Cost of Attendance (COA)

The estimated cost of attending Clarkson College for the semesters in which you will be enrolled during an academic year and the COA budget is used to determine your financial aid eligibility. The Cost of Attendance amount includes the following:

• Estimated tuition and fees charges
  Tuition  – Charges assessed for classes
  Fees  – Charges assessed for other college services
• Estimated books and supplies
• Room and board for students – allowance for housing, utilities and food.
• Miscellaneous costs  – allowance for personal care and other costs associated with attending college
• Estimated transportation costs
• Estimated Student Loan Fees

Direct and Indirect Costs

Direct costs are billed costs that are paid directly to the institution, and typically include your student’s tuition, fees, housing, and meal plan charges. such as tuition, fees and on-campus housing (if applicable).

Indirect costs are student expenses associated with college attendance that are not paid directly to the institution, and may include your student’s books and supplies, travel, living, other bills, etc.

Educational Loan

An education loan is a sum of money borrowed to finance a post-secondary education or higher education-related expenses. Education loans are intended to cover the cost of tuition, books and supplies, and living expenses while the borrower is in the process of pursuing a degree. Educational loans have varying interest rates and repayment terms and must be repaid with interest. Students and/or parents are required to sign a promissory note when accepting an educational loan and Entrance Counseling must be completed for all new Federal Subsidized, Unsubsidized, and Graduate PLUS Loan borrowers. It ensures that borrowers understand their responsibilities and obligations when taking out federal student loans.

Student Loan:  Funds awarded to the student that must be paid back to the lender by the student.

• Direct Subsidized Loan: Direct Subsidized Loan is a type of federal student loans (made through the William D. Ford Federal Direct Loan Program) where a borrower isn’t generally responsible for paying interest while in an in-school, grace*, or deferment period. Before you receive your loan funds, you will be required to:
  • complete entrance counseling, a tool to ensure you understand your obligation to repay the loan; and
  • sign a Master Promissory Note, agreeing to the terms of the loan.
    
    
• Direct Unsubsidized Loan: Direct Unsubsidized Loans are a type of federal student loan created under the William D. Ford Federal Direct Loan Program. They are made available to all undergraduate, graduate, and professional degree students, regardless of financial need. They are not subsidized by the federal government, this means that they will accrue interest at all times, including while:
  
  • You are actively enrolled in school at least half time
  • During your six-month student loan grace period after you leave school
  • During any period of deferment or forbearance
    
    
• Graduate Plus Loan: Direct PLUS loans can help pay for education expenses not covered by other financial aid. The U.S. Department of Education makes Direct PLUS Loans to eligible graduate or professional students through schools participating in the Direct Loan Program.
  To receive a grad PLUS loan, you must:
  
  • be a graduate or professional student enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate;
  • not have an adverse credit history and
  • meet the general eligibility requirements for federal student aid.

• Federal Parent Loan (PLUS):  A federal loan program that allows parents who have no adverse credit history to apply for up to the Cost of Attendance each year, less any financial aid. PLUS loans must be repaid with interest.

Enrollment Status

Academic workload (or course load), that a student is carrying for a defined academic period. This relates to the number of credit hours taken by a student during a semester (academic period). To be eligible for most types of financial aid, a student must be enrolled at least half-time (6 credit hours for Undergraduate students or 3 credit hours for Graduate students). Clarkson College enrollment status levels:

• Undergraduate Full-time status = 12 or more credit hours per semester
• Graduate Full-time status = 6 or more credit hours per semester
• Undergraduate Three-quarter time status = 9-11 credit hours per semester
• Undergraduate Half-time status = 6-8 credit hours per semester
• Graduate Half-time status = 3-5 credit hours per semester

Federal Pell Grant

A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Student Aid Index below a threshold designated annually by the U.S. Department of Education, based on the amount of program funds appropriated by Congress.

Federal Supplemental Educational Opportunity Grant (FSEOG)

A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Pell Grant recipients and funds must be awarded by the school in lowest SAI order.

Federal Work-Study (FWS)

Federal Work-Study is a financial aid program that allows eligible students to earn money on campus or in public service organizations.

Gift Aid

Gift aid refers to money awarded to students to help cover the cost of that does not require repayment. It includes grants — typically awarded based on financial need—and scholarships, which may be awarded based on merit, need, athletic ability, community service, or other criteria.

Grant

Gift aid awarded to the student that does not need to be repaid. Grants are typically based on financial need.

Net Cost

Amount of direct and indirect costs remaining after all gift aid (scholarship and grant) is subtracted.

Out-of-pocket Cost

Out-of-pocket costs are what you have to pay upfront for your education each year. They are what you still owe (or what’s left to pay) toward tuition, fees, and other living/educational expenses after you subtract all of the scholarships you’ve earned and the federal grants and loans for which you have received and accepted.

Scholarship

Gift aid awarded to the student that does not need to be repaid. Scholarship awards are typically based on merit or a combination of merit and need, such as academic excellence, affiliation with various groups, or career aspirations.

Self-help

Financial aid in the form of loans or student employment. Loans are used to help pay the remaining net costs after gift aid is deducted. Student employment earnings (including Federal Work-Study awards) are generally not deducted from billed costs but can be used to help cover indirect costs and are paid in the form of wages to the student.

Student Aid Index

Student Aid Index is a formula-based index number ranging from –1500 to 999999. This number represents an estimated level of financial need for the student. Your SAI is a number calculated by the federal government using financial and family information from your FAFSA. It is not a dollar amount of aid y a student will receive. It is not what the family is expected to provide. It is not the final financial aid offer.

Verification

Process to confirm the accuracy of data provided by the applicant on the FAFSA. In order to complete the verification process, students are required to provide certain documents to Clarkson College for review.

• Private (Alternative) Loan:  A loan from a commercial, state-affiliated or institutional lender used to pay for up to the annual cost of education, less any financial aid received. Private loans usually require the applicant to be creditworthy or have a co-signer and have varying interest rates, fees and repayment options. Repayment of interest (and often principal) generally begins immediately, with some lenders offering deferment options for in-school periods.