Get That Dough
These are the 3 forms of financial aid
What are (1) grants/scholarships, (2) loans, and (3) work study?
What is the total interest made after 4 years on a simple interest loan that accumulates 13% each year and has original amount was $1350.
What is $720?
The money that a borrower owes to a lender. It can be accrued through any form of borrowing—credit cards, mortgages, personal loans, and auto loans, etc.
What is debt?
This item is issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
What is a credit card?
This is what Undocumented students can complete to receive financial aid in New Jersey.
What is the NJ Alternative Financial Aid application.
The minimum amount of credits a student must be enrolled in each semester to be considered attending full time and therefore eligible for financial aid?
What is 12 semester credits?
The average NJ hourly wage for a college graduate as of 2023.
$21.75
The type of federal direct loan on which the government pays the interest while the student is still attending school?
What is a subsidized loan?
This is used to complete an electronic payment that can be paid later but must be paid in full.
What is a charge card?
A college's total estimated expenses for one year including tuition, room and board, books, supplies, transportation, loan fees, and miscellaneous expenses.
What is the Cost of Attendance or COA?
Highest average annual earnings in 2022 is $160,180 for individuals with a bachelor's degree in this field.
What is actuarial science?
The type of loan that continues to accrue interest payable by the student even if they are in school.
What is an unsubsidized loan?
A lump sum you have to pay every year that you're signed up for certain credit cards. Often these fees, which can range from $95 to $500 or more, are offset by perks, such as airline miles, points, or cash back opportunities.
What is an annual fee?
An agreement between state universities that offer tuition discounts to students.
What is tuition reciprocity?
Determined using income tax returns, it's the amount of money a student's family will need to pay towards their COA.
What is Expected Family Contribution (EFC)?
This field will experience a whopping 35% increase in job opportunities from 2022-2032.
What is data science?
The fee charged by a lender to a borrower, usually expressed as an annual percentage of the principal.
What is interest or interest rate?
Any resource (tangible or intangible, owned or controlled) that holds value. In other words, assets contain value that can be converted into money.
What is an asset?
A community service organization that provides benefits such as academic credit for service, priority admission points, or subsidized room and board or a textbook stipend to help finance part of their education.
What is AmeriCorps?
(founded in 1993 by President Bill Clinton)
The federal government uses the difference between an EFC and the COA for a particular school to determine this.
What is Financial Need?
The length of time it will take for money in a bank account to double if no money is withdrawn or newly deposited and the account earns 7% interest per year, compounded* monthly.
*compounded interest: interest that applies to both the initial amount AND the accumulated interest.
What is 10 years?
A temporary and voluntary postponement of a loan payment that may be offered by a loan holder.
What is deferment?
Key goals that include setting a budget, reducing debt, and starting an emergency fund.
What are the top 3 short term financial priorities?