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Paying for College
Vocabulary to accompany Flocabulary activities
| Term | Definition |
|---|---|
| FAFSA | Free Application for Federal Student Aid (FAFSA). All students interested in financial aid for college need to complete this form. |
| community college | A small non-residential college that offers classes and programs to people who live nearby. Usually much less expensive than a private or state college. |
| merit-based financial aid | Financial aid awarded for a student's academic achievements in high school, as well as for special talents and unique traits, such as musical or athletic skills. |
| need-based financial aid | Eligibility is based solely on the assets and income of the prospective student and his or her family. |
| academic scholarship | a type of merit-based financial aid awarded to college students who got good grades in high school |
| Pell Grant | Money the government provides for students who need it to pay for college. Grants, unlike loans, DO NOT have to be repaid. |
| federal student loans | Loans funded by the federal government. These loans have a fixed interest rate. |
| subsidized student loan | A loan where the interest is paid for you while you are in school. This keeps the loan amount from getting bigger every month, even if you don't borrow more. Given to students as part of need-based financial aid. |
| unsubsidized student loan | A loan where the interest is added onto your loan amount each month. This causes the loan amount to get bigger every month from the day you take the loan. |
| private student loans | Loans funded by a private bank or lender. Often have an interest rate that can increase. |
| principal (of a loan) | the amount borrowed |
| interest (of a loan) | the cost of borrowing money, usually a percentage of your total loan per month. |
| loan | money borrowed that can be paid back over time. All loans must be paid back. |
| work study | A type of need-based financial aid where a student is given a job on campus. The wages earned give students money to live on and pay for college expenses. |
| in-state tuition | The cost of a state college for residents of that state. SUNY schools charge NY residents much less than out-of-state residents. |
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angitwo
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