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3.05

Paying for Higher Education

TermDefinition
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
Created by: Tate.cord70