Needs and Wants
What the household or individual has to invest, save, ore spend after necessities are paid.
Was it Discretionary income?
A form prepared annually by current or prospective college students to determine their eligibility for financial aid.
Was it FAFSA? (Free Application for Federal Student Aid)
If you have a job and receive a paycheck; your earned income.
Was it Active Income?
Primarily funded by a state government?
Was it Public College?
Total earnings before any deductions are taken.
Was it Gross Pay?
Costs that occur on an irregular basis rather than monthly.
Was it periodic costs?
A Federal Program based on substantial financial need and which does not need to be repaid.
Was it Pell Grant?
Money earned from a business in which you are not actively involved.
Was it Passive income?
Schools that provide affordable postsecondary education as a pathway to certificate, license, associates degree, or four-year degree.
Was it Community College?
Total earnings after payroll taxes and other deductions; also called take-home.
Was it Net Pay?
The cost or charge to purchase or create something.
Was it expense?
Measure, appearing on your FAFSA Submission Summary, of your family's financial strength and how much the college expects your family to cover of your college expenses.
Was it Student Aid Index (SAI)?
Money that come from investment.
Was it Portfolio income?
Funded by investments, and private donors, not taxpayers.
Was it Private College?
Any items subtracted from your paycheck including State and Federal income taxes, Social Security, health insurance or 401(k) contribution.
Was it Deduction?
Cost that change in proportion to how much is produced or sold.
Was it variable cost?
Describes the status of being behind in one or more loan payment.
Was it Delinquency?
Goods that are consumed together.
Was it Complement goods?
Instructional programs that focus on the skills required for a particular job function or trade.
Was it Vocational Training Programs?
An independent contractor who provides a specific service for a certain period.
Was it Freelancer?
A legal arrangement in which a third party temporarily hold large sums of money or property until a particular condition has been meant.
Was it escrow?
The report you receive once you submit your FAFSA, which will contain your SAI (Student Aid Index), Pell Grant eligibility, and all other information that colleges will use to determine your financial aid package.
Was it FAFSA Submission Summary (FSS)?
Goods that consumers see as essentially the same to another product.
Was it Substitutes goods?
Institutions of Higher Education that were established before the Civil Rights Act of 1964 with the intention of primarily serving the African-American community.
Was it HBCU? (Historically Black Colleges and Universities)
A labor market where the majority of people have short-term jobs such as freelancing and temporary jobs rather than long-term employment.
Was it Gig Economy?