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Paying for College

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TermDefinition
Order that you should accept financial aid in Grants/Scholarships, Work-study, Federal loans, Private loans
What is the FAFSA? To apply for federal student aid, such as federal grants, work-study, and loans, you need to complete the Free Application for Federal Student Aid.
Subsidized federal loan There are loan limits that you can borrow based on your year in college. The federal government makes the interest payments while you are in college, and you make the interest payments on me after you graduate.
Net Price formula Sticker price minus grants and scholarships = net price
Rule of thumb with student loan debt You should generally limit your borrowing to what you expect to earn as a starting salary when you leave college
Direct PLUS Loan Direct PLUS Loans are federal loans that graduate or professional students and parents can use to help pay for college .
When is the FAFSA available? October
Student Aid Index The Student Aid Index (SAI) is an eligibility index number that a college's or career school's financial aid office uses to determine how much federal student aid the student would receive if the student attended the school.
Unsubsidized Federal Loan There are loan limits on the amount that you can borrow based on your year in college. Both undergraduate and graduate students can use unsubsidized federal loans. You pay the interest during the entire loan.
Grants Free money awarded to students in college based on their financial need.
FAFSA Submission Summary After you submit the FAFSA, you’ll get a summary, an electronic or paper document that summarizes the information you reported on your FAFSA form
Scholarships A scholarship is financial support awarded to a student, based on academic achievement or other criteria that may include financial need, for the purpose of schooling.
Federal Student Loans are BETTER than private loans... Federal student loans have lower interest rates, are easier to get than private loans, which may require a co-signer
Deferment The student may reduce or postpone repayment of a student loan for a designated period. Interest is not accruing.
Forbearance The student may reduce or postpone repayment of a student loan for a designated period. Interest will accrue during this time.
Standard Repayment Plan By default, many grads are placed into this plan. You will pay a fixed amount of money each month for 10 years.
How often do you have to submit the FAFSA? Every year that you are in college.
Are federal student loans fixed or variable? Fixed. Private Loans are Variable.
Graduated Repayment Plan Monthly payments are lower initially and increase every two years with you still paying off the loan in 10 years total.
Income Driven Repayment Plan You will pay a certain percentage of your income towards your loan each month and the total time it will take to pay off the loan will fall between 20-25 years. Your loan balance will be forgiven after making on-time payments for 20-25 years.
Federal Student Loan Grace Period After you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you must begin making payments. This grace period gives you time to get financially settled and to select your repayment plan.
Created by: LindsayMiller344
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