Check Your Knowledge Quiz

The total cost for a student to attend a graduate program, including tuition, fees, room and board, books, supplies, transportation, and personal expenses.

International students can apply to CPT, an off-campus work experience that is part of your graduate school curriculum. These experiences include internships, cooperative education, and required work experiences. You must be enrolled in your academic program for at least one year before beginning CPT.

A calculation used by financial aid offices to determine how much a family is expected to contribute to a student’s education, based on income and other factors.

A form of financial aid that typically does not require work and is awarded based on merit, research, or academic achievement. Like undergraduate scholarships, fellowship funding does not need to be repaid.

A program that provides part-time employment to graduate students with financial need, allowing them to earn money to help pay for education expenses.

A form of financial aid, usually in the form of a gift that doesn’t need to be repaid, given for educational purposes, particularly for research, study, or specific academic programs. A grant is an example of a scholarship.

A position offered by a university to graduate students that provides a stipend and/or tuition remission in exchange for teaching, research, or administrative assistance.

A temporary postponement of loan repayment for qualifying students, often available during periods of enrollment in graduate school.

A federal loan for graduate or professional students that covers the cost of education not met by other financial aid.

Federal loan repayment plans where monthly payments are based on income, family size, and other factors.

The percentage of the loan amount that is charged by the lender for borrowing money. Graduate student loans may have different interest rates depending on the loan type.

Money borrowed from the government or private lenders that must be repaid with interest, often after graduation. Common loans include Federal Direct Unsubsidized Loans, Grad PLUS Loans, and private student loans.

The process of combining multiple federal loans into one loan, simplifying the repayment process but potentially changing the interest rate and loan terms.

Programs, like Public Service Loan Forgiveness (PSLF), that allow borrowers to have their student loans forgiven after meeting certain criteria (e.g., working in a qualifying public service job for a set number of years).

Financial assistance awarded based on academic achievement or other skills or talents, rather than financial need.

Financial assistance given to students based on their financial need, which is typically determined by the COA and the EFC.

International students can apply for OPT, off-campus work that is related to a student’s field of study but is not a formal part of their academic program. Eligible students can apply for OPT for up to 12 months while studying (pre-completion OPT) and can work for up to 20 hours per week off campus when school is in session and full-time during breaks and vacations. Eligible students can apply for an additional 12 months after their program of study is complete (post-completion OPT) and requires a student to work for at least 20 hours per week.

The period of time after graduation during which a student is not required to make loan payments, typically lasting 6 months for federal student loans.

Loans provided by private financial institutions, often with varying interest rates, repayment terms, and eligibility criteria compared to federal student loans.

The process of consolidating multiple student loans into a single loan, often to secure a lower interest rate or better repayment terms.

A schedule for paying back federal or private student loans, which can vary based on the loan type, income, and other factors.

A financial award given to students based on academic performance, talent, or other criteria. Unlike loans, scholarships don’t need to be repaid.

The cost of courses and academic instruction at a graduate school.

A benefit provided by universities that covers some or all of a student’s tuition costs, often as part of a graduate assistantship or fellowship package.