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What does an “I” mean on my transcript?

What does an “I” mean on my transcript?

 “I” (Incomplete): Students are responsible for completing the requirements of courses in which they are enrolled by the end of the semester. Grades of incomplete will only be given when the student has completed seventy percent (70%) of the course requirements with a passing grade, and when in the opinion of the instructor, the student has a valid excuse for not completing on time and there is reasonable probability the work can be completed in the extension time. If the student does not complete the course requirements by the end of the extension granted (no later than five weeks after the semester ends), the grade earned up to that date will be recorded. An incomplete grade may affect your financial aid, and you are advised to discuss the matter with the Financial Aid Office.