Chapter 7

1. (College-Level Examination Program) a set of tests that qualify students to earn college credit if they pass them
3. Scholarship: an award presented to students who display high educational excellence
6. Aid Report: a document that shows whether or not you are eligible for federal student aid
9. Degree: an undergraduate degree from a college or university, usually completed after four or five years of study
12. Rate: the percentage of the labor force, or a specific demographic, that’s jobless and looking for work
13. Loans: federal student loans that are based on a student’s financial need and don’t accrue interest for a set period of time
16. Aid Award Letter: a letter sent by a college or university that explains attendance costs and details about a student’s financial aid package
17. on Investment (ROI): the measurement of gain or loss generated on an investment relative to the amount of money invested
18. financial aid that does not need to be repaid; usually awarded based on achievements
19. the federal application required to receive any financial aid, including scholarships, grants, or loans offered through a college or university
22. a program that allows students to work part time while continuing their studies
23. Rate: the percentage of students who finish the program they began

2. a course that needs to be completed before a student can enroll in a second course
4. Degree: a two- or three-year postsecondary undergraduate degree
5. Education: all education that takes place after high school, including university, college, community college, certification, or trade school
7. Price: the total cost of education expenses needed for a student to attend an educational institution
8. financial aid that does not usually need to be repaid; usually awarded based on financial need
10. Student Loans: loans made by the government with terms and conditions set by law; often have a lower fixed interest rate
11. 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
14. when debt payments are held off for or until a certain time and no interest accrues
15. Loans: federal loans that aren’t based on a student’s financial need and start accruing interest immediately
20. Aid: any form of financial aid that doesn’t need to be repaid
21. debt payments are help off or until a certain time but interest continues to accrue