EPF Midterm

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Entrance Counseling

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149 Terms
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Entrance Counseling

A mandatory information session which takes place before a student receives their first federal student loan.

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Delinquency

Describes the status of being behind on one or more loan payments.

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Forbearance

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.

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Default

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.

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Comparative Advantage

a countrys ability to produce a good more efficiently than other.

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Unemployment rate

the percentage of people in the civilian labor force who are not working but are looking for jobs.

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Surplus

situation in which the amount of a good or service supplied by producers is greater than the amount demanded by consumers.

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Master Promissory Note

(MPN)- A legal document in which you promise to repay your federal student loan (s) and any accrued interest and fees to your lender or loan holder.

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Embargo

an agreement among a group of nations that prohibits them all from trading with a target nation.

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Socialism

system in which government owns some factors of production and distributes the products and wages

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Scarcity

is the basic economic problem.

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Capitalism

a system in which private citizens own most, if not all, of the means of production ad decide how to use them within legislated limits.

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Interest Rate

the payment people or institutions receive when they lend money or allow someone else to use their money.

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Tariff

a tax on an imported good.

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Cosigner

Someone who legally agrees to take responsibility for a person's debt if they can not repay it.

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Student aid

Grants coming from the state or federal government, the school, or from private sources that does not need to be repaid.

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Scholarship

A type of aid primarily awarded for academic merit (good grades) or for something you have accomplished (volunteer work, athletics, etc .)

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Exit Counseling

A mandatory information session which takes place when a student graduates, leaves school, or attends school less than half- time.

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Fiscal Policy

how the government uses taxes and spending to reach economic goals.

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Recession

a period of declining economic activity lasting six or more months.

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Deferment

A process that allows a borrower to pause their federal student loan payments; interest does NOT accrue during this time period on subsidized loans.

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Laissez Faire

a belief that government should not interfere in the marketplace.

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Shortage

situation in which the supply of the good or service available is less than the demand for it.

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Principal

Original amount of money borrowed, separate from interest or fees.

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Labor Unions

association of workers organized to improve wages and working conditions.

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Tuition

The sticker price for the academic portion of your college expenses, which does not include room and board, textbooks, or other fees.

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Disbursement

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.

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Gross Domestic Product

total market value of all final goods and services produced in a country during a single year.

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Exports

to sell goods to other countries.

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Expected Family Contribution

(EFC)- An index number used to determine your eligibility for federal student financial aid.

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GDP

total market value of all final goods and services produced in a country during a single year.

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Opportunity cost

is the cost of the "next best use "of your money or time when you choose to do one thing rather than another.

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Grace Period

A period of time during which a borrower is typically not required to make loan payments.

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Monetary Policy

manipulation of the money supply to affect the cost of credit, economic growth, and price stability.

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Reserve requirements

the percentage of a deposit that banks have to set aside as cash in their own vaults or as deposits in their Federal Reserve district bank.

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Unpaid interest

Capitalized Interest that has been added to the principal balance of a loan.

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Net Price

The actual cost a student pays to attend a school, calculated as the sticker price minus grants and scholarships.

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Prepayment Penalty Fee

A fee that some lenders charge if you pay off all or part of your loan early.

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Student Aid Report

(SAR)- The report you receive after submitting your FAFSA.

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Recession

a period of declining economic activity lasting six of more months.

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Scarcity

is the basic economic problem

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Opportunity cost

is the cost of the "next best use" of your money or time when you choose to do one thing rather than another

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Business cycle

alternating periods of economic growth and decline

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Depression

state of the economy with high unemployment, severely depressed real GDP, and general economic hardship

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Recession

a period of declining economic activity lasting six of more months

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Gross Domestic Product

total market value of all final goods and services produced in a country during a single year

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Inflation

a long-term increase in the general level of prices

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capitalism

a system in which private citizens own most, if not all, of the means of production ad decide how to use them within legislated limits

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socialism

system in which government owns some factors of production and distributes the products and wages

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mixed economy

a system combining characteristics of more than one type of economy

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traditional economy

an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit

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market economy

an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price

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command economy

an economic system in which the government makes the major economic decisions

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shortage

situation in which the supply of the good or service available is less than the demand for it

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surplus

situation in which the amount of a good service supplied by producers is greater than the amount demanded by consumers

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equilibrium price

the price set for a good or service in the marketplace, where demand and supply are perfectly balanced

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supply and demand

(supply) the amount of goods and services that producers are willing and able to sell at a range of prices (demand) the amount of a good or service that consumers are willing and able to buy over a range of prices

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circular flow of economic activity

a model showing how goods, services, and money flow among sectors and markets in the American economy

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trade-offs

the alternative you face if you decide to do one thing rather than another

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Balance of Trade (Favorable/Unfavorable)

the difference between the value of a nations exports and its imports

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Business cycle

alternating periods of economic growth and decline

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Comparative Advantage

a countrys ability to produce a good more efficiently than other

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Depression

state of the economy with high unemployment, severely depressed real GDP, and general economic hardship

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Embargo

an agreement among a group of nations that prohibits them all from trading with a target nation

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Exports

to sell goods to other countries

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Fiscal Policy

how the government uses taxes and spending to reach economic goals

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GDP

total market value of all final goods and services produced in a country during a single year

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Imports

to buy goods from another country

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Inflation

a long-term increase in the general level of prices

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Interest Rate

the payment people or institutions receive when they lend money or allow someone else to use their money

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Labor Unions

association of workers organized to improve wages and working conditions

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Laissez-Faire

a belief that government should not interfere in the marketplace

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Monetary Policy

manipulation of the money supply to affect the cost of credit, economic growth, and price stability

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Real GDP (per capita)

GDP after adjustments for inflation

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Recession

a period of declining economic activity lasting six or more months

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Reserve requirements

the percentage of a deposit that banks have to set aside as cash in their own vaults or as deposits in their Federal Reserve district bank

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Surplus

situation in which the amount of a good or service supplied by producers is greater than the amount demanded by consumers

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Tariff

a tax on an imported good

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Unemployment rate

the percentage of people in the civilian labor force who are not working but are looking for jobs

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Capitalized Interest

Unpaid interest that has been added to the principal balance of a loan

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Cosigner

Someone who legally agrees to take responsibility for a person's debt if they cannot repay it

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Cost Of Attendance

Total expense of going to college which may include tuition, room and board, fees, books and supplies, transportation, health insurance, etc

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Default

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

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Deferment

A process that allows a borrower to pause their federal student loan payments; interest does NOT accrue during this time period on subsidized loans

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