WorksheetsPaying for College Vocabulary
Total questions: 40
Worksheet time: 20mins
What is Capitalized Interest?
Unpaid interest added to the principal balance of a loan
A type of loan for undergraduate students
A fee charged for late payments
A grant given to students
Who is a Cosigner?
A person who receives a loan
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
A financial advisor
A loan officer
What does Cost Of Attendance include?
Only tuition fees
Tuition, room and board, fees, books, supplies, transportation, health insurance, etc.
Only room and board
Only health insurance
What is Default in terms of loans?
Early repayment of a loan
Long-term failure to repay a loan according to the terms agreed to
A temporary pause in loan payments
A reduction in loan interest
What is Deferment?
A process that allows a borrower to pause their federal student loan payments
A penalty for late payments
An increase in loan interest
A type of scholarship
What does Delinquency describe?
The status of being ahead on loan payments
The status of being behind on one or more loan payments
The process of applying for a loan
The approval of a loan application
What are Direct Plus Loans?
Loans for undergraduate students only
A federal loan available to graduate or professional students and eligible parents of dependent undergraduate students
A type of grant
A scholarship for high-achieving students
What is a Direct Subsidized Loan?
A loan where the student pays interest while in school
A federal student loan available to undergraduate students where the government pays interest while the student is in school
A loan for graduate students only
A private loan with high interest
What is a Direct Unsubsidized Loan?
A loan where the government pays the interest
A federal student loan where the student is responsible for paying the interest while in school
A grant for undergraduate students
A scholarship for part-time students
What is Disbursement in terms of student loans?
The process of applying for a loan
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
A penalty for late payments
A reduction in loan interest
What is Entrance Counseling?
A session explaining loan repayment responsibilities after graduation
A mandatory session before receiving a federal student loan
A report summarizing FAFSA information
A free online application for financial aid
What is the purpose of Exit Counseling?
To determine eligibility for financial aid
To explain loan repayment responsibilities after graduation
To summarize FAFSA submissions
To offer financial aid packages
What does a FAFSA Submission Summary contain?
Information about loan interest rates
A summary of federal student aid programs
The information submitted in your FAFSA
Details about scholarships and grants
What is Federal Student Aid?
A type of loan with a fixed interest rate
The largest form of student aid in the country
A process to pause student loan payments
A period when loan payments are not required
What is a Fixed-Rate Loan?
A loan with a variable interest rate
A loan with an interest rate that changes over time
A loan with an interest rate that does not change
A loan that is forgiven after graduation
What is Forbearance?
A type of financial aid that does not need to be repaid
A process to pause federal student loan payments
A mandatory session before receiving a loan
A summary of FAFSA information
What is the Free Application for Federal Student Aid (FAFSA)?
A mandatory session before receiving a loan
A free online application for financial aid
A type of loan with a fixed interest rate
A report summarizing FAFSA information
What is Gift Aid?
Financial aid that must be repaid
Financial aid that does not have to be repaid
A loan with a fixed interest rate
A process to pause loan payments
What is a Grace Period?
A period when loan payments are required
A period when loan payments are not required
A type of financial aid that does not need to be repaid
A mandatory session before receiving a loan
What is the term for student aid that does not need to be repaid?
Loan
Grant
Interest
Fee
What is usually expressed as a percent of the amount borrowed?
Principal
Loan
Interest Rate
Grant
What process involves replacing one or more existing loans with a new loan at a lower interest rate?
Loan Servicing
Loan Consolidation
Loan Refinancing
Loan Repayment
What allows a borrower to combine multiple federal loans into one?
Loan Servicing
Loan Refinancing
Loan Consolidation
Loan Repayment
Who collects payments on a loan and responds to customer service inquiries?
Loan Holder
Loan Servicer
Loan Consolidator
Loan Refinancer
What is a legal document promising to repay federal student loans?
Loan Agreement
Master Promissory Note
Loan Contract
Loan Statement
What are expenses that are essential for living and functioning called?
Wants
Desires
Needs
Luxuries
What is the actual cost a student pays to attend a school called?
Gross Price
Net Price
Full Price
Discounted Price
What type of grant is awarded to students with exceptional financial need?
State Grant
University Grant
Pell Grant
Private Grant
What is a fee charged for paying off a loan early?
Late Fee
Service Fee
Prepayment Penalty Fee
Processing Fee
What is the original amount of money borrowed called?
Interest
Principal
Loan
Grant
What is a Private Student Loan?
A loan made by a bank, credit union, or other entity with set terms and conditions
A loan provided by the federal government
A scholarship awarded for academic merit
A grant that does not need to be repaid
What is the typical repayment period for Federal loans?
5 to 15 years
10 to 30 years
20 to 40 years
1 to 5 years
What does a Repayment Plan outline?
The cost of tuition and fees
The terms of a scholarship
Monthly loan payment, repayment period, and interest over the life of the loan
The amount of financial aid awarded
What does Room and Board refer to?
Cost of textbooks and supplies
Cost of housing and food while at college
Cost of transportation and health insurance
Cost of tuition and fees
What is a Scholarship?
A loan that must be repaid
A type of aid awarded for academic merit or accomplishments that does not need to be repaid
A federal program providing part-time jobs
A numerical value used to determine financial need
What is the Sticker Price?
The cost of textbooks only
The total expense of going to college, including tuition, room and board, and other fees
The cost of room and board only
The cost of transportation and health insurance only
What is the Student Aid Index (SAI)?
A list of available scholarships
A numerical value used to determine a student's financial need for federal aid
A guide to college expenses
A federal loan program
What is a Work-Study program?
A scholarship for academic excellence
A federal program providing part-time jobs for students with financial need
A loan with a variable interest rate
A grant for volunteer work
What does Tuition cover?
Room and board expenses
The academic portion of college expenses, excluding room and board
Transportation and health insurance
All college-related expenses
What is a Variable-Rate Loan?
A loan with a fixed interest rate
A loan where the interest rate can change based on prime or index rate
A scholarship that does not need to be repaid
A grant for academic merit
