Earnings & Work Models
Payment calculated on a set rate per hour worked.
What is an Hourly Wage?
A secondary school completion certificate, or its equivalent via testing.
What is a High School Diploma or GED?
The standard application form required to access federal college financial aid.
What is FAFSA?
Money borrowed for education that must be paid back with interest.
What are Student Loans?
The compromise made when choosing one option over another.
What is a Trade-Off?
A fixed annual pay amount that doesn't change based on extra hours worked.
What is a Salaried Wage?
A two-year post-secondary degree often earned at community colleges.
What is an Associate’s Degree?
Gift money awarded based on academic, athletic, or special merit that does not require repayment.
What is a Scholarship?
A loan where the interest rate stays exactly the same over the whole loan life.
What is a Fixed-rate Loan?
The value of the best alternative you give up when making a decision.
What is Opportunity Cost?
Compensation calculated as a percentage of total sales made.
What is a Commission?
A 4-year degree (Bachelor's) earned at a college or university.
What is an Undergraduate Degree?
Financial assistance awarded based primarily on financial need that does not need to be paid back.
What is a Grant?
A loan whose interest rate can go up or down based on market trends.
What is a Variable-rate Loan?
Workforce jobs requiring advanced technical training, certification, or education.
What is Skilled Labor?
Working independently for multiple clients rather than being on a single company's regular payroll.
What is Freelance work?
Advanced degrees earned after a Bachelor's, such as a Master's or Ph.D.
What is a Graduate Degree?
The charge for instruction and academic courses at a college.
What is Tuition?
A set period after leaving school before student loan payments are officially due.
What is a Grace Period?
Jobs requiring general abilities without mandatory specialized technical training.
What is Non-skilled Labor?
Paid program combining structured hands-on work with classroom learning for specialized trades.
What is an Apprenticeship?
Mandatory state approval or optional credential showing high level skill in a profession.
What is a Professional License or Certification?
Federal benefit providing tuition, housing, and books to military veterans.
What is the GI Bill?
An officially approved delay in paying back student loans under special circumstances.
What is Deferment?
Taking a structured break year between high school and college to travel or work.
What is a Gap Year?