3-3 Vocab

3-3 Vocab

Student Loans

Multiple Choice

The form on which a

loan applicant must supply personal and

financial data that will assist in the loan

decision-making process.

• FICA

• FAFSA

• W-4

• IRA

Free Application for Federal Student

Aid (FAFSA)

The form on which a

loan applicant must supply personal and

financial data that will assist in the loan

decision-making process.

Multiple Choice

A Report sent to a family after its Free Application for

Federal Student Aid is processed, includes

information about which student loans are

available.

• Student Aid Report

• Loan Report

• Acceptance letter

• Credit Report

Student Aid Report

A report sent to a family after its Free Application for Federal Student Aid is processed, includes

information about which student loans are

available.

Multiple Choice

The amount of tuition a family is expected

to personally cover based on financial information submitted to a student loan agency.

• Remaining Balance

• Course fees

• Tuition charges

• Expected Family Contribution

Expected Family Contribution

The amount of tuition a family is expected

to personally cover based on financial information information submitted to a student

loan agency.

Multiple Choice

A loan that the federal

government funds and makes available to

students.

• Federal Loan

• Private Loan

• Government Loan

• Student Loan

Federal Loan

A loan that the federal

government funds and makes available to

students.

Multiple Choice

A loan issued by a bank, a

credit union, a school, or a state agency.

• Federal Loan

• Private Loan

• Government Loan

• Student Loan

Private Loan

A loan issued by a bank, a credit union, a school, or a state agency.

Multiple Choice

A need-based student loan for which

borrowers can defer interest payments for a

period of time. No payment is required on

the loan while the student is in school and

during a 6-month grace period after graduation. Federal government pays interest while student attends school.

• Federal Direct Subsidized

  Loan (Stafford)

• Federal PLUS Loan

• Federal Direct Unsubsidized

  Loan (Stafford)

• Federal Perkins Loan

Federal Direct Subsidized

Loan (Stafford)

A need-based student loan for which

borrowers can defer interest payments for a

period of time. No payment is required on

the loan while the student is in school and

during a 6-month grace period after graduation. Federal government pays interest while student

Multiple Choice

Describes the situation when no

payment is required on a loan, such as a

student loan while the student is in school

and during a 6-month grace period after graduating.

• Pause Payments

• Payment Relief

• Defer

• Loan Privilege

Defer

Describes the situation when no

payment is required on a loan, such as a

student loan while the student is in school

and during a 6-month grace period after

graduating.

Multiple Choice

A student loan that is not need

based. Students are expected to pay the

interest that accrues from the time the

money is received. No payment is required

on the loan while the student is in school

and during a 6-month grace period after graduation.

• Federal Direct Subsidized

  Loan (Stafford)

• Federal PLUS Loan

• Federal Direct Unsubsidized

  Loan (Stafford)

• Federal Perkins Loan

Federal Direct Unsubsidized

Loan (Stafford)

A student loan that is not need based. Students are expected to pay the interest that accrues from the time the money is received. No payment is required on the loan while the student is in school and during a 6-month grace period after graduation.

Multiple Choice

Describes the action when interest builds up or adds to the principal.

• Interest

• Accrues

• Finance Charge

• End Balance

Accrues

Describes the action when interest builds up or adds to the principal.

Multiple Choice

A loan that allows parents (or graduate students) to borrow

money for college costs. The borrowers

must be creditworthy.

• Federal Direct Subsidized

  Loan (Stafford)

• Federal PLUS Loan

• Federal Direct Unsubsidized

  Loan (Stafford)

• Federal Perkins Loan

Federal PLUS Loan

A loan that allows parents (or graduate students) to borrow money for college costs. The borrowers must be creditworthy.

Multiple Choice

A type of loan that is

available for students with exceptional financial

need.

• Federal Direct Subsidized

  Loan (Stafford)

• Federal PLUS Loan

• Federal Direct Unsubsidized

  Loan (Stafford)

• Federal Perkins Loan

Federal Perkins Loan

A type of loan that is available for students with exceptional financial need.

Multiple Choice

Accumulated interest that will be added to the loan when the repayment period begins.

• Interest Capitalization

• Accumulation

• Finance Charge

• Deferred Loans

Interest Capitalization

 Accumulated interest that will be added to the loan when the repayment period begins.