Understand How To Pay For College


You made it past the early November 1st and December 1st deadlines. Yes, there are still the regular January 1st and 15th deadlines, but the pressure is gone. Now is a good time to seriously consider scholarship opportunities.

Let’s start with a grant glossary. Below is a vocabulary trainer (today is only AF) by studentaid.gov to make you think about paying for college:

ACADEMIC YEAR. A full school year at the same school or two full half years at different schools. For schools with a year-round teaching program, nine months count as the school year.

HELP FOR MILITARY FAMILY SERVICE. Both the federal government and nonprofits offer college cash to veterans, prospective military personnel, active personnel, or those associated with veterans or active personnel

ANNUAL TAXABLE INCOME. The amount of income that is used to determine how much tax you owe in a given year. This can include wages, salaries, bonuses, tips, capital gains, and unearned income.

RECOGNITION. The amount of money you borrow and your ability to borrow to buy goods and services. The credit is granted to you by a lender with whom you have an agreement to repay the amount spent plus applicable interest and fees within an agreed time.

COLLECTION OF DEBTS. The process of paying credit debts by borrowers.

DEBT CONSOLIDATION. A method of refinancing debt that involves taking out a loan to repay others.

DEFAULT. Failure to repay a loan that is listed in the agreed promissory note. Most federal student loan defaults occur when a payment is not made in more than 270 days. This can lead to legal consequences and a loss of eligibility for additional government grants.

DELAY. A temporary postponement of payment for a loan that is permitted under certain conditions and on which certain types of subsidized loans generally do not earn interest.

DIRECT CONSOLIDATION LOAN. This combines the federal educational loans into one free loan by completing the federal direct consolidation loan application and the promissory note. You will receive a one-time monthly payment for the new direct consolidation loan.

DIRECT PLUS LOANS. Federal loans that graduate or professional students and parents of dependent students use to pay for education costs.

DIRECT SUBSIDIZED LOAN. A federal student loan for which a borrower is generally not responsible for paying interest during a school, grace, or deferral period.

AVAILABLE INCOME. Used to determine a borrower’s eligibility for specific repayment plans and / or loan rehabilitation. This is the difference between the annual income and a percentage of the poverty guideline for the borrower’s family size and country of residence.

Early action. An admission guideline for universities that enables applicants to apply and to be informed about their admission in good time. Applicants who were accepted as part of an early measure have not made a binding agreement to attend this school and can submit applications to other schools.

Early decision. A university admission policy that enables applicants who commit to attend school to apply and be informed of their admission in good time. If an applicant is accepted, they agree to attend this school and must withdraw all other applications.

EMANCIPATE AT LEAST. Someone who has been legally classified as an adult by a court in their state of residence. If you are an emancipated minor, you are considered an independent student and do not provide any information about your parents on the FAFSA form.

ENDORSER. Someone who agrees to repay the Direct PLUS loan if the borrower defaults on payments or defaults on the loan. The endorser cannot be the student on whose behalf a parent is receiving a Direct PLUS loan.

REGISTRATION STATUS. This is reported by the school you attended and indicates whether you are or have been full time, three quarters time, half time, less than half time, withdrawn, graduate, etc.

ADVANCED REPAYMENT PLAN. This allows you to repay your loans over a longer period of time. Payments are made for up to 25 years. There are specific admission requirements to qualify for this plan.

FAMILY SIZE. This does not mean that people physically live with you. It’s about who you support financially. If you don’t sponsor anyone, just bet 1 for yourself.

FEDERAL PELL GRANT PROGRAM. The Pell Grant is the largest federal scholarship program offered to students. It aims to support students from low-income households. To qualify for a Pell Grant, a student must demonstrate financial needs by completing and submitting the FAFSA form.

FEDERAL STUDENT AID. Government assistance in the form of grants, loans, and / or job studies to assist students in college or vocational schools. Students must complete the FAFSA form to request this help.

ADDITIONAL FEDERAL EDUCATIONAL OPPORTUNITY. A scholarship awarded to an undergraduate student who demonstrates an exceptional financial need to pay for his or her education. Rewards can range from $ 100 to $ 4,000 and are non-refundable.

FEDERAL LABOR STUDY. A program that offers part-time jobs for students with financial needs. The program encourages community service and work related to your area of ​​expertise. To get money, you need to get a job degree and secure a job.

INDULGENCE. A period of time during which your monthly loan payments are temporarily suspended or cut. Interest will continue to be paid on your loans. Note that unpaid interest may be activated (added to your loan balance) at the end of your grace period.

FSA ID. This consists of a username and password that allow you to access the Ministry of Education’s online systems and that can serve as a legal signature when filling out electronic documents.

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