Award Letter: A document that lists the type and amount of financial aid you are awarded for a year. New students are mailed a Financial Aid packet including the award letter once they are accepted. Continuing students can access their award letter(s) on My Antioch.

Certification: The process of approving a loan request and sending the information to the Department of Education; after certification the disbursement is scheduled.

Cost of Attendance (COA): The overall cost of attending Antioch University Seattle 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.

Deferment: An approved postponement of payment on student loans for a specified period, to which the borrower is entitled.

Disbursement: The actual payment of loan funds sent from the Department of Education and credited to the student account.

Expected Family Contribution (EFC): Derived from a formula used to evaluate your family’s resources. The formula takes several variables into account including the version of the 1040 you file, your age, marital status, number of dependents, income, and assets. This information is collected on the FAFSA.

Financial 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.

Full-time: Minimum of 12 credits for undergraduate students and six credits for graduate students.

Grace period: A period of time during which no payment is required.

Grant: Gift aid which does not have to be repaid.

Half-time: Minimum of six credits for undergraduate students and three credits for graduate students.

Loan Entrance Counseling: Before receiving a student loan, borrowers must complete an entrance counseling session. This interactive counseling session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities.

Loan Exit Counseling: Prior to graduating or leaving school, student loan borrowers must complete exit counseling. Exit Counseling will explain your rights and responsibilities as a student loan borrower. It will also review the amounts you borrowed and approximate repayment amounts.

Origination Fee: A fee deducted from the gross amount of a loan which is sent to the government to offset processing costs.

Promissory Note: A legally binding contract setting both the terms and conditions under which you promise to repay your loan.

Remaining Need: COA less EFC less awarded financial aid = remaining need.

Servicer: An entity contracted to administer and collect your loan for the Department of Education.