| A | B |
|---|
| Consolidate | (financial) To combine (a number of financial accounts or funds) into a single overall account or set of accounts |
| Cost of Attendance (COA) | Total amount it will cost you to go to school (includes tuition and fees as well as personal expenses). |
| Deferment period | Postponement of payment on a loan allowed under certain conditions and during which interest does not accrue |
| Expected Family Contribution (EFC) | An estimate of the parents' and/or student's ability to contribute to postsecondary expenses. In general, the lower the EFC, the higher the financial aid award from the college may be. |
| FAFSA | The common name for the Free Application for Federal Student Aid form prepared annually to determine eligibility for post‐secondary financial aid |
| Financial need | The difference between the cost of attending a particular school and the expected family contribution |
| Work‐study | A federal program that provides part time employment opportunities for students with financial need, allowing them to earn money to help pay educational expenses. |
| Subsidized loan | A need‐based loan from the federal government, the interest of which is paid for by the U.S. Department of Education while the borrower is in school and during grace and deferment periods. |
| Unsubsidized loan | A non‐need‐based loan from the federal government the interest of which is paid for by the borrower |
| Grace Period | Period of time after a borrower graduates, leaves school or drops below halftime enrollment where they are not required to make certain federal loan payments |
