Understanding Your Award Letter

Important Terms and Definitions
 
Cost of Attendance (COA): The overall cost of attending Antioch for the fiscal year, including direct expenses (tuition and fees) and indirect expenses (e.g. living expenses).  The amount includes tuition, fees, books, transportation expenses, personal expenses, and a portion of living expenses. The fiscal year runs from July 1 to June 30 each year.

Expected Family Contribution (EFC): Based on the data you provided on your FAFSA, your EFC is the amount that the U.S. Department of Education calculated that you (and your spouse or parent, if applicable) should be able to contribute to your education. A federally mandated formula considers your household’s taxable and non-taxable income, taxes paid, assets, household size, and the number of family members in college. This is not necessarily the amount you will have to pay out of pocket to Antioch for your tuition and fees.

Unmet Need: The amount that remains after your EFC is subtracted from the estimated cost of attendance.  If the resulting calculation is a positive figure, then you are considered to have financial need. Antioch will attempt to package up to the full amount of your tuition based on enrollment. However, this may not always be possible due to your specific financial need, as determined by the results of your FAFSA.

Remaining Need:  Remaining need is calculated as follows:
Estimated Cost of Attendance
- EFC
- Aid Awarded
= Remaining Need

This does not indicate the amount you will have to pay out of pocket.  See the next page for help in determining if your aid will cover your direct expenses.

Federal Perkins Loan: A low interest loan (5%) awarded to undergraduate and graduate students based on exceptional financial need and availability of funds. Repayment begins nine months after you graduate, leave school, or drop below half-time enrollment. A separate promissory note much be signed each year before the loan can be processed.  

Federal Direct Student Loan: Loans that are part of the Direct Student loan program (DL), which helps students pay part of their educational expenses by borrowing directly from the government. These funds are for educational purposes only.  They have a reasonably low interest rate (see rate sheet). Repayment begins six months after you graduate, leave school, or drop below half-time enrollment. The monthly repayment amounts will be based on the amount borrowed. Aggregate (lifetime) limits are $57,500 for undergraduates and $138,500 (including undergrad loan amounts) for graduates.  

Federal Direct Subsidized Federal Loan: A federal loan awarded on the basis of need. While you are enrolled in school  half time or greater, the government pays the interest on this loan.  

Federal Direct Unsubsidized Federal Loan: Financial need is not required to borrow an unsubsidized loan. Under this program, you are responsible for the interest. You may pay the interest as it accrues or delay paying it until your repayment begins. The interest will be added to your loan principal if you do not choose to pay it as it accrues.  

Federal Work-Study: If you are awarded Federal Work-Study funds, you can obtain a position on campus at $13 per hour. Positions vary from five to twenty hours per week. These funds do not have to be repaid. If you were awarded work-study, contact the Human Resource Department for a list of open positions. If you indicated on your FAFSA that you are interested in Federal Work-Study, but you were not awarded the funds, check with the Financial Aid Office on your eligibility. The university has limited work-study programs, so there may be a waiting list. If so, you can request the Human Resources Department add you to the waiting list.

Grants: Federal and California State grants awarded to undergraduate students based on need and income. Grants are considered “gift” aid or funds that do no have to be paid back.

Alternative Loan: If you feel you need additional financial assistance, you may qualify for an alternative loan.  Students may borrow up to the cost of attendance less any financial aid received.  Interest rates, fees, and approval of this loan are determined by your credit history. If you don’t have established credit or have poor credit history, applying with a co-borrower is an option. Repayment normally beings six months after graduation or leaving school.

Federal Graduate PLUS Loan & Parent Plus Loans: Dependent Undergraduate
Graduate students and parents of a dependent undergraduate student may borrow up to the cost of attendance less any financial aid received. This is a Federal loan for credit-worthy graduate students and parents of a dependent student. The loan rate is fixed 7.9% and does not include a grace period. Contact the Financial Aid Office if you are interested in applying for a Graduate Plus loan or a Parent Plus loan.

You will have to reapply for financial aid for Summer 2014 to Spring 2015 by completing the 2014-2015 Free Application for Federal Student Aid (FAFSA). You can apply as early as January 1, 2014. The priority deadline is April 15, 2014.