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prep for college

memorize.ai (lvl 286)

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Section 1

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describe difference between a subsidized and an unsubsidized loan

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6 years ago

Date created

Mar 1, 2020

Cards (24)

Section 1

(24 cards)

describe difference between a subsidized and an unsubsidized loan

Front

subsidized, federal will pay during grace period and unsubsidized is non need based

Back

consolidate

Front

to combine into a single overall account or set of accounts

Back

loan default

Front

Failure to pay a loan according to the agreed upon terms

Back

expected family contribution (EFC)

Front

an estimate of the parents and/or students ability to contribute to post-secondary expenses. in general, the lower the EFC, the higher the financial aid award from the college may be

Back

net price

Front

The cost of attendance minus grants and scholarships.

Back

describe one option you have if you find you are unable to repay your student loans

Front

renegotiate repayment terms

Back

unsubsidized loan

Front

A non-need-based loan from the federal government the interest of which is paid for by the borrower.

Back

grant

Front

A tax-exempt financial aid that may be given for many purposes, not necessarily just for education.

Back

What does FAFSA stand for?

Front

free application for federal student aid

Back

identify three ways individuals may reduce their total cost of higher education

Front

working part time, living at home, take AP classes in HS

Back

personal identification number

Front

A four digit number used as an electronic signature

Back

FAFSA

Front

the common name for the Free Application for Federal Student Aid form prepared annually to determine eligibility for post secondary financial aid

Back

subsidized loan

Front

A need-based loan from the federal government, the interest of which is paid for by the U.S. Department of Education while the borrower is in school and during grace and deferment periods.

Back

forbearance

Front

Ability to stop or reduce loan payments for up to 12 months while interest is accruing

Back

grace period

Front

Period of time after a borrower graduates, leaves school or drops below half-time enrollment where they are not required to make certain federal loan payments.

Back

list three documents that you might need to refer to when completing FAFSA

Front

tax returns, ss#, license, current asset info

Back

deferment period

Front

postponement of payment on a loan allowed under certain conditions and during which interest does not accrue

Back

loan servicer

Front

Company that collects payment on a loan

Back

Financial need

Front

The difference between the cost of attendance and expected family contribution

Back

work-study

Front

A federal program that provides part time employment opportunities for students with financial need, allowing them to earn money to help pay educational expenses.

Back

student aid report

Front

A report that summarizes responses made when completing the FAFSA form

Back

scholarship

Front

Money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.

Back

why should you review student aid report closely

Front

make sure everything is right

Back

cost of attendance (COA)

Front

total amount it will cost you to go to school

Back