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* Loan Amounts
Note that the amounts listed are the maximum available to you – you
are allowed and encouraged to borrow less than the maximum amount.
To learn about loan repayment choices and work out your Federal
Loan monthly payment, go to: https://studentaid.gov/manage-loans/
repayment.
Other Potential Education Benets
• American Opportunity Tax Credit: Parents or students may
qualify to receive up to $2,500 by claiming the American
Opportunity Tax Credit on their tax return during the following
calendar year.
• Military and/or National Service Benets
Next Steps
No action from you is needed in relation to this plan.
Review the College Financing Plan FAQs for additional information:
https://www.purdueglobal.edu/military/faq/.
Important Note: The College Financing Plan is an estimate based on
current tuition rates and fees and does not include military benets or
employer benets you may be eligible to receive.
Glossary
Cost of Attendance (COA): The total amount (not including grants and scholarships) that it will cost you to go to school during the 2020–21 school
year. COA includes tuition and fees; housing and meals; and allowances for books, supplies, transportation, loan fees, and dependent care. It also
includes miscellaneous and personal expenses, such as an allowance for the rental or purchase of a personal computer; costs related to a disability;
and reasonable costs for eligible study-abroad programs. For students attending less than half-time, the COA includes tuition and fees; an allowance
for books, supplies, and transportation; and dependent care expenses.
Expected Family Contribution: A number used by your school to calculate the amount of federal student aid you are eligible to receive. It is based on
the nancial information provided in your Free Application for Federal Student Aid (FAFSA). This is not the amount of money your family will have to pay
for college, nor is it the amount of federal student aid you will receive.
Federal Work-Study: A federal student aid program that provides part-time employment while the student is enrolled in school to help pay his or her
education expenses. The student must seek out and apply for work-study jobs at his or her school. The student will be paid directly for the hours he or
she works and the amount he or she earns cannot exceed the total amount awarded by the school for the award year. The availability of work-study
jobs varies by school.
Grants and Scholarships: Student aid funds that do not have to be repaid. Grants are often need-based, while scholarships are usually merit-based.
Occasionally you might have to pay back part or all of a grant if, for example, you withdraw from school before nishing a semester.
Loans: Borrowed money that must be repaid with interest. Loans from the federal government typically have a lower interest rate than loans from
private lenders. Federal loans, listed from most advantageous to least advantageous, are called Direct Subsidized Loans, Direct Unsubsidized Loans,
and Parent PLUS Loans. You can nd more information about federal loans at StudentAid.gov.
Direct Subsidized Loan: Loans that The U.S. Department of Education pays the interest on while you’re in school at least half-time, for the rst six
months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).
Direct Unsubsidized Loan: Loans that the borrower is responsible for paying the interest on during all periods. If you choose not to pay the interest
while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that
is, your interest will be added to the principal amount of your loan).
Parent Plus Loan: A loan available to the parents of dependent undergraduate students for which the borrower is fully responsible for paying the
interest regardless of the loan status.
Private Loan: A nonfederal loan made by a lender such as a bank, credit union, state agency, or school.
Net Cost: An estimate of the actual cost that a student and his or her family need to pay in a given year to cover education expenses for the student to
attend a particular school. Net price is determined by taking the institution’s cost of attendance and subtracting any grants and scholarships for which
the student may be eligible.
For more information visit https://studentaid.gov.
CFP 2020 03/2020
