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Higher Education

Terms in this set (15)

Career Pathway
A series of connected education and training programs that allow you to secure a job and then to advance within an industry or occupation
Opportunity Cost
Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
Debt-to-Income Ratio
A standard tool that calculates whether a borrower will have difficulty meeting his or her loan repayment obligation (10-15%)
Scholarships
A of financial aid that does not need to be repaid; usually offered on the basis of academic, athletic, gender, race, community service, degree program, or other achievements
Grants
Forms of educational funding (for specific projects) that do not have to be repaid.
Work Study
A program that provides part-time jobs to students with financial need.
Federal Perkins loan
Provides low-interest loans to help students with financial need pay the costs of post-secondary education
Subsidized Stafford Loan
Need-based; interest paid by govt. until student leaves school and is enrolled for at least half-time
Unsubsidized Stafford Loan
Refers to a federal loan that is available to you, regardless of financial need, for the purpose of attending college or an eligible training program. The federal government does not pay the interest for you while you are in school, but you also do not need to demonstrate financial need. Once you graduate from college or an eligible training program, you are responsible for paying back the loan and interest. Also see Repayment and Subsidized Stafford Loan.
PLUS Loan
A loan available to graduate students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status.
Private Student Loans
Private Student Loans are financed by private companies rather than the government. Since interest rates and fees for these loans aren't capped by the government, they cost more than federal loans.
Free Application for Federal Student Aid (FAFSA)
A form that is completed annually by current and prospective college students to determine their eligibility for financial aid. Gives you access to the largest source of financial aid! Can be filled out as early as October 1st.
FAFSA eligibility
U.S. Citizen or documented legal resident, high school graduate or GED, males 18-25 must be registered for Selective Service, enrolled or accepted to post-secondary program, not default on federal student loan, use money for educational purposes, no drug convictions while receiving aid, and maintain satisfactory academic progress.
Defer
Grace period before you must begin paying.
Consolodate
Combine several loans into one loan that has a lower interest rate and monthly payment.
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