Cost of Attendance
What is included in direct costs?
Direct costs include tuition, fees, housing, and meal plans.
What are the three main types of financial aid?
The three types are free money, earned money, and money you have to pay back.
What is a scholarship?
A scholarship is awarded based on merit, need, or achievements and does not need to be repaid.
What is a subsidized loan?
A subsidized loan does not accrue interest while the student is in school.
What is an out-of-pocket cost?
Out-of-pocket costs are the amount students and families must pay themselves after financial aid is applied.
What are indirect costs?
Indirect costs include books, travel, and personal expenses.
What type of aid does not have to be repaid?
Grants and scholarships do not need to be repaid.
What is a grant?
A grant is awarded based on financial need and does not need to be repaid.
What is an unsubsidized loan?
An unsubsidized loan accrues interest from the time it is disbursed.
What is a financial aid gap?
A financial aid gap is the remaining balance after aid is applied.
What is the total estimated cost of one year before aid?
The total estimated cost before aid is the direct costs plus indirect costs.
What is work-study?
Work-study allows students to earn money through an on-campus job.
What is the main difference between a grant and a scholarship?
Scholarships are often merit-based, while grants are typically need-based.
What happens if you don’t pay interest on an unsubsidized loan?
If interest is not paid on an unsubsidized loan, it capitalizes and increases the total debt.
What should you do if your aid doesn’t cover COA?
If aid doesn’t cover COA, students can look for scholarships, work-study, or payment plans.
What does COA stand for?
COA stands for Cost of Attendance.
What is the difference between subsidized and unsubsidized loans?
Subsidized loans do not accrue interest until 6 months after graduating college; unsubsidized loans start accruing interest immediately.
What are some sources of grant money?
Grant money can come from federal, state, or institutional sources.
Why is it important to minimize loan debt?
Minimizing loan debt is important to reduce financial burden after graduation.
What is a 100% need-met college?
A 100% need-met college guarantees to cover full demonstrated financial need based on FAFSA.
What are some unexpected costs students may encounter?
Unexpected costs can include course fees, lab materials, transportation, and health insurance.
What is 1 example of need-based aid and 1 example of non-need based aid?
Need-based aid is determined by financial need (grants, work study) while non-need-based aid is not (merit scholarships).
How do colleges determine financial need for grants?
Financial need is determined by FAFSA and institutional formulas.
What is loan deferment?
Loan deferment allows a borrower to temporarily pause payments.
How can a family plan for financial aid gaps?
Families can plan by saving early, applying for aid, and researching scholarship and financial aid options.