Audit study is when a student has access to the class material, can view lectures, and can participate in the class, but does not write assignments/ sit exams and thus does not receive any grade or credit for their study.
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Credit study is where a student is expected to attend every class, participate during lectured classes, and will need to complete the assigned readings, essays, and exams. A credit student will gain 2 credits for each completed and passed class.