Mod 6 Flashcards
What is the main difference between universities and colleges?
- Universities have a larger student population
- Colleges offer more majors and types of degrees
Public schools are funded by…
- Local and state government
- Student tuition
- Private donations
Private, non-profit schools are funded largely by…
- Student tuition
- Private donations
T or F - In state and out of state students pay the same amount for the cost of attending a private nonprofit school
True
Accredited vs non-accredited schools
- Acccredited schools have met specific standards established by a reputable agency
- For-profit schools are often not accredited by reputable agencies
- Many employers may not hire students from non-accredited schools and students may not be eligible for federal financial aid
What are career schools?
- Schools that provide training toward a specific job like dental assistant, chef, or technician
What are some examples of special emphasis types of schools?
- Historically black college or university (HBCU)
- Hispanic serving Institution (HSI)
- Cooperative Education (Co-Op)
- Religiously affiliated
- Military schools and service academies
- Fine arts
What are some benefits of pursuing an associate degree or certificate?
- Meets job requirements
- Earns money sooner
- Lower costs
What are some drawbacks of pursuing an associates degree or certificate?
- Less income
- Less support
- uncertain transferability
Sticker price vs net price
Sticker price: The advertised price of attending a full year
Net price: The amount your family and you actually pay to attend
What is gift aid and what are some examples?
- Money given to support a students educational expenses and doesn’t need to be repaid
- Examples: Scholarships, grants
What is self help aid and what are some examples?
- Money that a student either earns by working or is required to to pay back
- Examples: Work study, loans,
What is merit based aid and what are some examples?
- Offered based on a students specific skills, experiences, and achievements
- Examples: Some scholarships
What is need based aid and what are some examples?
- Offered to a student based on demonstrated financial need
- Examples: Work study, some scholarships (may require that your family income not exceed a certain amount)
What are direct subsidized loans?
- Qualification is based on need
- While the student is at school, the government will pay the interest on the loans.
- About 4.99% interest
What are direct unsubsidized loans?
- Eligibility is not based on need
- Must be enrolled at least part time
- Interest accuses while in school
What are direct PLUS loans?
- For parents of dependent undergraduate students
- Enrolled at least half time
Who usually gives out private loans?
- Banks, Credit unions, private lenders
What does consolidation mean?
- Combining multiple loans into one year
- Make one loan payment each month
- May increase duration, interest rate, and total repayment cost
What is deferment?
- Temporary postponement of loan payments
- Interested may continue to accrue
What is the grace period?
- A period of time before borrowers must begin paying loans
- Gives time for students to find or begin work
- Interest may continue to accrue
What is refinancing?
- Changing the terms of a loan, such as interest rate and duration
- may decrease interest rate and total repayment cost
- may increase duration, interest rate, and total repayment cost
