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EPF Unit 1 Vocab
1.1 Paying for College, 1.2 Student Loans: Broke Millennials, 1.3 Alternatives to College
26
Economics
12th Grade
09/03/2024

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Term
Tuition
Definition
The sum of money charged for attending a college/university.
Term
Room & Board
Definition
Lodging and food.
Term
Sticker Price
Definition
Required all colleges to show by the gov. Includes the room and board, tuition, and all other educational and living expenses.
Term
Net Price
Definition
Estimate of the actually cost needed to pay in a year to cover education expenses for a specific college.
Term
Public College
Definition
Government-funded.
Term
Private College
Definition
Relies on tuition and endowments.
Term
Scholarships
Definition
A grant/payments gifted to a student for various reasons meant to support their schooling and education.
Term
Pell Grants
Definition
Money the government provides for students who need to pay for college.
Term
Subsidized Loans
Definition
Loans for college students with financial need, the government helps pay the interest while you're still in school.
Term
Unsubsidized Loans
Definition
Loans for college students with financial need, the government will not help pay the interest while you're in school.
Term
Work-Study Programs
Definition
Colleges that offer their students part-time jobs on campus to help pay for their tuition.
Term
FAFSA
Definition
A form filled out by current and future undergraduate and graduate college students in the United States to determine whether they are eligible for student financial aid.
Term
Student Aid Index
Definition
An index number that a college's or career school's financial aid office uses to determine how much federal student aid you would receive if you attended the school.
Term
Deferment
Definition
A borrower is entitled to have the repayment of a loan deferred.
Term
Forbearance
Definition
Continuing to delay your payments with permission from the one leaning the one.
Term
Grace Periods
Definition
A period of time where you can delay the first payment on a loan.
Term
Co-Signed Loans
Definition
Loans given to the dependent parents of the students.
Term
Interest Only Payments
Definition
A type of mortgage in which the borrower is required to pay only the interest on the loan for a certain period
Term
Delinquent
Definition
The state of being past due on a debt.
Term
Loan Consolidation
Definition
When you take out a single, new loan to pay off multiple existing debts.
Term
Principle
Definition
A set of rules or concepts that govern how people satisfy their unlimited wants with their limited resources.
Term
Interest
Definition
The extra charge for borrowing money.
Term
Internship
Definition
A position as an intern, learning about a job and getting paid for it.
Term
Apprenticeship
Definition
A position as an apprentice, learning about a job under a professional.
Term
Trade School
Definition
Any post-secondary educational institution that offers training for a specific job.
Term
Gap Year
Definition
A year a student takes, usually to travel to and learn about a diff country between high school and college.
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