Paying the Price

Underemployed

(of a person) not having enough paid work or not doing work that makes full use of their skills and abilities.

Unemployed

(of a person) without a paid job but available/able to work

Public College

A nonprofit institution that is funded through state and federal means.

Pell Grant

A specific federal grant (does not need to be paid back) program designed to provide need-based grants to low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education.The amount depends on your financial need, costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less.

Expected Family Contribution (EFC)

Amount a family can be expected to contribute toward a student's college costs. This number is calculated through the FAFSA. This number helps determine other aid a student is qualified for.

College Grants

Called "gift aid"; money given to students based on their family's' financial need that they do not need to pay back. Money can come from the federal or state government, higher education institution, and private organizations.

College Scholarships

Called "gift aid"; money given to students most often based on merit (academic or athletic...). Most scholarships have specific criteria and rules to follow to maintain the money (GPA, enrollment status...). Money can come from the federal or state government, higher education institution, and private organizations.

FAFSA

Free Application for Federal Student Aid - a free form that can be prepared annually by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.

For profit college

Owned and run by a private organization or corporation. A for-profit school charges you tuition, but doesn't necessarily spend it on your education. Instead, they spend a good deal of it on marketing and recruiting. A for-profit college's primary objective is to make money

Opportunity Cost

The loss of a potential gain from other alternatives when one alternative is chosen. Ex-When a low-income student chooses going to college instead of working for a year, the opportunity cost would be the wages sacrificed for a college education

Direct Unsubsidized Loans

a type of public loan available to undergraduate and graduate students where there is no requirement to demonstrate financial need and the borrower is responsible for paying interest during all periods of the loan. Characteristics- Borrower's school determines the amount you can borrow based on your cost of attendance and other financial aid you receive, If borrower chooses not to pay the interest while in school and during grace periods and deferment or forbearance periods, interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

Direct Subsidized Loans

a type of public loan available to undergraduate students with financial need where the U.S. Department of Education pays the interest when- while you're in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).

Private college

an independent school that is privately funded; can be a nonprofit or for profit institution

Loan/debt averse

an unwillingness to take a loan to pay for college, even when that loan would likely offer a positive long-term return

Nonprofit college

charges you tuition. Then they spend the money to give an education to the students. They pour all the money they make back into their school, including paying professors, to conduct research on campus, and maintain campus and facilities.

Net Price of college

college's sticker price for tuition and fees minus the grants, scholarships, and education tax benefits you receive. The net price you pay for a particular college is specific to you because it's based on your personal circumstances and the college's financial aid policies.

Cost of Attendance (COA)

it is the total amount it will cost you to go to college each year. The COA includes tuition and fees; on-campus room and board (or a housing and food allowance for off-campus students); and allowances for books, supplies, transportation, loan fees, and, if applicable, dependent care. It can also include other expenses like an allowance for the rental or purchase of a personal computer, costs related to a disability, or costs for eligible study-abroad programs.

Private Student Loan

money that is borrowed from a bank, credit union, state agency, or school to pay for the costs of post-secondary education; this money is expected to be paid back with interest- higher interest rates, variable interest rates (can change) require payments while in school, limited repayment plans, no loan forgiveness plans

Public Student Loans

money that is borrowed from the federal government to pay for the costs of post-secondary education lower interest rates, may not have to make payments while in school full time,- fixed interest rates, multiple repayment plans (depending on if Trump budget passes), and forgiveness programs (depending if Trump budget passes)

Food insecurity

the state of being without reliable access to a sufficient quantity of affordable, nutritious food