Glossary

Cost of Attendance (COA): The total amount (not including grants and scholarships) that it will cost you to go to school during the 2023–24 school year.

COA includes tuition and fees; housing and meals; 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. For students attending less than half-time, the COA includes tuition and fees; an allowance for books, supplies, and

transportation; and dependent care expenses.

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).

Expected Family Contribution: 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 (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.

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 Expected Family Contribution on the FASFA.

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.

Grad Plus Loan: Grad Plus Loans are made to graduate or professional students to help pay for education expenses not covered by other financial aid.

Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to

qualify.

Health Resources and Services Administration (HRSA): Health Resources and Services Administration (HRSA) loans include Loans for

Disadvantaged Students (LDS); Primary Care Loans (PCL); and Nursing School Loans (NSL). https://bhw.hrsa.gov/loans-scholarships/school-based-loans.

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.

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.

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.

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.

Scholarships for Disadvantaged Students: Here is a link to a description of the program: https://www.benefits.gov/benefit/875.

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.

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.

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/.

For more information visit https://studentaid.gov.