title IV programs and/or acronyms..

The terms are listed according to alphabetical order. You can select the All link to view a listing of all of the glossary terms, or you may select the letter equal to the first letter of the term.


  • VA

    U.S. Department of Veterans Affairs
  • Valid Institutional Student Information Record (valid ISIR)

    An ISIR on which all the information reported on a student's FAFSA is accurate and complete as of the date the application is signed.
  • Valid Student Aid Report (valid SAR)

    A SAR on which all of the information reported on a student's FAFSA is accurate and complete as of the date the application is signed.
  • Variable Interest Rate

    An interest rate on a loan that fluctuates over the term of a loan on the basis of changes in an index that reflects changes in market rates.
  • VAT

    Value Added Tax
  • VDC

    Virtual Data Center
  • Verification

    The process under which an applicant's FAFSA information is selected by the Department or a school and determined to be accurate (true and complete within certain parameters) or inaccurate.
  • Verification Flag

    Code on a SAR/ISIR transaction indicating that a student has been selected for verification. After the student is selected, he or she is always selected for the current processing year. This data comes from the Student Is Selected for Verification field in the ISIR record layout.
  • Verification Selection Flag

    The field on the SAR/ISIR that identifies a correction transaction that is selected for verification when the transaction being corrected was not initially selected for verification. This field is always blank on an initial transaction. This flag is set to Y only on the correction transaction that is initially selected for verification. If the Verification Selection Flag is set from the previous transaction, this field is blank.
  • Verification Status Code

    The code (V, W, S, or blank) that must be reported in the COD system for students who receive Pell grants, regardless of whether they are selected for verification.
  • Veteran

    Any individual who
    • has engaged in the active duty in the United States Army, Navy, Air Force, Marines, or Coast Guard (other than for training purposes); and

    • was released under a condition other than dishonorable.

  • Veterans' Education Benefits

    Benefits associated with his or her service that a student who is also a veteran will receive during the award year. For a detailed explanation of Veterans' Education Benefits see the Higher Education Act, as amended, Part F, Section 480(c).
  • Voluntary Payments

    Payments made directly by a borrower or a student who owes a federal student aid debt and that do not include payments obtained by federal offset, garnishment, or income or asset execution.
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