WorksheetsUnit 6 Paying For College 1 Vocab Quiz Game (NGPF)
Total questions: 20
Worksheet time: 10mins
What is capitalized interest?
Interest that is forgiven on a student loan
Interest that is paid monthly
Unpaid interest added to the principal balance of a loan
Interest paid by the government on behalf of the student
Who is a cosigner?
Someone who helps you choose a loan
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
A financial advisor
A bank representative
What does the cost of attendance include?
Only tuition fees
Tuition, room and board, fees, books, transportation, and health insurance
Tuition and books only
Room and board only
What is default in terms of loans?
Making extra payments on a loan
Long-term failure to repay a loan according to agreed terms
Paying off a loan early
Applying for another loan
What is deferment?
A process that pauses federal student loan payments; interest does not accrue on subsidized loans during this time
A reduction in loan interest rates
A way to cancel all student loans
An increase in loan interest rates
What is delinquency?
Being ahead on loan payments
Describing the status of being on time with loan payments
Describing the status of being behind on one or more loan payments
Applying for loan forbearance
What are Direct PLUS Loans?
Federal loans available to undergraduate students only
Loans given by private lenders
Federal loans available to graduate/professional students and eligible parents of dependent undergraduate students
Grants for low-income students
What are Direct Subsidized Loans?
Federal loans for graduate students only
Loans where interest is paid by the government while the student is in school at least part-time
Private loans with no interest benefits
Loans requiring mandatory co-signers
What are Direct Unsubsidized Loans?
Loans where interest is paid by the government while the student is in school
Loans where the student is responsible for paying the interest during school or having it rolled into the principal
Loans available only to parents
Zero-interest loans
What is a disbursement?
A process of applying a portion of a federal student loan to the student's school account or paying the borrower directly
Paying off the loan in full
Defaulting on a loan
Applying for another loan
What is entrance counseling?
An optional session before receiving a federal student loan
A mandatory information session explaining rights and responsibilities as a student borrower before receiving the first federal student loan
A financial planning course
A workshop on job placements
What is exit counseling?
An optional session after graduating
A mandatory information session explaining loan repayment responsibilities when graduating, leaving school, or attending school less than half-time
A scholarship seminar
A course on budgeting
Which of the following best describes "gift aid"?
A type of loan that must be repaid after graduation
Financial aid that does not have to be repaid, such as grants and scholarships
A work-study program that provides part-time jobs for students
A loan that offers lower interest rates for students with financial need
What is a "grace period" in the context of student loans?
The time period during which you must begin repaying your loan after graduation
The period when you can defer loan payments due to financial hardship
The time allowed after graduation before you are required to start repaying your loan without penalties
The time during which your loan interest rate is reduced
What is a "financial aid offer"?
A grant that must be repaid after graduation
The total amount of financial aid (federal and nonfederal) a student is offered by a college to help meet education costs
A loan that provides funding for tuition only
A scholarship awarded for academic achievements alone
What is "forbearance" in the context of student loans?
A grant that does not need to be repaid
A loan forgiveness program for students in public service
A fixed interest rate loan offered to students with financial need
A process that allows a borrower to pause their federal student loan payments; interest continues to accrue during this time period and may be capitalized
What is a "FAFSA Submission Summary"?
A detailed loan agreement for students
A report you receive with the information you submitted in your FAFSA. It contains your SAI and other information that colleges will use to determine your financial aid package
A list of all scholarships available to students
An application for a work-study program
What is the "Free Application For Federal Student Aid (FAFSA)"?
A work-study program providing part-time jobs for students
A free online application that current or prospective college students can submit each year to determine their eligibility for financial aid
A scholarship application for academic achievements
A loan that needs to be repaid after graduation
What is a "Fixed-Rate Loan"
A loan with an interest rate that does not change over the life of the loan
A loan that offers lower interest rates for students with financial need
A loan with an interest rate that varies based on market conditions
A loan with an interest rate that can change periodically
What is "Federal Student Aid"?
A type of private loan offered by banks and credit unions
A scholarship awarded for academic achievements
A financial aid application specifically for state-funded programs
The largest form of student aid in the country; federal aid programs come in the form of government grants, loans, and work-study opportunities
