Personal finance vocab
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23 Terms
Vocational training school
you train for a specific skill while in high school
certificate
Online or in person classes that are less than 1 year to complete in your career interest after high school
apprenticeship
After high school
Training on-the job + education/class
Through work = getting paid=apprenticeship
To protect and serve your country while paying for your higher education
military
undergraduate student
A person who is studying to earn a bachelor's degree (4 years).
graduate school
Higher education after earning your bachelor's degree
Cost of attendence
The estimated total cost of going to a college/sticker price
federal student aid
The estimated total cost of going to a college/sticker price
Free Application for Federal Student Aid (FAFSA)
The form to apply for federal financial aid for college.
Grants
Money given to help pay for education that usually does not have to be repaid. It’s based on financial need
Interest Rate
A percentage charged by borrowing money
Loan Servicer
The people who give you the money
pell grant
A federal grant that helps eligible students with financial need pay for college. It generally does not have to be paid back
Principal
The amount of cash you borrowed
Promissory Note
A promise to pay back your loans
Repayment period
The amount of time you have to repay your loan
Room and Board
The cost to live on campus and the food you eat while attending college
Scholarship
Money awarded to help pay for education that does not have to be paid back based on grades,activities,talents,interests or other factors
FAFSA Submission Summary
A report after you file for FAFSA saying how much money you are eligible for student aid.
tuition
The amount a college charges for instruction and classes
Work-study
You work on a college campass and get paid
Disbursement
When financial aid money is actually sent to your college or school account
Grace Period
A period of time after leaving school or dropping below half-time enrollment when you usually don't have to make federal student loan payments yet