CCP Unit 4 Vocab

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Terms in this set (...)

Scholarship
A sum of money that is used to pay educational expenses and is awarded to a student on the basis of academic merit. The student is not required to repay the money
Merit-based aid
Awards through grants or scholarships based on excellence in academics, leadership, volunteerism, athletic ability, and other areas determined by the granting organization, which can be a college or university, an organization, or an individual. The awards are not based on financial need
Need-based aid
Awards through grants, scholarships, or loans based on a students or parents level of income. Those with lower income levels are offered more money to make college affordable
Free Application for Federal Student Aid (FAFSA)
The application required by the federal government for calculating need-based college financial aid. It can be obtained from high school guidance offices, college financial aid offices, and the internet
Scholarships based on personal attributes
- race
- ethnicity
- religion
- gender
- family history
- disabilities
- individual an family involvement in military duty
- student interest in specific majors or careers
- student interest in serving a geographically high-need area
First-time freshman
A student enrolling at his or he first college after graduating from high school
Transfer student
A student who moves from one college or university to another
Grant
A financial award that is usually dispensed by the financial aid office of a college or university. Most grants are need-based, but some are merit-based
Student specific grants
Grants awarded based in a students personal characteristics such as race, ethnicity, gender, and family background
Subjects specific grants
Grants awarded based in a students intended major. These are offered by companies, organizations, and agencies to ensure there is a good range of potential employees entering their fields
First-generation student
A student who will be the first from his or her family (including grandparents, parents, and siblings) to graduate from a college
Student loan
A sum of money to pay educational expenses that must be repaid. Loans to college students are often obtained through the government
Perkins Loan (federal)
A loan for high need students that offers up to $5,500 a year for undergraduates and up to $8,000 a year for graduate students. The loan may be forgiven for public service under some circumstances.
Direct Stafford Loan
A student loan that is granted by the U.S. Government and has a fixed interest rate lower than private loans. The loan can either be subsidized or unsubsidized, and there are strict eligibility requirements and borrowing limits. Repayment begins at the end of the 6 month grace period after the student leaves school
Award package
The total financial aid offered to a student by a school. This may include grants, loans, and work-study awards.
Direct PLUS Loan
A loan the graduate students, professional degree students, and the parents of undergraduate students may take out to pay for college education expenses. It is available through the federal Direct Loan Program
Private loans
Money borrowed from a private financial institution, such as a bank
Loan default
Failure to repay a loan on which the borrower has made no loan payments for 270-360 days and has not made any arrangements to defer
Federal Work-Study Program (FWS)
A federally funded program that helps college students earn aid through part-time work. Students find jobs through their college. The money goes toward paying college
Cost of attendance
The total cost if attending college, including tuition, fees, books, and room and board
Meal plan
A plan in which a student pays up front to eat a specific number of meals in the college dining halls. Each college has it's own way of regulating the meal plans
529 plan
A tax-advantaged savings plan designed to encourage saving for future college costs. Legally known as qualified tuition plans, these plans are sponsored by states, state agencies, or educational institutions and are authorized by section 529 of the internal revenue code.
Coverdell Education Savings Account
An education savings account for K through 12 and college expenses. There is a yearly maximum contribution limit. Contributions are taxed up front, but the account is not taxed as it grows and withdrawals are tax-free.
Prepaid tuition plan
Also known as a guaranteed tuition plan. This plan allows a family to prepay all or part I the costs of an in-state public university education. The plan may also be converted for use at private and out-of-state colleges
College savings plan
A plan in which a students family saves money for college by investing funds in the stick market. It offers several investment options, and the value goes up or down based on the market performance of the option selected