Personal Finance College Unit
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529 plan
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state sponsored invest plan that help families save money for college
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Grace Period
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the amount of time from when you graduate or leave college before you have to start paying back your loan- approximately 6 months
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Financial aid
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money given or loaned to you to help pay for college
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Work study
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program that allows students to take a part time job while studying as a part of a financial plan
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Fafsa
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main form students use to apply for Federal grants and loans
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Private Loan
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financed by companies that focus on student loans
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Grant
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free money for college that you do not have to pay back
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Demonstrated need
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the difference between your families contrubtion and the actual cost of college
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Cost of attendance
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total amount of college before financial aid
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Expended family controbution
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a measure of your families financial strength, helps to determine financial aid
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TOL-Consolidated Loan
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combine one or more pre-existing loans into one new loan
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TOL-Private Loan
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not federal aid, helps student unable to get financial aid
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TOL- PLUS Loans
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cover expenses not covered by other Federal financial aid
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TOL- Stafford Loans
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most common Federal education loan student receive
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TOL-Perkins Loan
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Low interest loan administered by the school for student who demonstrate great financial need
