Student Loans Vocab

What is a scholarship?

• A type of loan that must be repaid after graduation.

• A financial award given to a student based on academic or other achievements to help pay for education expenses.

• A grant provided by the government for students in need.

• A payment made to students for their living expenses during college.

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What is financial need?

• The total amount of money a student has saved for college.

• The difference between the cost of attending a school and the amount a student and their family can contribute.

• The amount of money a student can borrow from the government.

• The financial support provided by the school to all students.

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What is a grant?

• A form of financial aid that does not need to be repaid, often based on financial need.

• A type of loan that must be repaid with interest.

• A scholarship awarded based on academic performance.

• A government program that provides free services to citizens.

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What is an unsubsidized loan?

• Loans based on financial need that do not accrue interest while in school.

• Loans distributed that are not based on financial need; you are responsible for the interest from the time the loan is disbursed until it is paid in full.

• Loans that are forgiven after a certain period of time if you work in public service.

• Loans that require a credit check and have higher interest rates than subsidized loans.

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CCSS.L.11-12.4C

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What is a student loan?

• Money you borrow to help pay for costs associated with school, with the expectation that you will pay that money back in the future.

• A type of scholarship that does not require repayment.

• Funds provided by the government for students to spend on personal expenses.

• A financial aid package that covers all educational costs without repayment.

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What is a subsidized loan?

• Loans that accrue interest while you are in school.

• Loans distributed based on determined financial need; these loans do not accrue interest while you are in school at least half-time or during deferment periods.

• Loans that are available to anyone regardless of financial need.

• Loans that require a credit check before approval.

What is interest in the context of loans?

• A fee paid to the lender for processing the loan application.

• The cost of borrowing money, usually expressed as a percentage of the loan amount.

• A penalty for late payments on a loan.

• The total amount of money borrowed including fees and interest.

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Who can qualify for a private student loan?

• Students enrolled in eligible programs with good credit or a co-signer.

• Only students with a high income.

• Students who have completed their degree.

• Anyone can qualify regardless of their enrollment status.

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What is the difference between subsidized and unsubsidized loans?

• Subsidized loans accrue interest from the time they are disbursed, while unsubsidized loans do not.

• Subsidized loans are based on financial need and do not accrue interest while in school, while unsubsidized loans accrue interest from the time they are disbursed.

• Subsidized loans are available to all students regardless of financial need, while unsubsidized loans are only for those with financial need.

• Subsidized loans have a higher interest rate than unsubsidized loans.

What can student loans be used for?

• Tuition, books, supplies, and living expenses.

• Only for tuition fees.

• For purchasing a car and other personal expenses.

• For travel and entertainment expenses.

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