Chap 7, College Planning

Unemployment Rate

the percentage of the labor force, or a specific demographic, that’s jobless and looking for work

Postsecondary Education

all education that takes place after high school, including university, college, community college, certification, or trade school

Bachelor’s Degree

an undergraduate degree from a college or university, usually completed after four or five years of study

Prerequisite

a course that needs to be completed before a student can enroll in a second course

Associate Degree

a two- or three-year postsecondary undergraduate degree

Private Student Loans

loans made by banks, credit unions, or other organizations with terms and conditions set by the lender, including higher or variable interest rates

Federal Student Loans

loans made by the government with terms and conditions set by law; often have a lower fixed interest rate

Subsidized Loans

federal student loans that are based on a student’s financial need and don’t accrue interest for a set period of time

Deferred

when debt payments are held off for or until a certain time and no interest accrues

Unsubsidized Loans

federal student loans that aren’t based on a student’s financial need and start accruing interest immediately

Forbearance

debt payments are held off for or until a certain time but interest continues to accrue

FAFSA

the federal application required to receive any financial aid, including scholarships, grants, or loans offered through a college or university

Gift Aid

any form of financial aid that doesn’t need to be repaid

Student Aid Report

a document that shows whether or not you are eligible for federal student aid

Financial Aid Award Letter

a letter sent by a college or university that explains attendance costs and details about a student’s financial aid package

Scholarship

financial aid that does not need to be repaid; usually awarded based on achievements

Grant

financial aid that does not usually need to be repaid; usually awarded based on financial need

Work-Study

a program that allows students to work part time while continuing their studies

Academic Scholarship

an award presented to students who display high educational excellence

CLEP

(College-Level Examination Program) a set of tests that qualify students to earn college credit if they pass them

Return on Investment (ROI)

the measurement of gain or loss generated on an investment relative to the amount of money invested

Net Price

the total cost of education expenses needed for a student to attend an educational institution

Completion Rate

The percentage of students who finish the program they began.