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Campus-based Programs: The term commonly applied to those U.S. Department of Education federal student aid programs administered directly by institutions of postsecondary education. Includes: Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study (FWS), and Federal Perkins Loan programs. Since these awards can vary from school, they are non-transferable between institutions.

Cancellation (of loan): The condition that exists when a borrower of a federal student loan has fulfilled requirements to permit cancellation of, or writing off of, a designated portion of the principal and interest. Many cancellation provisions deal with service as a teacher or other community service occupations.

Capitalization (of interest): When interest payments are deferred and added to the principal amount of the loan.

Certificate: The formal acknowledgment of successful completion of a particular program or course of study, particularly in a vocational school, trade school, or junior college.

Citizen: A person who owes allegiance to the United States. Most state and federal financial aid programs are considered domestic assistance programs and are available only to citizens, nationals, permanent residents of the U.S., and people who are in this country for other than temporary purposes. Citizens of the Republic of Marshall Islands, the Federated States of Micronesia, and Republic of Palau are eligible for Federal Pell Grant, FSEOG and FWS only.

CLEP: See College-Level Examination Program.

Clock Hour: The unit of measurement some institutions give for fulfilling course requirements.

COA: See Cost of Attendance.

College-Level Examination Program (CLEP): A series of examinations demonstrating a students proficiency in a subject area, for which some postsecondary institutions offer credit. CLEP exams, administered by the College Board, operate on the premise that college-level accomplishment can be gained not only in the classroom buy by independent study and experience.

Commercial Lender: A commercial bank, savings and loan association, credit union, stock savings bank, trust company, or mutual savings bank. Can act as a lender for the Federal Family Education Loan (FFEL) Program. Loans made by commercial lenders under the FFEL Program are insured by state guarantee agencies with the backing of the federal government against losses from default or inability to pay.

Commuter Student: A student who does not live on campus; typically, commuter refers to a student living at home with his or her parents, but can also mean any student who lives off-campus.

Consolidation Loan: A loan made to enable a borrower with different types of loans to obtain a single loan with one interest rate and one repayment schedule. Federal Perkins, Federal Stafford (subsidized and unsubsidized), Direct Loan, Health Education Assistance Loans (HEAL), Health Professions Student Loans, and Loans for Disadvantaged Students may be combined for purposes of consolidation, subject to certain eligibility requirements. A consolidation loan pays off the existing loans; the borrower repays the consolidated loan. With loan consolidation, it is important to shop around for the best offer.

Cost of Attendance (COA): In general, this includes the tuition and fees normally assessed a student, together with the institutions estimate of the cost of room and board, transportation and commuting costs, books and supplies, and miscellaneous personal expenses. In addition, student loan fees, dependent care, reasonable costs for a study abroad or cooperative education program, and/or costs related to a disability may be included, when appropriate. Also referred to as cost of education or budget. Your Expected Family Contribution (EFC) is subtracted from the Cost of Attendance (COA)to determine you familys need for financial aid.

Credit (or Credit Hour): The unit of measurement some institutions give for fulfilling course requirements.