Paying For College Vocabulary

What is the term for unpaid interest that has been added to the principal balance of a loan?

• Capitalized Interest

• Deferred Payment

• Amortized Interest

• Accrued Principal

What is the 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?

• Cost Of Attendance

• Net Price

• Financial Aid Package

• Expected Family Contribution

What is the 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 called?

• Default

• Refinancing

• Amortization

• Collateral

What is the process that allows a borrower to pause their federal student loan payments, during which interest does NOT accrue on subsidized loans?

(a)  

What term describes the status of being behind on one or more loan payments?

• Delinquency

• Foreclosure

• Bankruptcy

• Refinancing

What is the name of the 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

• Federal Perkins Loans

• Stafford Subsidized Loans

• Private Education Loans

What is the name of the federal student loan available to undergraduate students, where the federal government pays interest on the loan as long as the student is in school at least part-time?

• Direct Subsidized Loan

• Direct Unsubsidized Loan

• PLUS Loan

• Private Student Loan

What is the term for the following definition? A federal student loan available to undergraduate and graduate students; the student is responsible for paying the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into the principal amount of their loan.

• Direct Unsubsidized Loan

• Direct Subsidized Loan

• Perkins Loan

• PLUS Loan

What is the term for the following definition? 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.

• Disbursement

• Deferment

• Consolidation

• Forbearance

What is the term for the following definition? A mandatory information session which takes place before a student receives their first federal student loan. It explains their rights and responsibilities as a student borrower.

• Entrance Counseling

• Exit Interview

• Loan Repayment Seminar

• Financial Aid Workshop