Financial Aid Glossary
November 28, 2007
by Paulina Mis
Understanding college aid jargon can be tough. Learning about college requirements, school testing and financial aid applications is difficult enough. Bring snooty words and acronyms into the picture, and you’ll find yourself rereading the same sentence ten times.
To get into the college game, you have to know how to talk the talk. That’s where we come in. Scholarships.com offers you free access to a college prep and financial aid glossary that will help you decipher “advanced” school vocabulary. Before you get into the nitty gritty details of college planning, you need an overview, and we can help you with that.
Those applying for federal financial aid will need to know what a Pell grant is, how the Cost of Attendance (COA) is determined, and what the federal work study program (WSP) has to do with their student aid report (SAR). It can be a lot to handle at first, but these are words worth knowing. You are likely to come across them when applying for aid, and when you do, you’ll know what you’re dealing with.
Such knowledge is particularly important for students who apply for loans. To make the best, most affordable choices, these students will need to know the difference between Perkins loans, Stafford loans, PLUS loans and private loans. Before signing anything, it’s important to know about Annual Percentage Rates (APR), accrued interest, loan deferment, loan defaulting and consolidation. The glossary will provide quick answers to these and other financial aid questions.
By taking advantage of the resources offered at Scholarships.com, you can feel confident about your financial aid and college planning decisions. Just breathe, and take things one step at a time. Sit down at the table with your financial aid documents and a glossary. Slowly things will begin to make sense. When you think you have the basics down, you can count on Scholarships.com for more in-depth information.