Lesson 7.1

Key Terms

No Vocabulary

Lesson 7.2

Key Terms

Unemployment Rate: the percentage of the labor force, or a specific demographic, that’s jobless and looking for work

Postsecondary Education: all education that takes place after high school, including university, college, community college, certification, or trade school

Bachelor’s Degree: an undergraduate degree from a college or university, usually completed after four or five years of study

Prerequisite: a course that needs to be completed before a student can enroll in a second course

Associate Degree: a two- or three-year postsecondary undergraduate degree

Lesson 7.3

Key Terms

Private Student Loans: loans made by banks, credit unions, or other organizations with terms and conditions set by the lender, including higher or variable interest rates

Federal Student Loans: loans made by the government with terms and conditions set by law; often have a lower fixed interest rate

Subsidized Loans: federal student loans that are based on a student’s financial need and don’t accrue interest for a set period of time

Deferred: when debt payments are held off for or until a certain time and no interest accrues

Unsubsidized Loans: federal student loans that aren’t based on a student’s financial need and start accruing interest immediately

Forbearance: debt payments are held off for or until a certain time but interest continues to accrue

Lesson 7.4

Key Terms

FAFSA: the federal application required to receive any financial aid, including scholarships, grants, or loans offered through a college or university

Gift Aid: any form of financial aid that doesn’t need to be repaid

Student Aid Report: a document that shows whether or not you are eligible for federal student aid

Financial Aid Award Letter: a letter sent by a college or university that explains attendance costs and details about a student’s financial aid package

Scholarship: financial aid that does not need to be repaid; usually awarded based on achievements

Grant: financial aid that does not usually need to be repaid; usually awarded based on financial need

Work-Study: a program that allows students to work part time while continuing their studies

Lesson 7.5

Key Term

Academic Scholarship: an award presented to students who display high educational excellence

Lesson 7.6

Key Terms

CLEP: (College-Level Examination Program) a set of tests that qualify students to earn college credit if they pass them

Return on Investment (ROI): the measurement of gain or loss generated on an investment relative to the amount of money invested

Net Price: the total cost of education expenses needed for a student to attend an educational institution

Completion Rate: The percentage of students who finish the program they began.