Scholarships & Grants
Scholarship
What is money awarded based on merit, talent, or criteria that does not need to be repaid?
Principal
What is the original amount borrowed before interest is added?
What is a loan where the government pays the interest while you are in school?
Merit-based aid
What is funding awarded for academic, artistic, athletic, or leadership performance?
Interest
What is the cost of borrowing money expressed as a percentage?
Cost of Attendance
What is the full yearly cost of a degree, including tuition, housing, food, books, and transportation?
Need-Based Aid
What is aid determined by a family’s financial situation?
Grace period
What is the time after graduation before loan repayment begins?
Co-op Program
What is a model where students alternate academic terms with full-time paid work in their field?
Work-Study Grant
What is a program that lets students earn money through campus jobs as part of their aid package?
Default
What is failing to repay a loan according to agreed terms?
FAFSA
What is the U.S. application that determines eligibility for federal financial aid?
Apprenticeship
What is a paid training model that combines work and study to reduce total education costs?
Amortization
What is the schedule that shows how each payment reduces a loan over time?
Deferred Tuition Model
What is a model where students pay tuition only after securing employment or through income-linked plans?