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Cost of Attendance (COA): The total amount (not including grants
and scholarships) that it will cost you to go to school during the 2026–27 school
year. COA includes tuition and fees; housing and food; and allowances for books,
supplies, transportation, loan fees, and dependent care. It also includes
miscellaneous and personal expenses, such as an allowance for the rental or purchase
of a personal computer; costs related to a disability; and reasonable costs for
eligible study-abroad programs.
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Direct Subsidized Loan: Loans that the U.S. Department of Education
pays the interest on while you’re in school at least half-time, for the first six
months after you leave school (referred to as a grace period*), and during a period
of deferment (a postponement of loan payments).
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Direct Unsubsidized Loan: Loans that the borrower is responsible
for paying the interest on during all periods. If you choose not to pay the interest
while you are in school and during grace periods and deferment or forbearance
periods, your interest will accrue (accumulate) and be capitalized (that is, your
interest will be added to the principal amount of your loan).
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Student Aid Index: A number used by your school to calculate the
amount of federal student aid you are eligible to receive. It is based on the
financial information provided in your Free Application for Federal student Aid (the
FAFSA). This is not the amount of money your family will have to pay for college,
nor is it the amount of federal student aid you will receive.
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Federal Work-Study: A federal student aid program that provides
part-time employment while the student is enrolled in school to help pay his or her
education expenses. The student must seek out and apply for work-study jobs at his
or her school. The student will be paid directly for the hours he or she works may
not automatically be credited to pay for institutional tuition or fees. The amount
you earn cannot exceed the total amount awarded by the school for the award year.
The availability of work-study jobs varies by school. Please note that Federal
Work-Study earnings may be taxed in certain scenarios; however the income you earn
will not be counted against you when calculating your Student Aid Index on the
FASFA.
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Grants and Scholarships: Student aid funds that do not have to be
repaid. Grants are often need-based, while scholarships are usually merit-based.
Occasionally you might have to pay back part or all of a grant if, for example, you
withdraw from school before finishing a semester. If you use a grant or scholarship
to cover your living expenses, the amount of your scholarship may be counted as
taxable income on your tax return.
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Loans: Borrowed money that must be repaid with interest. Loans from
the federal government typically have a lower interest rate than loans from private
lenders. Federal loans, listed from most advantageous to least advantageous, are
called Direct Subsidized Loans, Direct Unsubsidized Loans, and Parent PLUS Loans.
You can find more information about federal loans at StudentAid.gov.
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Net Price: An estimate of the actual cost that a student and his or
her family need to pay in a given year to cover education expenses for the student
to attend a particular school. Net price is determined by taking the institution's
cost of attendance and subtracting any grants and scholarships for which the student
may be eligible.
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Non-Federal Private Education Loan: A private education loan is a
loan issued expressly for postsecondary education expenses to a borrower (either
through the educational institution or directly to the borrower) from a private
educational lender, rather than as a Title IV, HEA loan offered by the Department of
Education.
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Origination Fees: An upfront fee charged by a lender for processing
a new loan application. It is compensation for putting the loan in place.
Origination fees are quoted as a percentage of the total loan.
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Parent Plus Loan: A loan available to the parents of dependent
undergraduate students for which the borrower is fully responsible for paying the
interest regardless of the loan status.
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Teach Grant Program: Provides grants of up to $4,000 a year to
students who are completing or plan to complete course work needed to begin a career
in teaching. If you do not meet the requirements of your service obligation, all
TEACH Grants you received will be converted to Direct Unsubsidized Loans. You must
repay these loans in full, with interest charged from the date of each TEACH Grant
disbursement. Service obligation information can be found at
https://studentaid.gov/understand-aid/types/grants/teach.
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Tuition Payment Plan: A tuition payment plan offered by an
institution may allow students to spread out their payments. It includes an
extension of credit of 90 days or less in which the educational institution is the
lender, or of one year or less where an interest rate will not be applied to the
credit payment.
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VA Education Benefits: Benefits that help Veterans, service
members, and their qualified family members with needs like paying college tuition,
finding the right school or training program, and getting career counseling. You can
find more information here:
https://www.va.gov/education/.
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For more information visit
https://studentaid.gov.
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