Chapter 7 Key Terms

3. financial aid that does not need to be repaid; usually awarded based on achievements
5. federal student loans that aren’t based on a student’s financial need and start accruing interest immediately
10. a course that needs to be completed before a student can enroll in a second course
12. The percentage of students who finish the program they began.
13. a set of tests that qualify students to earn college credit if they pass them
14. loans made by the government with terms and conditions set by law; often have a lower fixed interest rate
16. financial aid that does not usually need to be repaid; usually awarded based on financial need

1. the federal application required to receive any financial aid, including scholarships, grants, or loans offered through a college or university
2. all education that takes place after high school, including university, college, community college, certification, or trade school
4. a two- or three-year postsecondary undergraduate degree
6. federal student loans that are based on a student’s financial need and don’t accrue interest for a set period of time
7. debt payments are held off for or until a certain time but interest continues to accrue
8. a program that allows students to work part time while continuing their studies
9. loans made by banks, credit unions, or other organizations with terms and conditions set by the lender, including higher or variable interest rates
11. an undergraduate degree from a college or university, usually completed after four or five years of study
15. when debt payments are held off for or until a certain time and no interest accrues