Direct Subsidized Loan

A federal student loan available to undergraduate students; the federal government pays interest on the loan as long as the student is in school at least part-time

Direct Unsubsidized Loan

A federal student loan available to undergraduate and graduate students; the student is responsible for paying the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into the principal amount of their loan

A portion of a federal student loan that the school pays out by applying the funds to the student's school account or by paying the borrower directly. Students generally receive their federal student loans in more than one disbursement.

A mandatory information session which takes place before a student receives their first federal student loan. It explains their rights and responsibilities as a student borrower.

A mandatory information session which takes place when a student graduates, leaves school, or attends school less than half-time. It explains the student's loan repayment responsibilities and when repayment begins.

FAFSA Submission Summary

A report you receive with the information you submitted in your FAFSA. It contains your SAI and other information that colleges will use to determine your financial aid package.

The largest form of student aid in the country; federal aid programs come in the form of government grants, loans, and work-study opportunities

The total amount of financial aid (federal and nonfederal) a student is offered by a college, designed to help meet a student’s education costs

A loan with an interest rate that does not change over the life of the loan

A process that allows a borrower to pause their federal student loan payments; interest continues to accrue during this time period and may be capitalized

Free Application For Federal Student Aid (FAFSA)

A free online application that current or prospective college students can submit each year to determine their eligibility for financial aid

Financial aid that does not have to be paid back, such as scholarships and grants

A period of time during which a borrower is typically not required to make loan payments. It generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment. This period typically lasts 6 to 9 months but can vary.

Student aid coming from the state or federal government, the school, or from private sources that does not need to be repaid

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

A process that REPLACES one or more existing federal or private loans with a new private student loan, ideally with a lower interest rate

A process that allows a borrower to COMBINE multiple federal loans into one, allowing the borrower to make one monthly payment. The new interest rate of the loan is a weighted average of the prior loans' rates.

The organization that collects payments on a loan, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a loan on behalf of a loan holder

Master Promissory Note (MPN)

A legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder

Expenses that are essential for you to be able to live and function

The actual cost a student pays to attend a school, calculated as the sticker price minus grants and scholarships

A federal grant usually awarded to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree. This grant does not have to be repaid.

Prepayment Penalty Fee

A fee that some lenders charge if you pay off all or part of your loan early

Original amount of money borrowed, separate from interest or fees

A non-federal student loan made by a bank, credit union, or other entity, which sets the terms and conditions for the interest rate, grace period, and length of repayment

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

A plan that outlines your monthly loan payment, repayment period, and how much interest you will pay over the life of the loan

Cost of housing and food while at college

A type of aid primarily awarded for academic merit (good grades) or for something you have accomplished (volunteer work, athletics, etc) that does not need to be repaid

Student Aid Index (SAI)

A numerical value that colleges use to determine a student's financial need for federal aid

A federal program that provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses

The sticker price for the academic portion of your college expenses, which does not include room and board, textbooks, or other fees

A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan.

Paying For College Vocabulary Flashcards

Student preview

41 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Capitalized Interest

Back

Unpaid interest that has been added to the principal balance of a loan

2.

FLASHCARD QUESTION

Front

Cosigner

Back

Someone who legally agrees to take responsibility for a person's debt if they cannot repay it

3.

FLASHCARD QUESTION

Front

Cost Of Attendance

Back

Total expense of going to college which may include tuition, room and board, fees, books and supplies, transportation, health insurance, etc. Also known as Sticker Price or a school's published price.

4.

FLASHCARD QUESTION

Front

Default

Back

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

5.

FLASHCARD QUESTION

Front

Deferment

Back

A process that allows a borrower to pause their federal student loan payments; interest does NOT accrue during this time period on subsidized loans

6.

FLASHCARD QUESTION

Front

Delinquency

Back

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

7.

FLASHCARD QUESTION

Front

Direct Plus Loans

Back

A federal loan available to graduate or professional students and eligible parents of dependent undergraduate students to help pay for the cost of the student's education at participating schools

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