Unit 1 Vocabulary-EPF

The number of days between a borrower's statement date and when payment is due, often without accruing interest

A degree that generally takes two years of study and is awarded by a community, junior, or business college

Financial aid that does not have to be paid back, such as scholarships and grants

The sticker price for the academic portion of your college; does not include room and board, textbooks, or other fees

A federal loan available to grad students and eligible parents of dependent undergrad students to help pay for school

A school that prepares students to enter a specific career directly after training, usually in less than 2 years

The ratio of money gained or lost on an investment relative to the amount of money invested; aka rate of return

A process that allows a borrower to pause their fed, student loan payments; interest does NOT accrue on subsidized loans

Total expense of going to college paid to the institution; may include tuition, room and board, fees, books...

The maximum time period over which you must repay your student loan: currently between 10 and 30 years for Federal loans

Someone who legally agrees to take responsibility for a person's debt if they cannot repay it

A federal program that provides part-time jobs for undergrad/grad students with financial need, to help pay for college

The organization that collects payments on a loan, responds to customer service inquiries...

A year between high school and college when some students engage in various educational and developmental activities...

A type of aid primarily awarded for academic merit, volunteer work, athletics, etc... that does not need to be repaid

Student aid coming from the state/federal government, the school, or private sources that does not need to be repaid

A process that REPLACES one or more existing federal or private loans with a new private student loan...

The initial amount of money borrowed for a loan and can refer to the amount still owed while the loan is being paid back

A federal student loan available to undergraduate students; govt. pays interest on the loan as long as they are enrolled

Cost of housing and food while at college

An index number used to determine your eligibility for federal student financial aid. This number comes from your FAFSA

A non-federal student loan made by a bank, credit union, or other entity, which sets the terms for interest rate/payment

The value of what you lose when choosing between two or more options

A temporary paid or unpaid position that involves direct work experience in a career field

The largest form of student aid in the country; programs come in the form of government grants, loans, and work-study...

The rate charged for borrowing money usually expressed as a percent of the amount borrowed

A process that allows a borrower to pause their federal student loan payments; interest continues to accrue...

You receive this after you submit FAFSA and it provides basic information about your eligibility for federal student aid

A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan

Training that is focused on hands-on work that prepares you for skilled trades, like plumbing, cosmetology or car repair

The actual cost a student pays to attend a school, calculated as the sticker price minus grants and scholarships

The total amount of financial aid (federal/nonfederal) a student is offered by a college, designed to help cover college

Application that current/prospective college students can submit to determine eligibility for federal financial aid

A plan that outlines your monthly loan payment, repayment period, and how much interest you pay for the life of the loan

Long-term failure to repay a loan, which has a substantial negative impact on the borrower's credit score

A loan with an interest rate that does not change over the life of the loan

A process that allows a borrower to COMBINE multiple federal loans into one, allowing for one monthly payment...