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FAFSA (Free Application for Federal Student Aid):
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You must complete this form to be considered for federal student aid, including student loans.
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Federal Consolidation Loan:
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A program for borrowers who have multiple student loans and want to combine all or some of them into one new loan. The new consolidation loan will have different terms, including interest rate and repayment terms. Funds come from a bank, credit union, or other lender.
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Federal Family Education Loan Program (FFELP):
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The loan program containing Stafford, PLUS, and Consolidation Loans that are made by private banks, credit unions, or other lenders and guaranteed (insured) by guaranty agencies and reinsured in part by the federal government. College Assist is the designated guaranty agency for Colorado.
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Federal Pell Grant:
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An entitlement program for undergraduate students who have not yet completed their first baccalaureate degree. The FAFSA is your application.
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Federal Perkins Loans:
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A campus-based long-term, low interest loan program for both undergraduate and graduate students. The interest rate is 5%. Formerly known as the National Direct Student Loan Program. Also known as the Carl D. Perkins National Student Loan Program. The FAFSA is your application.
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Federal PLUS Loan:
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Available to parents of dependent undergraduate students and graduate students. Interest rates are fixed at 8.5%. This loan is not based on financial need and it may be used to replace the family contribution. Funds come from a bank, credit union, or other lender.
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Federal Stafford Loan:
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Low interest loans made to the student to help pay for the cost of attendance. The interest rate is fixed at 6.8%. If you have a subsidized Federal Stafford Loan, the federal government will pay the interest while you are in school at least half-time and during the grace period. If you have an unsubsidized loan you are responsible for your interest payments. You must fill out a FAFSA to determine eligibility. The financial aid office will notify you if you are eligible. Funds come from a bank, credit union, or other lender.
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Federal Supplemental Educational Opportunity Grant (FSEOG):
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A campus-based grant for undergraduate students with exceptional financial need who have not completed their first baccalaureate degree. Priority for FSEOG awards must be given to Pell Grant recipients. The FAFSA is your application.
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Federal Work-Study Program (FWS):
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A campus-based program that provides part-time employment for undergraduate and graduate students who are in need of such earnings to meet a portion of their education expenses.
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Financial Aid:
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Monetary assistance provided for a higher education in the form of scholarships, grants, student and parent loans, work-study programs, and other types.
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Financial Aid Office:
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An important resource. The school office is available to answer your financial aid questions and can make adjustments to your financial aid award if you have unusual circumstances.
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Financial Aid Package:
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A financial aid package or award is offered to a student to help offset the cost of education. The package can contain grants, loans, scholarships, and work-study employment. Financial aid is awarded based on the information you provided on the FAFSA.
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Financial Need:
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The difference between the student’s Cost of Attendance (COA) and the family’s ability to pay or Expected Family Contribution (EFC). COA – EFC = Financial Need
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Forbearance:
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You may be granted a forbearance if you are willing but unable to meet your repayment schedule and do not qualify for a deferment. During a forbearance period, you may not have to make any principal or interest payments on your loan; however, the interest will accrue and be added to your loan balance (capitalized). You have to apply for forbearance, in writing, to the holder of your loan.
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Fulltime Student:
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Generally, one who is taking a minimum of 12 semester or quarter hours per academic term in a traditional school or 24 clock hours per week in schools that measure progress in terms of clock hours.
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