School Funding Tool Box

Discover NMU as well as the resources offered to help you produce the right choice when picking a college.

School Funding Acronyms

COA (price of Attendance) – This spending plan includes tuition, costs, room, board, books, materials, transportation and personal expenses for just one educational 12 months of training. The COA can be used to determine the maximum level of school funding that the pupil can get for the period that is academic.

EFC (anticipated household share) – Measure regarding the family’s economic strength centered on earnings, assets, household size and etc., submitted regarding the FAFSA. The EFC represents the cash the government thinks your household can contribute toward a year of university.

FAFSA (complimentary Application for Federal Student Aid) – a type needed because of the federal government for application to virtually any federal aid system; this kind can be used to determine the expected family share centered on family members information that is financial. This type can also be utilized to look for the certain Federal scholar Aid products that will donate to a student’s total aid that is financial as well as in just what proportions.

FAO (Financial Aid Office) – NMU’s Financial Aid workplace is found at 2107 C.B. Hedgcock.

FSEOG or SEOG (Federal Supplement Educational chance Grant) – Grant that is campus based and offers help for Pell eligible recipients. The quantity can vary at various schools centered on supply and financing parameters.

FWS (Federal Work learn system) – Funds employed for community or campus work; all cash made through the program according to need is recognized as income that is non-taxable.

GPA (level Point Average) – The grade that is average with a pupil, figured by dividing the grade points attained by the number of credits tried.

MCS (Michigan Competitive Scholarship) – offered to Michigan undergraduate students pursuing their very first level at an authorized Michigan post institution that is secondary.

MET (Michigan academic Trust) – This prepaid tuition program provides a few choices to the Michigan family members to secure tuition at Michigan general public organizations.

MPN (Master Promissory Note) – A legally binding loan contract a debtor indications to promise to settle the mortgage, with interest, in regular installments. The note may be signed on paper or electronically. a borrower may get loans that are multiple the exact same MPN.

PELL (Federal Pell Grant) – that is an entitlement from government to eligible students that are undergraduate.

PLUS (Parent Loan for Undergraduate Dependent Students) – Provides parents and pupils with an alternative solution solution to finance attending university.

SAP (Satisfactory Academic Progress) – Federal regulation requires that most aid that is financial progress at an acceptable price toward achieving a certificate or degree. That is online payday DE calculated by the student’s cumulative grade point average; the sheer number of credits attained in terms of those attempted; plus the maximum period of time permitted to complete a educational system.

SAR (Student Aid Report) – the notification that is official down following the FAFSA is prepared. This document shall state your anticipated household share.

TIP (Tuition Incentive Program) – that is a situation of Michigan system that encourages qualified students to accomplish high school by supplying tuition support for the first couple of several years of university and past.

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