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Personal Finance Quiz 2
Terms in this set (18)
combine (a number of things) into a single more effective or coherent whole.
Cost of Attendance
the average cost to attend for one academic year (fall through spring). It includes tuition and fees, books and supplies, room and board, transportation, and personal expenses. Colleges adjust the COA yearly to reflect changes to these costs.
A time during which a borrower does not have to pay interest or repay the principal on a loan and may be granted while the student is still in school or just after graduation when the student has few resources to repay the loan.
Expected Family Contribution
a term used in the college financial aid process in the United States to determine an applicant's eligibility for need-based federal student aid based on family income.
a form that can be prepared annually by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
The difference between the cost of attendance (COA ) and the EFC. Each university determines its own COA , which includes the average cost of tuition, books, room and board, and personal and travel expenses.
A period during which your monthly loan payments are temporarily suspended or reduced but interest continues to accrue.
a sum of money given by an organization, especially a government, for a particular purpose.
six months to begin repayment on Stafford loans after graduation, or after you leave school or drop below half-time enrollment. Older Stafford Loans may have a longer grace period. Interest will not accrue while you are in school, and during the grace period for subsidized Stafford loans.
Failure to meet the legal obligations (or conditions) of a loan (Date loan is due)
the process by which a company collects interest, principal and escrow payments from a borrower.
the final price paid for goods or services after subtracting tax and any other costs
a number allocated to an individual and used to validate electronic transactions.
a grant or payment made to support a student's education, awarded on the basis of academic or other achievement.
Student aid report
a paper or electronic document that gives you some basic information about your eligibility for federal student aid and lists your answers to the questions on your Free Application for Federal Student Aid (FAFSA).
The Federal Government pays the interest for these loans while the student is in college or while the loan is in deferment.
Interest begins accruing for these loans as soon as the loan is taken out.
relating to a college program that enables students to work part-time while attending school.