Cost of Attendance
What is the definition of Cost of Attendance?
- estimated budget for college
What does EFC stand for?
Expected Family Contribution
What's the difference between direct costs and indirect costs?
Direct costs are billed directly to the college (Tuition/fees, Room/board)
Indirect costs are not billed directly to the college
(Books/supplies, Transportation, Personal/Miscellaneous)
With work-study, you have to earn the money like a real job, as you work the hours throughout the semester! True or False?
True
What is the total direct cost?
$33,900
What are the 5 expenses of Cost of Attendance?
tuition/fees, room/board, books/supplies, transportation, personal expenses/miscellaneous
Which formula do you use to calculate your FINANCIAL NEED?
COA-EFC= FINANCIAL NEED
What's the difference between grants and scholarships?
Grants are based on NEED
Scholarships are based on merit OR need
What is a payment plan?
- A convenience in repaying a bill
- Instead of paying for the whole semester/year, you can pay in monthly installments
How much did the student receive in loans?
7,500
What expenses are billed to the school?
Direct- room & board/tuition fees
What is a loan "interest"?
A fee for borrowing money
A fee for taking out a loan
What's the difference between state grants and federal grants?
Federal- only for US Citizens, Fed. Government will distribute funds, can be used for ALL colleges
State- Texas residents, Fed. Government gives funds to school who distribute to students, can only be used for Texas Schools
You have a 5 month grace period after graduation to start paying off your loans. True, or False?
False.
6 month grace period
What is the total indirect cost?
4,500
What is the formula for calculating gap?
COA-EFC-Grants&Scholarships-Loans= GAP
OR
Financial Need- Grants & Scholarships-Loans= GAP
What are the 3 types of Federal Loans?
Subsidized, Unsubsidized, and Parent Plus
What's the difference between unsubsidized and subsidized loans?
Unsubsidized- interest accrues while you're in school
Subsidized- interest does NOT accrue while in school because the GOVERNMENT PAYS IT!
What is the average fee you have to pay to enroll in a payment plan?
$25
Calculate the students' estimated bill?
33,900