Ch.2 Invest in Yourself Flashcards
a form of federal or state financial aid that does not need to be repaid; usually given to students who demonstrate financial need?
Grant
a two-year degree that can offer specialized training and a flexible schedule that allows you to work while you earn your degree.
Associates degree
a form that is completed annually by current and prospective college students to determine their eligibility for financial aid?
FAFSA
the remaining amount of the tuition that must be paid – either with savings or student loans.
Net price
unpaid interest that has been added to the principal balance of a federal student loan.
Capitalized interest
the rate charged for borrowing money, usually expressed as a percent of the amount borrowed.
interest rate
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
default
A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements?
scholarship
A contract signed by the student agreeing to pay back all student loan obligations.
promissory note
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.
direct unsubsidized loan
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.
grace period
The price you pay for taking classes at your college.
tuition
Original amount of money borrowed, separate from interest or fees.
principal
Available to eligible parents and graduate or professional students, where the US Department of Education is your lender.
direct PLUS loan
A Federal program based on substantial financial need and which does not need to be repaid.
pell grant
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.
work study
Describes the status of being behind on one or more loan payments.
delinquency
Usually a professional trainer serves as the course instructor and uses a combination of hands -on activities and formal classroom training?
on-the-job training
The organization that collects payments on a federal student loan.
loan servicer
Owing anything to anyone for any reason.
debt
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.
direct subsidized loan
The overall cost of tuition and fees that is advertised by the college.
sticker price
The maximum time period over which you must repay your student loan – currently between 10 and 30 years for Federal loans.
repayment period
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
certifications
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
Self-education
Allows students to learn basic professional skills in two years or less; typically cut out many of the general courses required by traditional universities?
trade school
Starting a business steps
- Create a business plan
- Be enthusiastic
- be prepared and know there will be issues
Many people who dont make ‘good’ traditional students make the best entrepreneurs because of their —— and ——
Passion, people skills
The military can help people get through college ———
debt free
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
Cost, resources, money,resources
after completing the FAFSA, youll receive your ——– that summarizes the information in your FAFSA
Student Aid Report
SAR’s include ——— that is used to determine the eligibility for federal student aid
expected family contribution
your total student debt should not exceed your expected ——- salary after graduating college
first year
