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Chapter 9: Financial Aid

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Financial aid is monetary assistance for a student's college education. The money can cover the direct educational costs (such as tuition, fees and books) or personal living expenses (such as food, housing and transportation). Financial assistance is available in a variety of ways.

Individuals should apply early for financial aid. Applications must be filled out and submitted to the financial aid office at the college or university by the set deadlines. Students wishing to apply for financial aid should contact the Financial Aid Director at the school they are planning to attend. For further information, contact the Federal Student Aid Information Center at (800) 433-3243. http://studentaid.ed.gov/students/publications/student_guide/index.html

There are three types of financial aid available for undergraduate students entering college:
1. Grants and Scholarships
These are gifts and do not require repayment or performance of a service. There are many sources for these funds including the federal government, state agencies, professional and service organizations, private foundations, individual schools and the Armed Forces. Grants are usually awarded on the basis of need alone. Unlike grants, scholarships are awarded only if certain criteria are met by the student, such as academic achievement.
2. Loans
These are subsidized by a variety of sources, such as the state or federal government, educational foundations, industrial organizations and private lending organizations (banks and savings and loan companies). Student loans generally carry lower interest rates than commercial loans and must be repaid after graduation or leaving college, usually within six months.
3. Student Employment or Work Aid
This financial aid is considered self-aid because such programs require students to work usually between 10 to 15 hours a week to earn it, such as the Federal College Work-Study Program. Wages are based on federal minimum wage guidelines, although they may vary according to the skill and experience needed for the job. The job is usually arranged by the school.


Select a category below to view the types of financial aid available.
> Federal Programs

> Financial Aid for Health Careers

> Illinois State Scholarships and Loans

> Other Scholarships

> Hospital Scholarships and Loans

> Resources for Financial Aid information

Federal Programs

The U.S. Department of Education provides the largest source of funding for financial aid programs. These programs are listed below. Applications are available at postsecondary schools and high schools. The "Student Guide: Five Federal Financial Aid Programs" may be obtained by writing to Federal Student Aid Programs, Department DEA-86, Public Documents Distribution Center, Pueblo, CO 81009.

Federal Pell Grant Program
This is the largest need-based student aid program. This program makes funds available to eligible students attending participating colleges, community/ junior colleges, vocational schools, technical institutes, hospital schools of nursing and other participating postsecondary institutions. To be eligible, an applicant must be an undergraduate student enrolled at least on a half-time basis. The maxim um amount given per student per year is approximately $3,500 however; the federal government can change that amount every year. The amount a student receives depends on need, the cost of education at the specific college, the length of the program in which the student is enrolled and whether enrollment is full or part-time. To apply for a Federal Pell Grant, a student must complete the federal form called "Free Application for Federal Student Aid" (FAFSA).
http://www.fafsa.ed.gov/
Federal Supplemental Educational Opportunity Grant Program (SEOG)
This program is one of the three campus-based programs. "Campus-based" means that while the money comes from the federal government, the colleges distribute the money to students who can show exceptional financial need. Recipients must be United States citizens enrolled at least part-time in an undergraduate program at an accredited college or university. The amount of the award varies from $200 to $4,000 per year depending on financial need.
http://www.ed.gov/prog_info/SFA/StudentGuide/2002-3/fseog.html
Federal Perkins Loan Program
Formerly called the National Direct Student Loan Program, this program is another federal campus-based program administered by colleges and universities. Undergraduate and graduate students are eligible and may borrow up to $3,000 a year for the first two years of undergraduate study to a total of $15,000 for an undergraduate degree and $30,000 for a graduate degree (including any amount borrowed for the undergraduate degree). Repayment is deferred until a student leaves school or nine months after graduation. At that time, regular payments are required until the total loan plus interest is repaid.
http://www.ed.gov/prog_info/SFA/StudentGuide/2002-3/perkins.html
Federal College Work-Study Program
With this federal campus-based program, participating colleges provide employment opportunities for students with demonstrated need who are enrolled at least part-time in an undergraduate or graduate program. Students are usually employed on campus and paid federal minimum wage. The financial aid administrator takes into account the student's class schedule and skills when assigning a job. Average work schedules range from 10 to 15 hours per week.
http://www.ed.gov/prog_info/SFA/StudentGuide/2001-2/workstudy.html
Federal Stafford Student Loan Program
This program, formerly called the Guaranteed Student Loan Program, permits individuals with demonstrated need to borrow money from private sources such as banks, credit unions and savings and loan associations. These loans are subsidized by the government and carry a lower interest rate than other commercial loans. Repayment of the loan and interest is deferred until the student graduates or leaves school. Students may borrow a maximum of $2,625 for first year of undergraduate study, up to $3,500 for the second year of undergraduate study, and up to $5,500 for the third year of undergraduate study, up to a total of $23,000. To be eligible for a Federal Stafford Loan, the student must be a U.S. citizen or eligible non-citizen, attend an approved college or university at least halftime and demonstrate financial need.
http://www.studentaid.ed.gov/students/publications/student_guide/2003_2004/english/types-stafford.htm



Financial Aid for Health Careers

The U.S. Department of Health and Human Services has programs which provide assistance to students enrolled in health profession programs. Information on these programs may be obtained from the Health Resources and Services Administration, Bureau of Health Professions, 5600 Fishers Lane, Rockville, MD 20857 or the Office of Financial Aid at the school you plan to attend.

Illinois Medical Student Scholarship Program
Scholarships are awarded to eligible Illinois residents enrolled in one of the eight accredited medical schools in Illinois of allopathic or osteopathic medicine. These scholarships pay for tuition, fees (matriculation fees and mandatory insurance), and living expenses. Living expenses are paid at the rate of $700 a month for 12 months per year. Scholarships are sent to medical schools for disbursement. Recipients repay the scholarships by practicing in Illinois' primary care physician shortages. The scholarship program is administered by the Illinois Department of Public Health, 535 West Jefferson, Springfield, Illinois, 62761, (217) 782-1624.
http://www.idph.state.il.us/about/rural_health/rural_scholarship.htm
American Health Information Association
Offers scholarships to students enrolled in the last year of an accredited health information program. For additional information contact the American Health Information Association at (312) 787-2672.
http://www.health-enter.com/american-health-information-association/american-health-information-association.html
National Health Service Corps (NHSC) Scholarships
Scholarships are awarded to U.S. citizens enrolled in accredited U.S. schools of allopathic or osteopathic medicine, nurse midwives, nurse practitioner, or physician assistant disciplines needed for the mission of NHSC. These scholarships include a monthly living stipend and payment of school tuition. Each year of scholarship support incurs a year of Federal Service obligation. The minimum service obligation is two years. The scholarship program is administered by the Bureau of Health Care Delivery and Assistance, Division of Health Service Scholarships, NHSC Scholarships, 8201 Greensboro Drive, Suite 600, McLean, Virginia 22012, (800) 221-9393
http://nhsc.bhpr.hrsa.gov/
Nursing Student Loan Program
This is a federally supported loan available through participating schools of professional nursing for students who need assistance to pursue full-time or part-time courses of study. Amount of an individual loan depends on the general availability to student aid funds and on need as determined by the student's school. A student may receive no more than $2,500 per academic year and no student may receive more than a total of $10,000 for all years in loan assistance. The total loan is repayable over a ten-year period beginning nine months after the borrower completes or discontinues nursing studies.
http://bhpr.hrsa.gov/dsa/pages/nu.htm#anchor1039973
Nurses' Educational Funds
This organization grants scholarships to registered nurses pursuing further full-time study through degree programs. Men and women who are members of the American Nurses' Association and who qualify for these awards study in nursing programs accredited by the National League of Nursing in colleges and universities of their choice. Funds are contributed by nurses, business and industrial firms, organizations and individuals. The Board of Directors determines the amount and number of awards each year on the basis of availability of funds and the nature of applications. Write for application forms or additional information to Nurses' Educational Funds, 555 West 57th Street, New York, NY 10019, (212) 582-8820.
http://www.n-e-f.org/
The American Dental Hygienists' Association Foundation
This foundation offers the following scholarships: 1) Certificate Scholarship Program, 2) Baccalaureate Dental Hygiene Scholarship Program and 3) Graduate Dental Hygiene Fellowship Program. For specific eligibility information and application forms, write to: American Dental Hygienists' Association, 444 North Michigan Avenue, Suite 3400, Chicago, IL 60611, (312) 440-8900.
http://www.adha.org/students/sadha.htm
DuPage Medical Society Foundation Grants
Grant assistance is provided to students in, the health care field of medicine, dentistry, nursing, pharmacy, physical therapy, laboratory technology and other paramedical health fields. Grants are restricted to DuPage County residents who demonstrate financial need. For information, write: DuPage Medical Society Foundation, 800 Roosevelt Road, Building B, Suite 300, Glen Ellyn, IL 60137 or call (630) 858-9603.
http://www.dcmsdocs.org/webpages/foundation.asp
The American Nurses' Association (ANA) Minority Fellowship Programs (MFP)
Financial support is provided to licensed registered nurses pursuing the baccalaureate degree in nursing. Maximum awards are $2,000. This scholarship is for ethnic and racial minorities who plan to pursue nursing care in underserved areas of the country. An applicant must be a U.S. citizen or a permanent visa resident, a licensed registered nurse pursuing full-time studies in an accredited school of nursing leading to a baccalaureate degree and be a member of the National Student Nurses' Association or a state nurses' affiliate. For information, write to the American Nurses' Association, Inc., Minority Fellowship Programs Office, 600 Maryland Avenue SE, Suite 100 W, Washington, DC 20024.
http://www.nursingworld.org/emfp/
Professional Nurse Traineeship Program
This is available through participating training institutions to help registered nurses prepare to teach in the various fields of nurse training, to serve in administrative or supervisory capacities, to serve as nurse practitioners or to serve in other professional nursing specialties requiring advanced training. For information, write: Division of Nursing, Bureau of Health Resources and Services Administration, Room 5C-26, Parklawn Building, 5600 Fishers Lane, Rockville, MD 20857.
The Foundation of the National Student Nurses' Association, Inc. Scholarship Program
Applicants must be enrolled in undergraduate nursing or pre-nursing programs in state approved schools of nursing. Scholarships range from $1,000 to $2,500 and are based on academic achievement, financial need and student involvement in health care organizations and community activities. For information, write to The Foundation of the National Student Nurses' Association, Inc., .555 West 57th Street, Suite 1325, New York, NY 10019.
http://www.nsna.org/foundation/pdf/app_2004-2005.pdf
Federal Nursing Loan
This federal loan program, administered by the U.S. Department of Health and Human Services, awards loans to students in their junior and senior year of nursing school. No interest or repayment is charged while the student is in school. The interest rate is 5%. For further information, consult with the Director of Financial Aid at any approved school of nursing.
Intravenous Nurses Society Licensed Practical Nurse Educational Scholarship
A scholarship has been established by the Intravenous Nurses Society to promote the continuing education pursuits of the Licensed Practical Nurse in the clinical specialty of Intravenous Nursing. Applicants must hold a current license as an LPN or LVN, currently working in IV nursing or demonstrate an interest in the IV nursing specialty. For additional information write to: The Intravenous Nurses Society LPN Scholarship Committee, Two Brighton Street, Belmont, MA 02178.



Illinois State Scholarships and Loans

The State of Illinois is committed to financing education for Illinois residents through scholarships, grants and loan guarantees. The Illinois State Scholarship Commission administers these financial assistance programs. For information and application forms, see your guidance counselor or write to the Illinois State Scholarship Commission, 106 Wilmot Road, Deerfield, IL 60015, (847) 948-8550 or (312) 793-3745 (Chicago).

Monetary Award Program (MAP)
This is a grant which does not have to be repaid. Students must demonstrate financial need and meet the following criteria: be a U.S. citizen or eligible non-citizen, be a resident of Illinois, enroll at an approved Illinois MAP school, enroll for a least six quarter hours; and meet the "satisfactory academic program standards" of the selected school. For further eligibility requirements and application procedures, write to the Illinois State Scholarship Commission or talk to your guidance counselor. Illinois State Scholars Program - This program recognizes outstanding academic achievements by high school students who are residents of the state. Students who are selected as state scholars do not automatically get financial aid, but many of these students are offered special awards by Illinois colleges and universities. For eligibility requirements and application form, write to the Illinois State Scholarship Commission.
Illinois Merit Recognition Scholarship Program
Provides $1000 awards made in two payments to Illinois students who rank in the top 5 % of their high school classes at the end of the seventh semester. Financial need is not a factor in determining MRS recipients. This scholarship does not count as a financial resource in calculations for the need-based MAP grant; students may receive both a MAP grant and a MRS. This program is dependent upon funding each year from the Illinois General Assembly.
http://www.collegezone.com/media/0304MRSSchools.pdf
Federal PLUS Loan Program
Provides money to qualified parents of dependent undergraduate and graduate students. Effective July 1, 1993, PLUS loans enable parents to borrow up to the total cost of attendance minus any financial aid. There is no aggregate maximum. Applications for the Federal PLUS Loan Program is available at ISAC-approved banks, savings and loan associations, credit unions, or ISAC. The lending institution either approves or denies each loan application. As of 7/1/93, parents borrowing under the Federal PLUS Program are subject to a credit check by the lending institution.
http://www.ed.gov/prog_info/SFA/StudentGuide/2000-1/plus.html
Federal Supplemental Loans for Students (SLS)
This program provides loans to independent undergraduate and graduate students who are qualified borrowers. Under certain circumstances, some dependent undergraduate students may also be eligible. Students who wish to borrow through this program do not have to demonstrate financial need. Repayment of Federal SLS loans begins shortly after the funds are disbursed. SLS loans have a variable interest rate, not exceeding l 1 %. This loan requires the completion of an Application/ Promissory Note that is available at participating ISAC approved banks, savings and loan associations, credit unions, or ISAC. The lending institution approves or denies each loan application.
http://www.ed.gov/finaid/prof/resources/data/fslpdata94-96/edlite-txt09.html
unILOAN Program
The Illinois Student Assistance Commission (ISAC) has a loan consolidation program, unILOAN, that enables students to combine various educational loans into one manageable loan. Through this program, a borrower can extend the repayment terms of various loans, based on the amount being consolidated. The educational loans that may be consolidated include: Federal Stafford Loans, Guaranteed Student Loans (GSL), Illinois Opportunity Loans, and Federal Supplemental Loans for Students (SLS), Federal Perkins Loans, National Direct Student Loans (NDSL), Health Professions Student Loans (HPSL), and Federal Plus Loans.
http://www.idapp.org/borrowers/loanconsolidation_worksheet.htm



Other Scholarships

National Merit Scholarship
This is a nationwide competition for college undergraduate scholarships. Details concerning eligibility and the scholarship are published annually in the PSAT/NMSQT Student Bulletin sent to high schools. Contact: National Merit Scholarship Program, One American Plaza, Evanston, IL 60201, (847) 866-5100.
http://www.nationalmerit.org/contact.html
The National Association of Secondary School Principals
Sponsored by the Century III Leaders Program, the association provides two awards per school and one national award to high school seniors who are selected by their school. For information, contact your school principal.
http://www.nassp.org/
Educational Communications, Inc. Scholarship Foundation
This scholarship is awarded to junior and senior students who have demonstrated ability and effort. Semi-finalists are selected on the basis of aptitude test scores, leadership qualifications, student interests and work experience. For information, contact Paul Krouse, President, 721 North McKinley Road, Lake Forest, IL 60045, (847) 295-6650.
Kemper (Harris and Elgin) Fund
This fund provides interest-free student loans with a limit of $10,000 per student over a three-to-four-year period. Monthly payments are required after completion of the academic program. Loans must be repaid within five years of termination from school. For information, contact Harris L. Kemper, Chairman, P. O. Box 119, Galveston, TX 77553, (409) 762-1603.
Peterson (Esper A.) Foundation
This fund awards scholarships to students attending colleges in Illinois and the surrounding area. Scholarships of up to $1,000 per year are available for study at colleges, junior colleges, universities, trade schools, technical schools and nurses training. For information, write: 4241 Kirk Street, Skokie, IL 60076, (847) 677-0049.



Hospital Scholarships and Loans

Alexian Brothers Medical Center
The Alexian Brothers Medical Center Auxiliary awards several scholarships to deserving individuals to further their learning in the health care fields. The number and size of the grant is determined by the Auxiliary Scholarship Committee. The award may only be used to defray tuition costs at the school of the applicant's choice and will be sent directly to the school. For information and an application form, contact the Alexian Brothers Medical Center Auxiliary, 800 West Biesterfield Road, Elk Grove Village, IL 60007, (847) 437-5500.
Condell Medical Center
This hospital offers an educational program to high school students who are interested in learning about health careers. The program called "Penwasciz" enables students to observe, learn and work with hospital staff professionals. Scholarships are awarded to outstanding Penwasciz graduates who have chosen to pursue a health career. For information on eligibility requirements and application, write to Penwasciz, Condell Medical Center, 900 Garfield Avenue, Libertyville, IL 60048, (847) 362-2900.
Copley Memorial Hospital
This hospital provides nursing scholarships to junior/senior-level undergraduate students. Scholarships are awarded based upon academic achievement, commitment to the nursing profession and intent to be employed at Copley Memorial Hospital for one full year following graduation. For more information, contact the Employment Coordinator at Copley Memorial Hospital, Lincoln and Weston Avenues, Aurora, IL 60505, (630) 844-1030, x4004.
Elmhurst Memorial Hospital
This hospital has a student nurse tuition stipend and employment program. To be eligible, students must be enrolled in a baccalaureate school of nursing program. If accepted into the program, students agree to work at Elmhurst Memorial Hospital for one year as a fulltime RN in return for each year of tuition received. The hospital will reimburse up to $3,000 per year for the student's junior and senior years. For information, call the manager of Nurse Recruitment and Retention at Elmhurst Memorial Hospital, 200 Berteau Avenue, Elmhurst, IL 60126, (630) 833-1400.
Good Shepherd Hospital
The Auxiliary of Good Shepherd Hospital awards scholarships of $500 and $1,000 to students residing in the hospital area who will be attending school within the state of Illinois and pursuing an education in a health-related field. The number of scholarships awarded will depend upon the number of qualified applicants. Applications are evaluated on the basis of attitude and desire of the student toward education, leadership, citizenship, personality and financial need. For further information, contact the Scholarship Committee Chairman, Auxiliary of Good Shepherd Hospital, 450 West Highway 22, Barrington, IL 60010, (847)381-9600.
Gottlieb Memorial Hospital
The Auxiliary of Gottlieb Memorial Hospital has a nursing scholarship program which is awarded to qualified students during their last quarter or semester of their nursing education. Applicants must agree to work full-time at Gottlieb Memorial Hospital for one year following graduation from college. For further requirements and information, contact the Gottlieb Memorial Hospital Auxiliary, 701 West North Avenue, Melrose Park, IL 60160, (708) 681-3200.
Hinsdale Hospital
Hinsdale Hospital provides financial assistance to students in academic programs preparing for hospital-related positions. The amounts will be available in $500 increments with maximums of $1,000 for an associate degree; $4,000 for a baccalaureate degree; $4,000 for a master's degree. Students must maintain a GPA of 2.5 and commitment of one year of employment at the hospital for every $1,000 of grant money received. The hospital also has a loan program. For further information, contact: Hinsdale Hospital, Human Resource Department, 120 North Oak Street, Hinsdale, IL 60521, (630) 856-9000.
Holy Family Hospital
Holy Family Hospital offers scholarships for nurses and medical technologists. To qualify, students must be in their last semester of college and willing to commit one year of work at Holy Family after graduation. Students must also have a3.0 grade point average or above and be in good standing at their college or university. For more information, contact: Holy Family Hospital, 100 North River Road, Des Plaines, IL 60016, (847) 297-1800.
Loyola University of Chicago Niehoff School of Nursing
For application and admission into the school, high school students must have a minimum score of 24 for the ACT or a composite score of 1000 for the SAT and be in the upper quarter of the class. Post-secondary students require a minimum 3.2 cumulative GPA and 20 college credits. For information and a scholarship application form, contact: Loyola University of Chicago, Niehoff School of Nursing, 6525 North Sheridan Road, Chicago, IL 60626, (773) 508-3249.
MacNeal Hospital
MacNeal Hospital will pay up to $2,500 for tuition in return for one year of work at the hospital following graduation. Students must be in their final year of nursing, taking a minimum of 12 credit hours and must have a "C" or better grade point average. For further information, contact: MacNeal Hospital, 3249 South Oak Park Avenue, Berwyn, IL 60402, (708) 795-9100.
Northwestern University Parent/Student Loan Program
This program was established to allow students to pay Northwestern University school costs over an extended period of time. The parent(s) or guardian(s) and student are the borrower at the undergraduate level. Loans range from $2,000 up to a maximum of full-time tuition per academic year. The amount approved is based on other financial aid received and the availability of loan funds. The interest rates are adjusted annually and may be set below market rates. Repayment period is from 5 to 10 years.
Norwegian-American Hospital
This hospital offers scholarship funds to deserving students in the communities of Humboldt Park, Logan Square, Wicker Park, Little Village, Pilsen and Westtown. For specific eligibility requirements, contact: Norwegian-American Hospital, 1044 North Francisco Avenue, Chicago, IL 60622, (773) 292-8200.
Rush University of Rush-Presbyterian-St. Luke's Medical Center
This university has university grants, endowment funds and university gifts for full-time graduate and undergraduate students who show demonstrated need. Students must submit all forms and data requested by the university. The financial aid office determines the amount of the scholarship based on available funds and needs of the applicant. Rush University also has several loan programs such as Rush Tuition Loan, Medical Staff Loan, Alumni Loan Fund and Women's Board Loan. For information on loans and scholarships, contact the Financial Aid Office of Rush University, 1743 West Harrison Street, Chicago, IL 60612, (312) 9426256.
Saint Joseph Hospital (Elgin)
The Auxiliary of Saint Joseph Hospital offers scholarships to high school seniors from designated area school districts and who are pursuing a career in health care. For specific eligibility requirements and application form, contact: The Auxiliary of Saint Joseph Hospital, 77 North Airlite Street, Elgin, IL 60123-4912, (847) 695-3200.
Sherman Hospital
This hospital provides scholarships to students entering the medical field (nurses, technicians, physical therapists, etc.). For scholarship amount and eligibility requirements, contact: Sherman Hospital Auxiliary, Sherman Hospital, 934 Center Street, Elgin, IL 60120, (847) 742-9800.
University of Illinois at Chicago
Undergraduates applying for admission to this hospital's school, who meet financial need and specific educational requirements, are eligible for University grants. Grants are funded by the University and the amount varies. The University also provides tuition waivers for Illinois residents who are ineligible for money award from the Illinois State Scholarship Commission. For specific information, contact the University of Illinois at Chicago, Office of Student Financial Aid, Box4348, Chicago, IL 60680,(312)9963900.
Westlake Community Hospital
This hospital provides a nursing scholarship to high school seniors from selected high schools. The scholarship is in the amount of $1,000. Scholarship winners are required to work at Westlake for one year upon graduation from nursing school. For specific eligibility requirements, contact: Westlake Community Hospital, Personnel Department, 1225 Lake Street, Melrose Park, IL 60160, (708) 681-3000.



Resources for Financial Aid information

The A's and B's: Your Guide to Academic Scholarships
Tameron Press, P.O. Box 3437, Alexandria, VA 22302

Applying for Financial Aid
American College Testing Program Publications, P.O. Box 168, Iowa City, IA 52243.

The College Blue Book - Scholarship, Fellowships, Grants, and Loans.
Edited by M. Lorraine Mathies and Elizabeth 1. Dixon, McMillan Publishing Company, New York, 1987.

College CostBook.
Published by the College Board, 45 Columbus Avenue, New York, NY 10023.

Directory of College Facilities and Services for the Disabled.
Phoenix, AZ, Oryx Press, 1986.

Directory of Financial Aid for minorities.
Gail Ann Schlachter. Biennial. ABC-Clio, Santa Barbara, CA.

Don't Miss 0ut The Ambitious Student's Guide to Scholarships and Loans.
Octameron Press, P.O. Box 3437,Alexandria, VA 22302

Financial Aid to Illinois Students.
Illinois State Board of Education, 100 North First Street, Springfield, IL 62777, (217) 782-6510.

Financial Assistance Program.
Illinois State Scholarship Commission, 106 Wilmot Road, Deerfield, IL 60015 (708) 9488550, (312) 793-3745 (Chicago).

Foundation Grants for Individuals.
Foundation Center, 888 Seventh Avenue, New York, NY 10019.

How the Military Will Help You Pay for College.
Don M. Betterton, Princeton, NJ: Peterson's Guides, 1985.

Need A Lift?
National Americanism Commission, National HQ of the American Legion, Box 1055, Indianapolis, IN 46206.

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