post secondary education econ

Associate’s degree

Two years, $154 per credit hour

Bachelor’s degree

4 years $456 - 2,100 per credit hour

Master degree

1-2 years

Price targeting/price discrimination

action of selling the same product at different prices to different buyers

Undergraduate degree

bachelors and associates, after hs

graduate degree

PH.D or doctorate , futher education

Public college

Govt funding, Lower gross/sticker price for in-state students, May not have as much grant aid

Private college

Funding comes from tuition, investments, private donors
Higher sticker price that doesn’t differ based on in-state vs out-of-state
Benefits from non-profit status, govt supported financial aid

FAFSA

offical form to apply for fed fincaial aid

unsubsidized loan

federal loan where the govt does not pay your interest while you're in school

cost of borrowing

interest rate

SAR

provides basic info about your eligibility for federal student aid

private loan

you sign a promissory note at a bank or credit union for one of these

work study

college program that enables students to work part-time during school

PLUS loan

federal loan available for the parents of undergrads

subsidized loan

federal loan where the govt pays your interest while you're in school

for profit college examples

ECPI, University of Phoenix

for profit college

educational institutions operated by private profit seeking business

privaet college examples

spelman, AMDA, howard

public college examples

NSU, JMU

cost of attendence

tution, fees, bookes, suppllies, room and board

sticker price

published price you see on website (COA)

net pirce

sticker price minus grants and scholarships, what you pay

Expected Family Contribution (EFC)

familes taxed and untaxed income, assets, benefits

Financial Award Letter

comes from each college you apply/accepted to, gives you grants and scholarships

grant

free money given on financial need

scholarships

merit based on academic accomplishments free money

promissory note

debt instrument that contains a written promise by one party a definite sum of money, either on-demand or at a specified future date.

Loan servicing

collects interest, principal, and escrow payments from a borrower.

Standard Repayment Option

10 years, at least 50 a month, pays off loan faster, fixed, deafult

Graduated Repayment Option

10 years, payments increase each month,

Income based repayment options

20 - 25 years, forgiving after time period even if not paid off

comes oct 1

FAFSA

comes a few days after you will out FAFSA

SAR

you will receive these directly from each school's Financial Aid office after you are admitted

award letters

order of forms

FAFSA, SAR, award letters

ordet to accept finincal aid

Scholarships and Grants, Subsidized federal loans Unsubsidized federal loans Private loans

student loan responiblity

total student laon debt should not exceed your expected first year salary after graduation

Your friend chooses the Graduated Repayment Plan. What assumption is he making about his future income?

He believes he'll make more money in the future

T or F:

Student loans are disbursed immediately to you, and you use the funds to pay things like tuition, fees, room and board, etc.

F

If you lower your monthly payment, do you think the total interest you pay will increase or decrease?

Increase

True or false: If you are a dependent and your parent doesn't qualify for the PLUS loan, you may be eligible for additional federal unsubsidized direct loans.

True

True or false: Your first year of college you will only be eligible for up to $5,500 in federal subsidized and unsubsidized loans.

True