College Vocabulary
This degree takes 2 years to complete and can lead directly to a career or can be transferred to a bachelor's degree program.
What is an associate's degree?
Money you may receive from a college or government to help you pay for college.
What is "financial aid?"
This is free money given by the government or financial institution and does not need to be repaid.
what is gift aid?
This is the additional fee charged for borrowing money.
What is interest?
While you are in college, are you allowed to change your major, or area of study? Yes or No.
Yes, you are allowed to change your major during your time in college.
*not on the quiz
This is the subject or related to the subjects you study in college that help you pursue a future career.
What is a career pathway or college major?
This is the form you fill out to apply for financial aid for college.
FAFSA
This is an award given by a college or institution for success in academics, sports, or hobbies
What is a scholarship?
This is a 6 month length of time after graduation in which you are not expected to pay back your student loans.
What is a grace period?
How many years of college and study do you need to become a doctor?
To become a doctor you need to study anywhere between 11-16 years, including 4 years of college, and 4 years in medical school.
*more specific than quiz
This is a culminating degree and often means you are the most studied in your field.
What is a doctorate/PHD?
This is the form you receive form each school you have been accepted to detailing the financial aid you are being offered.
Student Aid Report (SAR)
This is a form of money by the federal government that must be repaied after you graduate college. (hint 2 words)
This loan does not accrue interest while you are in college, but will begin to collect interest once you graduate.
What is subsidized loan?
You must have a social security number and be a citizen or approved resident of the US to receive this.
What is Financial Aid?
If you earned a Master's Degree, then how many years did you study in college?
For a Master's Degree you studied at least 5-6 years in college.
This is the amount of money that the government has determined your family is able to pay for your college education.
What is Expected Family Contribution?
This need based aid offering allows you to have a job on campus and be paid directly in the form of a paycheck.
What is work study?
This is an option if you are continuing your education and wish to pause payment on your student loans.
What is deferment?
Why would in state tuition be cheaper that out of state? (2 reasons)
Colleges are often given money by the state AND they want to keep their residents in state and will offer financial incentives to do so.
This term is the cost of taking classes full time at college but does not include housing or other necessary expenses.
This formula stipulates how much financial aid you are eligible for.
Cost of attendance - Family Contribution = Financial need
This specific federal grant offered college students $6,895 a year for those who qualified
What is the Pell Grant?
*not this specific on the quiz
This is an option for repayment if you make under a certain amount of money after graduation and would like to cap your student loan payments at a max of 20% of you income.
What is an income based repayment plan.
(income contingent or SAVE plan also accepted)
not specifically on it
You can use this economic strategy to compare careers based on the salary that you are likely to make after the cost of the education required to pursue the career.
What is return on investment (ROI)?
*not on the quiz