Personal Finance College Unit

529 plan
state sponsored invest plan that help families save money for college
Grace Period
the amount of time from when you graduate or leave college before you have to start paying back your loan- approximately 6 months
Financial aid
money given or loaned to you to help pay for college
Work study
program that allows students to take a part time job while studying as a part of a financial plan
main form students use to apply for Federal grants and loans
Private Loan
financed by companies that focus on student loans
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free money for college that you do not have to pay back
Demonstrated need
the difference between your families contrubtion and the actual cost of college
Cost of attendance
total amount of college before financial aid
Expended family controbution
a measure of your families financial strength, helps to determine financial aid
TOL-Consolidated Loan
combine one or more pre-existing loans into one new loan
TOL-Private Loan
not federal aid, helps student unable to get financial aid
cover expenses not covered by other Federal financial aid
TOL- Stafford Loans
most common Federal education loan student receive
TOL-Perkins Loan
Low interest loan administered by the school for student who demonstrate great financial need