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epf 4b
| Question | Answer |
|---|---|
| Undergraduate degree | a bachelor’s degree (4 year degree). |
| Graduate Degree | a master’s or doctorate degree |
| GI Bill | benefits which help you pay for college, graduate school, and training programs. Since 1944, the GI Bill has helped qualifying Veterans and their family members get money to cover all or some of the costs for school or training. |
| Professional license and certification | a regulated and official process for ensuring individuals meet the necessary skills and knowledge for a particular job or field |
| Gap year | a year taken between high school and college to pursue career-related training or experience |
| Student loans | can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. federal student loans, usually have more benefits than loans from banks or other private sources. |
| Scholarships | based on achievements and help pay for educational expenses, some scholarships may have specific requirements of how the money may be applied such as toward tuition only |
| Grants | a tax-exempt financial aid that may be given for many purposes, not necessarily for education |
| Tuition | the sum of money charged at an institution for instruction; it is not the only cost for attendance |
| Co-signing loans | puts the consignor equally responsible for paying back debt under the credit terms |
| Fellowships | a merit-based scholarship for advanced education in a specific field; many are competitive, but can help fund advanced degrees and requirements vary widely |
| Public vs. Private institutions | public institutions are funded by state taxes and generally cost less to attend than private institutions. |
| In-state tuition vs. Out-of-state tuition | public institutions offer lower tuition rates for in-state students; individual states have different requirements to prove residency in-state |
| Vocational training programs | the entire cost is generally the same as the average cost of one year of college expenses; it usually takes less time to complete this course of study, getting attendees into the workforce sooner |
| Community college | these institutions have some of the lowest tuition costs and many students are able to live from home while attending, saving additional money |
| Books/supplies | these costs add up and the average expense is over $1200/year; buying used books, comparison shopping, and borrowing books can save you money |
| Housing | the cost of living arrangements vary considerably; Some colleges will require new students to live on campus unless they live within a certain radius of a school. Renting an apartment can be less expensive; living at home is the cheapest option. |
| Campus meal plans | colleges offer meal plans to full and part time students who live on and off campus; the price per meal is relatively expensive compared to carefully budgeting your food expenses and cooking yourself; many offer different dining options |
| Return on investment | as a general guideline your monthly loan repayment should be around 10-15% of your expected income at the time you are ex0 pected to begin repayment on your loan. |
| 529 College Savings Plan | tax-advantaged savings plan designed to encourage saving for future education costs. legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by the Internal Revenue Code. |
| Education Savings Account | often a supplement plan; this program allows savings for educational expenses from kindergarten through college; savings are tax-deferred as long as finds goto educational expenses |
| Uniform Gifts to Minors Act | allows money and financial securities to be transferred to minors through a UGMA account and is allowed in all states. The donor or a custodian manages the property for the minor's benefit until the minor reaches a certain age. |
| Dual Enrollment | courses that grant high school and college credit; many of the courses taken at MCC are considered this |
| Transfer Process | some students can find their college is not a good fit for them, do not feel their program is strong enough, or were rejected from their first choice school; you will need recommendations from your college professors and keep costs in mind |
| Free Application for Federal Student Aid (FAFSA) | this form determines eligibility for post-secondary financial aid; some scholarships may require you to complete this form for disbursement of funds (especially federal and state-sponsored scholarships and awards) |
| Scholarships vs. loans | scholarships are awards that do not need to be repaid, they are based on achievements and help pay for educational expenses; loans require repayment |
| Federal subsidized loans | a need-based loan from the federal government; the interest is paid by the government while a student is enrolled, during grace periods, and deferment periods |
| Internships | sometimes offers stipends or payment which help offset expenses; they offer on-the-job training and allow for individuals to be mentored and make connections with people in the job field |
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deissyg
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