Paying for Higher Education
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| consolidate | bundle several accounts into 1
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| cost of attendance (COA) | cost of post-2ndary edu.
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| deferment period | postponed of loan payment by gracious loaners (no additional interest)
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| expected family contribution (EFC) | estimate of one's ability to contribute to post-2ndary expenses
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| FAFSA (Free Application for Fed. Student Aid) | determines post-2ndary financial aid eligability
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| financial need | COA (-) EFC
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| forbearance | stop/reduce loan payment for 12 months (interest continues growing)
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| grant | tax-exempt financial aid
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| grace period | period after graduation; borrower does not have to pay fed. loans
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| loan default | failure to pay loans in accordance to agreements
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| loan servicer | company that collects loan payments
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| net price | COA (-) grants/scholarships
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| personal identification # (PIN) | electro. signature; 4 digits
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| scholarships | $ awarded to students for excellence in specific areas for post-2ndary edu. (do not repay)
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| Student Aid Report (SAR) | summary of responses made when completing FAFSA
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| subsidized loan | need-based fed. loan; interest paid by U.S. Dept. of Edu.
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| unsubsidized loan | non-need-based fed. loan; interest paid by borrower
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| work-study | part-time job in college to cancel some expenses
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Created by:
Tate.cord70
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