$tudent Loan$

2. study — Part of the Federal Student Financial Assistance Program, work-study provides part-time employment for post-secondary students who need income to help meet education costs.
5. — the federal form which determines eligibility for all federal financial aid programs.
6. note — the binding document that a borrower signs before receiving the loan proceeds. The note includes information about the terms and conditions of the loan.
10. — the fee charged to borrow money, usually a percent of the outstanding loan amount, which accrues and is paid over the life of the loan.
11. letter — Issued by a college's financial aid office, this official document lists all of the financial aid awarded to a student.
12. — this report is sent to you by the government about 4-6 weeks after you submit your FAFSA. This report will inform you of your EFC (Expected Family Contribution).
13. loan -Loans under the FFELP awarded on the basis of financial need. These loans can be made from a bank, credit union or other eligible lender or obtained directly from the government under the Direct Lending Program.
15. — like grants, do not have to be repaid. These are available from many sources including community groups, schools and private corporations. Scholarships can be awarded based on a variety of criteria including scholastic achievement, hobbies and majors.

1. payment — this is the amount that you must pay each month on your loan during repayment.
3. — the amount the federal government, via the FAFSA process, estimates that a family should contribute to the cost of a college education, based on income, assets and other circumstances.
4. — A loan program authorized by the federal government in the Higher Education Act. This program includes Federal Stafford, PLUS and consolidation loans. These loans are funded by banks, guaranteed by guaranty agencies and ultimately insured by the federal government
7. fee — the fee charged by the government to offset the cost of processing the loan. The amount of the fee is deducted from the dollar amount of the loan.
8. — A sum of money borrowed (principal) usually for a specific reason (e.g. to obtain an education). The entity lending the money (e.g. bank) usually charges interest for use of the money. The amount borrowed is typically repaid with interest over a period of time.
9. interest — Interest rates that change periodically (e.g., quarterly, and annually). The interest rates for Federal Stafford and PLUS Loans are set by the government each year and change annually on the first of July.
14. — a form of financial aid, similar to scholarships that does not have to be repaid.