💰 THE BASICS
The amount charged by an institution for teaching/study, excluding many other living and study costs.
Tuition Fees
Funding awarded to support study that usually does not need to be repaid.
Scholarship
Money borrowed to pay education costs that must be repaid, usually with interest.
Student loan
Expenses such as accommodation, food, transport and everyday spending while studying.
Living costs
Financially contributing as a student towards education or living costs.
Work-study / student employment
The original amount of money borrowed, before interest.
Principal Debt
Funding, often linked to financial need or particular eligibility criteria, that usually does not need to be repaid.
Grant
Student loan
Loan term
What remains for the student/family to fund after relevant grants and scholarships are taken into account.
Net price
An employer contributes towards education or training costs, sometimes with conditions attached.
Employer sponsorship
The cost charged for borrowing money.
Interest
Financial support awarded based on achievement, talent or other strengths rather than primarily financial need.
Merit-based aid
Interest calculated on the original amount plus previously accumulated interest.
Compound interest
The broader estimated cost of studying, which can include tuition, fees, living costs, books and other expenses.
Cost of attendance
Money the learner or their family can realistically contribute towards education.
Family/personal contribution
A way of expressing the annual cost of borrowing.
APR - Annual Percentage Rate
Financial support awarded based on a student's/family's financial circumstances.
Need-based aid
Education borrowing provided or supported through a government system; eligibility and terms vary by country.
Government student loan
The amount you still need to fund after available contributions, scholarships, grants or aid.
Funding gap
An arrangement where education funding is provided in exchange for a portion of future income, subject to the agreement's terms.
Income-share agreement (ISA)
Paying off a loan over time through scheduled repayments that include principal and interest.
Amortization
The application used to determine eligibility for US federal student aid. It is US-specific.
FAFSA - The Free Application for Federal Student Aid — the application used to determine eligibility for US federal student aid. It is US-specific.
Education borrowing provided by a private lender rather than a government programme.
Private student loan
The advertised cost of a university may not be what a student ultimately needs to pay after scholarships, grants and financial aid.
Sticker price ≠ actual price
The combination of scholarships, grants, loans, work opportunities or other support offered to help fund study.
Financial aid package