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<strong>Academic Competitiveness Grant (ACG)</strong> – A new federal grant available as of July 1, 2006. Eligibility for this grant is based on high school academic performance as well as financial need. More information is available at:
http://studentaid.ed.gov/PORTALSWebA...sp?tab=funding.
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gold franc (F3)<br />An ARTIFICIAL CURRENCY used by the International Telecommunications Union (Geneva) to express telecommunications charges of different countries in the same 'currency'. In 1865, the Telegraph Convention adopted the French franc as the monetary unit to be used in calculating international tariffs as it was a major hard currency. In 1928, to avoid the problem of fluctuations in the value of the franc, a standardized 'gold franc' equal to 10/31 of a gram of gold was the basic unit chosen. In 1947, many countries were dissatisfied with the system but the proposal to devalue the gold franc was rejected as it meant a reduction in international telegraph and telephone rates. Lacking an alternative, the system continued. However, the gold franc was never a reserve currency (accounts are settled in national currencies) but merely a unit of account: thus it has only one of the functions of money. Since the floating of currencies in 1971, the conversion of gold francs into national currencies has produced divergent results. Also, gold francs of different values are used for different types of transactions, e.g. the value for shipping tolls is different from that for telegrams. in 1987, the value of the gold franc was fixed with 3.0061 gold francs equal to 1 special drawing right.
<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.
is increasingly challenged in the case of flights between the countries of the EUROPEAN COMMUNITY.
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