Definitions
This is a federal program that provides part-time employment to students while enrolled in school
Work Study
This type of loan is only given to students with unmet financial need
Subsidized Loan
Students may be eligible for this grant at WMU if they have a low estimated family contribution, high academic merit, and applied for federal aid before March 1
WMU Grant
This is how far in advance financial aid pays out to student accounts
10 day before the semester begins
This is a way to take the classes you need for cheaper
Take general education classes at a community college
This is financial aid that does not need to be repaid
Grant or scholarship
Private loans have lower interest rates than federal loans. True or false?
False
These places often offer scholarships to students
Community foundations, churches, local businesses, civic groups, organizations related to your field of interest, ethnicity-based organizations, sororities and fraternities, employers, university colleges, TRIO programs
WMU will send you a paper copy of your WMU bill. True or false?
False
These are some ways to earn income while in school
On campus employment, off campus employment, paid internships, summer jobs, freelance work/side hustles
A loan expense charged for the use of borrowed money
Interest
This type of loan accrues interest while you are still enrolled in classes
Unsubsidized loan
This grant has a limit of six-year eligibility
Pell Grant
This is the highest percent of a delinquent balance that can be charged as a collection agency fee
39 percent
This is the annual cost to own and operate a car
$8,000
This type of scholarship is paid for by donors of the university
Endowed Scholarship
This is the maximum amount of federal loans that can be borrowed by an undergraduate student
$57,500 for independent or $31,000 for dependent students
Free money can impact the amount of loan you may be eligible for. True or false?
True
These are the ways you can pay your WMU bill
Check. Cash. Debit or credit card.
These things help determine your credit score
Late payment history, percent of credit used, how long your accounts have been open, number of accounts, amount of hard inquiries
Your family's taxed and untaxed income, assets, and benefits are all considered when calculating this number
Expected Family Contribution
These are the four types of federal direct student loans
Unsubsidized, subsidized, PLUS, Consolidation
This type of free money may never get applied directly to your WMU student account
Local scholarships
These are the types of charges that may be placed on your student account
Tuition, fees, residence hall charges, University apartment rent, health center charges, library fines
Compound interest