The List: Download Vocabulary

Flash Cards: Check comprehension

The Vocabulary:

Accreditation – Status a school gets when it meets standards set by an agency recognized by the U.S. Department of Education
Associate’s Degree – A degree from a two-year college after a 60-plus credit course of study
Award Letter – A letter from an individual school explaining the financial aid package the school is offering a student
Bachelor’s Degree – An undergraduate academic degree gained after completing four years of study including general courses and an in-depth program
COA – Cost of Attendance; tuition and fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses are included
Certificate Program – A program where students learn the core skills needed to perform a specific job
Co-signer – Individual who assumes responsibility for a loan if the borrower fails to repay it
Default – The failure to meet the terms of a credit agreement, loan, grant, or contract
Delinquent – Status when a person is behind in their loans payments; goes into effect the first day after a missed student loan payment
Diploma Mill – An institution of higher education operating without supervision of a state or professional agency, granting diplomas that are either fraudulent or worthless because of the lack of proper standards
EFC – Expected Family Contribution; the dollar amount that a family is expected to pay toward a student’s educational costs, based on family earnings, assets, students in college, and family size
FAFSA – Free Application for Federal Student Aid; the student aid application used to determine eligibility for federal student aid programs
FSA – Federal Student Aid, the office within the U. S. Department of Education that manages the Federal Student Aid programs
FSEOG – Federal Supplemental Educational Opportunity Grant; grant money provided by the federal government for schools to award to students who demonstrate exceptional financial need
Federal Direct PLUS Loan – Loans made to parents of dependent students, interest is charged once the loan is dispersed
Financial Aid Package – The total assistance, including loans, grants, scholarships, and work-study, offered to a student by a school, to help pay for the student’s education costs
Graduation Rate – Percentage of a school’s first-year undergraduate students who complete their program within 150% of the standard time for the program
Grant – Financial aid that is typically based on need and does not have to be repaid
Job placement rate – The percentage of graduating students who obtain employment either in the recognized occupation for which they were trained or in a related occupation
Loan – Money for education expenses that comes from the federal government or private sources such as a bank or credit union, and must be repaid
Merit-based aid – Financial aid awarded based on specific accomplishments or talents rather than financial need
PELL Grant – A grant awarded by the federal government to students who display exceptional financial need
PSLF – Public Service Loan Forgiveness, a federal program that erases debt after a graduate works ten years in public service
private student loan Education funding from banks, credit unions, and lenders other than the federal government
SAR – Student Aid Report, a summary of the information on your FAFSA form, including your EFC, an estimate of eligibility for federal student loans, and PELL Grants
Scholarship – A form of financial assistance that does not require repayment
Scholarship Scam – Offers to help get financial aid or scholarships while the real goal is to steal your personal information or charge for a service that you can get for free
State-based Financial Aid – Financial aid funded by individual states and issued by school financial aid offices
Student Loan Servicer – A company assigned to handle the billing and other services on a federal student loan
Subsidized Loan – A federal loan that doesn’t accrue interest while a student is in college
Unsubsidized Loan – A federal loan that accrues interest as soon as it is received
Work-study – Part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses