financial literacy final

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Private Loans

Loans obtained from banks or institutions.

Federal Loans

Loans obtained from the government.

Subsidized Loans

Loans for undergrad students with financial need where the government pays the interest.

Unsubsidized Loans

Loans for all students where interest accrues and financial need is not required.

Deferment

A period where loan payments are delayed and interest may be covered by the government.

Forbearance

A period where loan payments are delayed, but interest continues to accumulate.

Loan Consolidation

Combining multiple federal loans into one to reduce monthly payments, but potentially paying more interest in the long run.

Sticker Price

The advertised cost of attending a college.

Net Price

The actual cost of attending after scholarships, grants, and all costs are considered.

SAI (Student Aid Index)

A number used to determine federal aid eligibility for students.

Direct Costs

Expenses directly tied to college attendance like tuition, housing, and meal plans.

Indirect Costs

Expenses not directly tied to college like books, supplies, and personal expenses.

Grant

Financial aid based on need that goes towards tuition, distinct from merit-based scholarships like the Pell Grant.