Information your award letter will contain: a full explanation of the cost of attendance (all fees included) and the financial aid you can expect to be receiving in the form of federal aid, state aid, and scholarships.

What does COA mean?
Cost of Attendance. This the projected total cost of your college attendance. This includes tuition, fees, room and board, books, and transportation.

Words to look for: If you see the words grant or scholarship. Be happy, you have received free money! You will never need to repay these funds. This money was awarded to you based on income or academic standing.

A work-study program is listed. Now what? This is free money, but you have to earn it. You will need to participate in part-time work to obtain this money. This job is usually on campus, they are flexible with your class schedule, and may even have something to do with your intended field of study.

Subsidized vs. Unsubsidized?
With a subsidized loan, you will not need to pay interest on the loan until you begin the repayment process. Generally speaking, this is six months after you graduate. A subsidized loan is need based. An unsubsidized loan is not need based and you will be charged interest as soon as your loan is disbursed.

What is a PLUS loan? These loans are credit based loans that your parents will take out. Repayment will begin right away and interest begins to accrue after two months.

1. Private loans generally have an interest rate based and borrowing terms based on your credit record and current economic climate. If you have a credit score that is less than perfect, you are likely to have a high interest rate. Your rate will also vary based on current prime rates. Over the course of your loan, you are likely to experience drastic changes in interest rate.
2. Federal loans have a six month grace period unlike private loans. Interest also begins to accrue the minute you begin school. While this also occurs with federal unsubsidized loans, the interest rate with unsubsidized loans will be lower than that of private loans.
3. Can’t find a job after school? Lose your job?  Federal loans can be deferred based on economic hardship. This is not true with private loans.  It is nearly impossible, regardless of situation, to get a deferment on private loans.