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Lapse in appropriations

A period when Congress fails to pass legislation that provides funding for government agencies, leading to a shutdown of non-essential government operations.

Excepted employee

A federal employee who is required to work during a government shutdown because their job is deemed essential for the safety of life or property, even though they may not be paid during the shutdown.

Furlough

A mandatory, temporary leave of absence for federal employees without pay, typically due to a government shutdown or budget cuts.

Part D of title IV of the Higher Education Act of 1965

The section of federal law that authorizes and governs the William D. Ford Federal Direct Loan Program, which provides federal student loans to eligible students and parents.

Consumer reporting agency

A company that collects and sells information about an individual's credit history, such as Equifax, Experian, and TransUnion.

Fiscal year

A 12-month period used for budgeting and accounting purposes by the government. The federal fiscal year runs from October 1st to September 30th.