units 5, 6 and 7 vocabulary test

A letter that outlines your financial aid package from the college(s) to which you applied, detailing your federal, state, institutional and private financial aid

• award letter

• direct unsubsidized loan

• grace period

• principal

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.

• deferment

• loan refinancing

• cost of attendance

• variable-rate loan

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

• default

• capitalized interest

• master promissory note

• loan refinancing

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

• capitalized interest

• room and board

• direct plus loans

• deferment

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

• delinquency

• room and board

• capitalized interest

• gift aid

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.

• delinquency

• room and board

• disbursement

• grace period

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

• entrance counseling

• gift aid

• FAFSA

• federal student Aid

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

• FAFSA

• Tuition

• Award Letter

• room and board

A period of time during which a borrower is typically not required to make loan payments. This period generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment and ends on the day before the repayment period begins.

• interest rate

• cost of attendance

• work-study

• grace period

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

• gift aid

• grants

• FAFSA

• entrance counseling