Vocab 2 - Random Term (Financial Term) Flashcards
Award Letter
A document sent from a college or university that details how much financial support the student is eligible to receive.
College Fees
Charges from the college or university that is in addition to tuition and/or meals and room
Cost of Attendance
The estimate of tuition and fees, cost of room and board, cost of books, supplies, transportation, loan fees, and other related expenses
Excelsior Scholarship
This scholarship in combination with other student financial aid programs, allows eligible NYS resident students to attend a SUNY or CUNY college tuition-free.
Expected Family Contribution
A measure of your family’s financial strength. States and colleges use this number to help determine your financial aid award.
FAFSA
Free Application for Federal Student Aid required to receive financial aid from the federal government and required by most colleges. It includes grants, work-study programs and loans.
Federal Subsidized Loan
A federal student loan where a borrower isn’t generally responsible for paying interest while in school
Federal Unsubsidized Loan
A federal loan which offers students a low, fixed interest rate and flexible repayment terms. It is not based on financial need
Financial Aid
Money given or loaned to you to help pay for college. Financial aid can come from federal and state governments, colleges, and private and social organizations
Grant
“Gift aid” — financial aid that doesn’t have to be paid back and usually awarded based on need.
Net Price
The true amount a student will pay for a college.
(Tuition+Fees+Room+Meals) - (Scholarships+Grants)
NYS TAP
The New York State Tuition Assistance Program helps eligible New York residents pay tuition at approved schools in New York State.
PELL Grant
The largest federal grant program offered to undergraduates designed to assist students from low-income households
Private Loan
Loans made by private organizations such banks and credit unions with terms and conditions set by the lender. These are typically more expensive.
Scholarship
“Gift aid” — financial aid that doesn’t have to be paid back and is usually based on merit, such as proven academic or athletic ability.
