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This is the money a school charges students for classes.
What is Tuition? The cost charged by a school for instruction.
James earns a set amount of $45,000 every year from his job.
What is a Salaried Wage? A set amount of money paid regularly, usually based on a yearly salary.
Mike learns to become an electrician by working with an experienced electrician while also taking classes.
What is an Apprenticeship? Career training that combines hands-on work with classroom instruction.
A person needs special training and technical skills to work as an electrician, plumber, or mechanic.
What is Skilled Labor? Work requiring specialized training, education, or technical skills.
After earning a bachelor’s degree, someone goes to school to earn a master’s degree.
What is a Graduate Degree? A degree earned after completing an undergraduate degree.
Sarah earns $15 for every hour she works at her job.
What is an Hourly Wage? Money paid for each hour worked.
Maria sells cars and earns extra money for every car she sells.
What is Commission? Money earned based on sales or performance.
A person chooses to go to college instead of working and earning $30,000 that year.
What is Opportunity Cost? What you give up when you choose one option over another.
A person works a job that requires little specialized training or education.
What is Non-skilled Labor? Work requiring little specialized training or education.
A college student fills out this application to determine eligibility for federal financial aid.
What is FAFSA? The Free Application for Federal Student Aid, used to apply for federal student aid.
This is money students can receive to help pay for college that usually does not have to be repaid.
What is a Scholarship? Money awarded to help pay for education that generally does not have to be repaid.
A student receives financial aid from the government that generally does not have to be repaid.
What is a Grant? Financial aid that generally does not have to be repaid.
Lisa chooses a cheaper college but gives up attending the school she liked more.
What is a Trade-Off? Giving up one thing to gain or choose something else.
A student completes a bachelor’s degree before applying to graduate school.
What is an Undergraduate Degree? A degree earned before a graduate degree, such as an associate’s or bachelor’s degree.
A veteran uses educational benefits earned through military service to help pay for college.
What is the GI Bill? A federal program providing education and training benefits to eligible veterans and service members.
This is money borrowed to pay for college that must usually be paid back.
What are Student Loans? Money borrowed to pay for education that must usually be repaid.
Someone works independently and gets hired by different customers instead of working permanently for one company.
What is Freelance? Working independently for different clients rather than having one permanent employer.
A student completes about two years of college and earns a degree.
What is an Associate’s Degree? A college degree usually requiring about two years of study.
A loan’s interest rate can go up or down depending on changes in the market.
What is a Variable-Rate Loan? A loan with an interest rate that can change over time.
After leaving school, a borrower has a certain amount of time before they must begin making student loan payments.
What is a Grace Period? A period after a qualifying event before loan payments are required.
This is the credential someone earns after successfully completing high school.
What is a High School Diploma? A credential showing that a student completed high school.
Someone takes a year after high school to travel, work, or decide what they want to do before college.
What is a Gap Year? A year taken between high school and college, work, or another educational program.
A loan has an interest rate that stays the same for the entire loan.
What is a Fixed-Rate Loan? A loan with an interest rate that stays the same
A person must meet certain requirements and receive official approval to work in a particular career.
What is a Professional License/Certification? Official proof that someone has the qualifications or skills for a specific career.
A borrower is allowed to temporarily stop making certain loan payments because they meet specific requirements.
What is Deferment? A temporary period when eligible borrowers can postpone loan payments.