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Paying For College

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Paying For College

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25 Questions

1. Principal

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedMeasure - appearing on your Student Aid Report - of your family's financial strength and how much the college expects your family to cover of your college expensesA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or fees

2. Grace Period

Measure - appearing on your Student Aid Report - of your family's financial strength and how much the college expects your family to cover of your college expensesActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or fees

3. Net Price

Measure - appearing on your Student Aid Report - of your family's financial strength and how much the college expects your family to cover of your college expensesA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or feesActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid received

4. Expected Family Contribution (EFC)

A period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedOriginal amount of money borrowed - separate from interest or feesMeasure - appearing on your Student Aid Report - of your family's financial strength and how much the college expects your family to cover of your college expenses

5. Promissory Note

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or feesA contract signed by the student agreeing to pay back all student loan obligations

6. Perkins Loans

A period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or feesA Federal loan for students who demonstrate substantial financial needActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid received

7. Payback

A period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeA simulation of the Paying For College process. Kick off discussions about the real costs of college with peers - parents and teachers. Play at timeforpayback.comActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedOriginal amount of money borrowed - separate from interest or fees

8. Student Aid Report (SAR)

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeThe report you will receive once you submit your FAFSA - which will contain your EFC - Pell Grant eligibility - and all other information that colleges will use to determine your financial aid packageOriginal amount of money borrowed - separate from interest or fees

9. Room And Board

Original amount of money borrowed - separate from interest or feesA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeCost of housing and food while at collegeActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid received

10. Delinquency

A period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or feesDescribes the status of being behind on one or more loan paymentsActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid received

11. Tuition

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedSticker price for the academic portion of your college expenses - which does not include room and board - textbooks - or other feesA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or fees

12. Grants

Original amount of money borrowed - separate from interest or feesActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedStudent aid coming from the state or federal government - the college itself - or from private sources that does not need to be repaidA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this time

13. Direct Plus Loans

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedOriginal amount of money borrowed - separate from interest or feesA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeA federal loan available to graduate or professional students and eligible parents of dependent undergraduate students to help pay for the cost of the student's education at participating schools

14. Work Study

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeA program that provides funds to eligible students in exchange for part-time employment to help finance the costs of postsecondary educationOriginal amount of money borrowed - separate from interest or fees

15. Loan Servicer

A period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedThe organization that collects payments on a federal student loan - responds to customer service inquiries - and performs other administrative tasks associated with maintaining a loan on behalf of a loan holderOriginal amount of money borrowed - separate from interest or fees

16. Direct Unsubsidized Loan

A student loan where the student is responsible for the interest during the time they are in school - which means they must pay that interest while studying or have it rolled into their loanA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedOriginal amount of money borrowed - separate from interest or fees

17. Pell Grant

A Federal program based on substantial financial need and which does not need to be repaidActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedOriginal amount of money borrowed - separate from interest or feesA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this time

18. Default

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeLong-term failure to repay a loan according to the terms agreed to - which has a substantial negative impact on the borrower's credit scoreOriginal amount of money borrowed - separate from interest or fees

19. Disbursement

A portion of a federal student loan that the school pays out by applying the funds to the student's tution and fees and then by paying the borrower directly for any remaining fundsOriginal amount of money borrowed - separate from interest or feesActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this time

20. Capitalized Interest

Original amount of money borrowed - separate from interest or feesUnpaid interest that has been added to the principal balance of a federal student loanActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this time

21. Master Promissory Note (MPN)

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedA legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holderA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or fees

22. Repayment Period

The maximum time period over which you must repay your student loan -- currently between 10 and 30 years for Federal loansActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedOriginal amount of money borrowed - separate from interest or feesA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this time

23. Interest Rate

The rate charged for borrowing money usually expressed as a percent of the amount borrowedA period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedOriginal amount of money borrowed - separate from interest or fees

24. Cost Of Attendance

Actual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedTotal expense to go to college which may include tuition - room and board - fees - books and supplies - computer costs - transportation to/from home - health insurance - etc.A period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeOriginal amount of money borrowed - separate from interest or fees

25. Federal Student Aid

A period of time that generally begins on the day after a borrower graduates - leaves school - or drops below half-time enrollment and ends on the day before the repayment period begins; borrower typically is not required to make payments during this timeActual expenses that a student pays in order to attend college - which is calculated as the sticker price of a college minus the financial aid receivedThe largest form of student aid in the country - federal aid programs come in the form of government grants - loans - and work-study opportunitiesOriginal amount of money borrowed - separate from interest or fees

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25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

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All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
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Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com