Education
A school that usually takes 2 years to complete
community college
Tuition
Money you do NOT have to pay back
A scholarship or grant
Talking with your child about their goals for the future and education
healthy and open communication
A plan for how to spend and save money
a budget
A school that offers bachelor's degrees and takes about 4 years
college/university
Money paid for a dorm or apartment while in school
room and board
Money borrowed that MUST be paid back
A student loan
The form families can complete to receive financial aid
FAFSA
Money saved over time for future expenses
Savings
Classes students must take before focusing on their major or specific field
General education classes
Money paid for everyday needs like food, personal care, transportation
living expenses
Two main types of student loans
private (not part of financial aid; lender determines amount) vs federal (part of financial aid; school determine amount)
Places where families can look for scholarships (other than schools)
Places of worship, employers, youth organizations and local businesses (e.g., fast food & banks)
First step when creating a budget
keeping track of how much money is earned and spent
Moving from one college to another to finish your degree
Transferring
Money paid only when starting and finishing college (Hint: known as hidden fees)
application and graduation fees
A program that allows students to work while in school
a work-study
A person who can help families understand financial aid and college planning
a school counselor or advisor
A factor that leads to big changes in a budget plan
Choosing between a private or public college
Classes from one school that count toward your degree at another school
Transfer credits
One benefit of attending community college
Lower/reduced costs (general education classes for cheaper, tuition/supplies are cheaper, no required on-campus living, parking sticker is provided)
One thing to do if you cannot repay your student loan
ask for change in payment plan or seek deferment (a temporary pause in paying)
Ways in which families can support a student through the FAFSA process
Help gather documents, complete form together and ask questions
Biggest benefit of a student/family budget
Reduces stress and reminds students that their dreams are feasible