Education, Career & Income

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A paid career-training program where students learn on the job in addition to some classroom instruction

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Apprenticeship

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A degree that generally takes two years of study and is awarded by a community, junior, or business college

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Associates Degree

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

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Co-signer

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

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Deferment

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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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Direct Plus Loans

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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

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Direct Subsidized Loans

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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

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Direct Unsubsidized Loans

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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.

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Disbursement

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

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FAFSA

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

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Federal Student Aid