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Definitions (57)
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accrual date
The day interest charges on an educational loan begin to accrue.
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budget
The estimate of a student's cost of attending SWOSU. Same as Cost of Attendance.
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campus-based aid
Programs administered by SWOSU, using annual federal allocations. They include Federal Supplemental Educational Opportunity Grants (FSEOG) and Federal Work Study.
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capitalization
The process of adding unpaid interest to the principal balance of an educational loan, thereby increasing the total amount to be repaid.
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capitalized interest
When interest is capitalized, it's added each month to the loan principal instead of being charged to you. This makes the principal grow each month. Since interest is a percentage of the principal, the interest also grows each month. When repayment begins, you pay more total interest than you would if you'd paid it as it was charged - you [..]
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central processing system
Federal offices in Iowa or Illinois that receive FAFSA data, check students' eligibility, and compute Expected Family Contributions (EFC).
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citizen/ eligible non-citizen
United States immigration status you must have in order to receive federal student aid.
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consolidation loan
A loan program that allows a borrower to combine various educational loans into one new loan. By extending the repayment period (up to 30 years depending on the loan amount) and allowing a single monthly payment, consolidation can make loan repayment easier for some borrowers. But since interest rates can be higher after this procedure, it is not r [..]
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cost of attendance
An estimate of a student's tuition, fees, books, room, board, transportation, and personal costs related to attending SWOSU. This is typically the maximum amount of aid a student can receive in a term. Aid received in excess of this limit must be returned to its source. Same as budget.
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