Financial Aid Award Notification - Glossary of Terminology

Cost of Attendance (COA): The estimated total cost of attending Manchester University for one academic year. This amount includes direct and indirect costs: 

  • Estimated charges for one academic year of tuition and fees 

  • Tuition – Charges assessed for classes and/or other coursework 

  • Fees – Charges assessed for other services  

  • Housing – Includes either (1) residence hall charges for on-campus students or (2) an estimate of rent and utilities for an off-campus student or (3) an estimate of expenses for those living with their parents 

  • Food – Includes the cost of a meal plan and/or an estimate of the costs of food prepared at home 

  • Estimated transportation and parking costs 

  • Estimated costs for books and supplies 

  • Miscellaneous costs such as, but not limited to personal hygiene, laundry, and reasonable entertainment 


Direct Costs:
Charges included in the Cost of Attendance that the student/family pays directly to the college. 


Educational Loan:
A form of financial aid that must be repaid. Educational loans have varying fees, interest rates, repayment terms, and/or borrower protections. 

  • Federal Student Loan: Federal funds made available to the student that must be paid back by the student. Students must have filed the Free Application for Federal Student Aid (FAFSA), complete Entrance Counseling and a Master Promissory Note (MPN) to receive these loans. Repayment begins six months after the student ceases to be enrolled at least half-time with options to delay payment available. To be eligible, the student must be enrolled at least half-time in an eligible program of study. 

  • Federal Direct Subsidized Student Loan: Loan funds provided to the student by the U.S. Department of Education, through the school. Undergraduate students with financial need can qualify for a subsidized loan. The government pays the interest on the loan while the student remains enrolled at least half time and during certain periods when the government allows deferment of repayment. There are annual limits on the amounts that may be borrowed, which vary by the student's academic year in school and the student's dependent or independent status. 

  • Federal Direct Unsubsidized Student Loan: Loan funds provided to the student by the U.S. Department of Education, through the school. Interest accrual begins immediately, and the student can choose to pay the interest while enrolled or upon entering repayment. There are annual limits on the amounts that may be borrowed, which vary by the student's academic year in school and the student's dependent or independent status. 

  • Federal Direct Parent PLUS Loan (PLUS): Loan funds provided to the parents of dependent undergraduate students by the U.S. Department of Education, through the school. This federal loan program allows parents with no adverse credit history to apply for a loan amount up to the Cost of Attendance each year, less any financial aid received by the dependent student. Repayment of principal and interest begins immediately once the loan is fully disbursed with some options to delay payment available. 

  • Private Loan: A student or parent loan from a commercial, state-affiliated or private lender used to pay for up to the annual Cost of Attendance, less any financial aid received. Private loans have varying interest rates, fees and repayment options and usually require the applicant to be creditworthy, or have a creditworthy cosigner. Repayment generally begins immediately. 


Expected Family Contribution (EFC):
An eligibility index that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The EFC is calculated according to a formula specified in law and is based upon the information provided by the student and their family on the Free Application for Federal Student Aid (FAFSA). 


Federal Pell Grant:
A federal grant provided by the federal government to undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution below a certain threshold established by the federal government. The Pell Grant award amount is prorated based on Enrollment Status. 


Federal Supplemental Educational Opportunity Grant (FSEOG):
A federal grant awarded by the institution to qualified undergraduate students who demonstrate exceptional financial need.  


Federal Work-Study (FWS):
A federal program offered and administered by the institution that provides opportunity for part-time employment to students with financial need to help pay their educational expenses. Students are responsible for finding qualified employment. Funds are paid out through a paycheck, as earned. 


Gift Aid:
Funds awarded to the student that do not have to be repaid, unless the student fails to meet certain criteria, such as a service requirement that is specified as a condition of the gift aid or not completing the period for which the aid was awarded. Gift aid can include awards with titles such as grants, scholarships, remissions, awards, waivers, etc. Gift aid can be awarded based upon many factors, including (but not limited to) financial need, academic excellence, musical talent, affiliation with various groups, and/or career aspirations. 


Grant:
Gift Aid that is typically based on financial need. 


Indirect Costs:
Estimated expenses in the Cost of Attendance that are not paid directly to the institution. 


Need:
The student's Cost of Attendance minus their Expected Family Contribution. 


Net Price:
Amount of direct and indirect costs remaining after all Gift Aid is applied. Net price can be covered through a variety of sources, including: savings, income, and education loans. 


Out of Pocket Cost:
 The amount of direct costs remaining after all gift aid, scholarships, and educational loans are applied. 


Scholarship:
Gift Aid that is typically based on merit, such as, academic excellence, talent, affiliation with various groups, or career aspirations or a combination of merit and need. 


Self-help:
An institution's expectation that a student contribute toward their education using a combination of loans, student employment such as Federal Work-Study, and/or summer savings. 


Unmet Need:
The student's Cost of Attendance, minus their Expected Family Contribution, less any aid received, such as Gift Aid, Federal Work-Study or Federal Direct Subsidized Loans. 


Verification:
A federally mandated process to confirm the accuracy of data provided by selected applicants on the Free Application for Federal Student Aid (FAFSA). To complete the verification process, the student, their parent(s), or spouse, if applicable, are required to provide certain documents to the school for review. If the documentation the student provides the institution doesn't match what was reported on the FAFSA, verification can result in changes to the student's financial aid eligibility, and/or financial aid offers. Manchester partners with a company called Inceptia to assist in processing verification requirements. 

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