Ch.2 Invest in Yourself

Question 1

a form of federal or state financial aid that does not need to be repaid; usually given to students who demonstrate financial need?

Answer 1

Grant

Question 2

a two-year degree that can offer specialized training and a flexible schedule that allows you to work while you earn your degree.

Answer 2

Associates degree

Question 3

a form that is completed annually by current and prospective college students to determine their eligibility for financial aid?

Answer 3

FAFSA

Question 4

the remaining amount of the tuition that must be paid – either with savings or student loans.

Answer 4

Net price

Question 5

unpaid interest that has been added to the principal balance of a federal student loan.

Answer 5

Capitalized interest

Question 6

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

Answer 6

interest rate

Question 7

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

Answer 7

default

Question 8

A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements?

Answer 8

scholarship

Question 8

A contract signed by the student agreeing to pay back all student loan obligations.

Answer 8

promissory note

Question 9

available to undergraduate and graduate students; there is no requirement to demonstrate financial need. The borrower is responsible for paying the interest during all periods.

Answer 9

direct unsubsidized loan

Question 10

A period of time that generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment and ends on the day before the repayment period begins.

Answer 10

grace period

Question 11

The price you pay for taking classes at your college.

Answer 11

tuition

Question 12

Original amount of money borrowed, separate from interest or fees.

Answer 12

principal

Question 13

Available to eligible parents and graduate or professional students, where the US Department of Education is your lender.

Answer 13

direct PLUS loan

Question 14

A Federal program based on substantial financial need and which does not need to be repaid.

Answer 14

pell grant

Question 15

A program that allows students to work part time, on campus, while continuing their studies. You don’t necessarily get a paycheck, your pay goes towards your tuition.

Answer 15

work study

Question 15

Describes the status of being behind on one or more loan payments.

Answer 15

delinquency

Question 16

Usually a professional trainer serves as the course instructor and uses a combination of hands -on activities and formal classroom training?

Answer 16

on-the-job training

Question 17

The organization that collects payments on a federal student loan.

Answer 17

loan servicer

Question 18

Owing anything to anyone for any reason.

Answer 18

debt

Question 19

Available to undergraduate students with financial need. Your school determines the amount you can borrow, and the amount may not exceed your financial need.
The U.S. Department of Education pays the interest while you are still in school.

Answer 19

direct subsidized loan

Question 20

The overall cost of tuition and fees that is advertised by the college.

Answer 20

sticker price

Question 20

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

Answer 20

repayment period

Question 20

students who are looking to learn specific skills can look into free or low cost ——– found online, at community colleges, or through gov funded programs

Answer 20

certifications

Question 20

Involves reading books, blogs, and trade magazines in your field of choice. Attending conferences or local events. Meeting people and finding a mentor. Online courses

Answer 20

Self-education

Question 20

Allows students to learn basic professional skills in two years or less; typically cut out many of the general courses required by traditional universities?

Answer 20

trade school

Question 21

Starting a business steps

Answer 21

1. Create a business plan
2. Be enthusiastic
3. be prepared and know there will be issues

Question 22

Many people who dont make ‘good’ traditional students make the best entrepreneurs because of their —— and ——

Answer 22

Passion, people skills

Question 23

The military can help people get through college ———

Answer 23

debt free

Question 24

steps of funding education
1. estimate the —– of attending the schools
2. estimate the ——– available to you
3. measure estimated costs against estimated resources to determine amt of additional —– you need
4. consider ways to cut costs
5. search for additional —— to help pay for education

Answer 24

Cost, resources, money,resources

Question 25

after completing the FAFSA, youll receive your ——– that summarizes the information in your FAFSA

Answer 25

Student Aid Report

Question 26

SAR’s include ——— that is used to determine the eligibility for federal student aid

Answer 26

expected family contribution

Question 27

your total student debt should not exceed your expected ——- salary after graduating college

Answer 27

first year