Paying for College Vocabulary Quiz

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

(a)  

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

(a)  

3. 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

• Net Price

• Direct Subsidized Loan

• Direct Unsubsidized Loan

• Master Promissory Note (MPN)

4. A form prepared annually by current or prospective college students to determine their eligibility for financial aid

• Master Promissory Note (MPN)

• Net Price

• Direct Subsidized Loan

• Free Application For Federal Student Aid (FAFSA)

5. 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

• Direct Plus Loans

• Direct Subsidized Loan

• Student Aid Report (SAR)

• Direct Unsubsidized Loan

6.A portion of a federal student loan that the school pays out by applying the funds to the student's tuition and fees and then by paying the borrower

• True

• False

7. A student loan where the student is responsible for the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into their loan → Direct Unsubsidized Loan

• True

• False

8. A contract signed by the student agreeing to pay back all student loan obligations → Interest Rate

• True

• False

9. A program that provides funds to eligible students in exchange for part-time employment to help finance the costs of postsecondary education → Work-Study

• True

• False

10. Unpaid interest that has been added to the principal balance of a federal student loan → Capitalized Interest

• True

• False