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Economics > Unit 1 Vocab > Flashcards

Unit 1 Vocab Flashcards

1
Q

A degree that generally takes two years of study and is awarded by a community, junior, or business college

A

Associate’s Degree

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2
Q

Someone who legally agrees to take responsibility for a person’s debt if they cannot repay it

A

Cosigner

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3
Q

Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower’s credit score

A

Default

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4
Q

A process that allows a borrower to pause their federal student loan payments; interest does NOT accrue during this time period on subsidized loans

A

Deferment

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5
Q

A 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

A

Direct Plus Loans

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6
Q

A federal student loan available to undergraduate students; the federal government pays interest on the loan as long as the student is in school at least part-time

A

Direct Subsidized Loan

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7
Q

An index number used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your Free Application for Federal Student Aid (FAFSA) form. It’s reported to you on your Student Aid Report (SAR).

A

Expected Family Contribution

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8
Q

The largest form of student aid in the country; federal aid programs come in the form of government grants, loans, and work-study opportunities

A

Federal Student Aid

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9
Q

The total amount of financial aid (federal and nonfederal) a student is offered by a college, designed to help meet a student’s education costs

A

Financial Aid Offer

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10
Q

A loan with an interest rate that does not change over the life of the loan

A

Fixed-Rate Loan

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11
Q

A process that allows a borrower to pause their federal student loan payments; interest continues to accrue during this time period and may be capitalized

A

Forbearance

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12
Q

A form completed by current and prospective college students in the United States to determine their eligibility for student financial aid.

A

FAFSA

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13
Q

A year between high school and college when some students engages in various educational and developmental activities, such as travel or some type of regular work

A

Gap Year

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14
Q

Financial aid that does not have to be paid back, such as scholarships and grants

A

Gift Aid

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15
Q

A period of time during which a borrower is typically not required to make loan payments. It generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment. This period typically lasts 6 to 9 months but can vary.

A

Grace Period

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16
Q

Student aid coming from the state or federal government, the school, or from private sources that does not need to be repaid

A

Grants

17
Q

The rate charged for borrowing money usually expressed as a percent of the amount borrowed

A

Interest Rates

18
Q

A temporary paid or unpaid position that involves direct work experience in a career field

A

Internship

19
Q

A process that REPLACES one or more existing federal or private loans with a new private student loan, ideally with a lower interest rate

A

Loan Refinancing

20
Q

A process that allows a borrower to COMBINE multiple federal loans into one, allowing the borrower to make one monthly payment. The new interest rate of the loan is a weighted average of the prior loans’ rates.

A

Loan Consolidation

21
Q

The organization that collects payments on a loan, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a loan on behalf of a loan holder

A

Loan Servicer

22
Q

the loss of potential gain from other alternatives when one alternative is chosen

A

Opportunity Cost

23
Q

The actual cost a student pays to attend a school, calculated as the sticker price minus grants and scholarships

A

Net Price

24
Q

Original amount of money borrowed, separate from interest or fees

A

Principal

25
Q

A non-federal student loan made by a bank, credit union, or other entity, which sets the terms and conditions for the interest rate, grace period, and length of repayment

A

Private Student Loan

26
Q

The maximum time period over which you must repay your student loan – currently between 10 and 30 years for Federal loans

A

Repayment Period

27
Q

A plan that outlines your monthly loan payment, repayment period, and how much interest you will pay over the life of the loan

A

Repayment Plan

28
Q

a ratio between net income and investment

A

Return of Investment (ROI)

29
Q

Cost of housing and food while at college

A

Room and Board

30
Q

A type of aid primarily awarded for academic merit (good grades) or for something you have accomplished (volunteer work, athletics, etc) that does not need to be repaid

A

Scholarship

31
Q

Total expense of going to college which may include tuition, room and board, fees, books and supplies, transportation, health insurance, etc. Also known as Cost of Attendance or a school’s published price.

A

Sticker Price

32
Q

An electronic or paper document that gives you some basic information about your eligibility for federal student aid

A

Student Aid-Report

33
Q

A type of higher learning school that focuses on job skill training for specific career fields rather than academics in liberal arts

A

Trade School

34
Q

The sticker price for the academic portion of your college expenses, which does not include room and board, textbooks, or other fees

A

Tuition

35
Q

A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan

A

Variable-Rate Loan

36
Q

Training that is focused on hands-on work that prepares you for skilled trades, like plumbing, cosmetology or car repair

A

Vocational Training

37
Q

A federal program that provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses

A

Work-Study

Economics (5 decks)

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