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Informative fund has actually differing rates of interest and you may installment terminology

Informative fund has actually differing rates of interest and you may installment terminology

NASFAA Glossary out-of Educational funding Words

Price of Attendance (COA): payday loans in Wyoming The estimated cost of attending this institution for one academic year. This amount includes the following:

Expected charges for one year of tuition and fees –
Tuition – Charges assessed for classes
Fees – Charges assessed for other college services
Room and board for resident students –
Estimated living expense — allowance for rent, utilities, and food for off-campus living
Estimated transportation costs
Estimated books and supplies
Miscellaneous costs

Academic Mortgage: A form of financial aid that must be repaid with interest. Students and/or parents are required to sign a promissory note when accepting an educational loan.

Government Lead Education loan: Loan funds provided to the student by the U.S. Department of Education, through the school. Repayment of principal begins six months after the borrower ceases to be a student on at least a half-time basis. The Free Application for Federal Student Aid (FAFSA) is the annual application. There are two types of Federal Direct Student Loans: subsidized and unsubsidized. Students who don’t demonstrate financial need qualify for an unsubsidized loan and interest accrues while the student is in school.

Government Perkins Loan: A low interest loan for educational expenses provided by the federal government for qualified individuals with exceptional financial need as defined by the institution. The Federal Perkins Loan needs to be repaid with interest once the student is no longer enrolled at least half-time.

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