Cost of Attendance (COA): The total amount (not including grants and
scholarships) that it will cost you to go to school during the 2021–22 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
- 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).
- 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
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.
Income Share Agreement (ISA): An Income Share Agreement (ISA) is a contract between a student and their institution of higher education or other financial entity. The student receives money from the institution to fund their education. In exchange, they agree to pay the institution a percentage of their income after graduation for a set number of months or years.
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
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
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.
- 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.
- Private or Institutional Loan: A nonfederal loan made by a lender such as a bank, credit union, state agency, or school.
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.
- For more information visit https://studentaid.gov.