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3.05
Paying for Higher Education
Term | Definition |
---|---|
consolidate | bundle several accounts into 1 |
cost of attendance (COA) | cost of post-2ndary edu. |
deferment period | postponed of loan payment by gracious loaners (no additional interest) |
expected family contribution (EFC) | estimate of one's ability to contribute to post-2ndary expenses |
FAFSA (Free Application for Fed. Student Aid) | determines post-2ndary financial aid eligability |
financial need | COA (-) EFC |
forbearance | stop/reduce loan payment for 12 months (interest continues growing) |
grant | tax-exempt financial aid |
grace period | period after graduation; borrower does not have to pay fed. loans |
loan default | failure to pay loans in accordance to agreements |
loan servicer | company that collects loan payments |
net price | COA (-) grants/scholarships |
personal identification # (PIN) | electro. signature; 4 digits |
scholarships | $ awarded to students for excellence in specific areas for post-2ndary edu. (do not repay) |
Student Aid Report (SAR) | summary of responses made when completing FAFSA |
subsidized loan | need-based fed. loan; interest paid by U.S. Dept. of Edu. |
unsubsidized loan | non-need-based fed. loan; interest paid by borrower |
work-study | part-time job in college to cancel some expenses |