EverFi – Module 5 Higher Education – Flashcards
13 test answers
Unlock all answers in this set
Unlock answers 13question
Subsidized Loans
answer
Type of federal student loan in which the government pays the interest that accrues while student is in school.
Unlock the answer
question
Stafford Loan
answer
Most common type of federal loan awarded. Based on limits that are set for an individual loan as well financial need.
Unlock the answer
question
Private Student Loans
answer
Financed by private companies rather than government. Since these interest rates and fees aren't capped by government, they cost more.
Unlock the answer
question
Perkins Loan
answer
Another common federal student loan. These loans have a set 5% interest rate and a 10 year repayment period.
Unlock the answer
question
Repayment Period
answer
Amount of time given to an individual to pay back money lent.
Unlock the answer
question
Grace Period
answer
Amount of time you have to pay back the balance of loan before it starts accruing interest.
Unlock the answer
question
Grants
answer
Given to students to help pay for education and do NOT have to be repaid. Similar to scholarships.
Unlock the answer
question
Associate Degree
answer
A degree granted after two years of study, often by a community or junior college.
Unlock the answer
question
Bachelor's degree
answer
A degree awarded by a college or university for completing undergraduate studies. Usually 4 years.
Unlock the answer