Paying for College_Voc

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Cosigner

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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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Default

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Long-term failure to repay a loan according to the agreed terms

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Deferment

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A process that allows a borrower to pause their federal student loan payments

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Disbursement

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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

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Free Application For Federal Student Aid (FAFSA)

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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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Grace Period

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A period of time during which a borrower is typically not required to make loan payments.

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Grants

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

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Net Price

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

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Room And Board

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Cost of housing and food while at college.

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Scholarship

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