| A | B |
|---|
| Career Cluster | Groping of occupations & industries based on knowledge & skills |
| Career | lifetime journey, building skills, knowledge, etc in paid employment positions |
| Formal Continuing Education | training for a specific set of new skills provided by experts in a particular field |
| Human Capital | Skills, knowledge & experiences possessed by an individual |
| Informal Continuing Education | occurs through social interactions, networking, life experiences & reading |
| Job | An activity through which an individual can earn money |
| Lifestyle | Habits, attitudes, tastes, moral standards & the amount of goods & services that you consume |
| Occupation | grouping on jobs that perform similar tasks |
| Standard of Living | level of material comfort as measured by the goods, services, & luxuries you are able to purchase |
| Transferable skills | versatile sills that are applied to personal & professional roles |
| Remediation | series of increasing advanced courses to bring academically unprepared students to the academic skill level expected for higher education |
| Backwards planning | Strategy: start with the end goal & plan backwards t determine the steps needed to get to the end goal |
| Career Pathway | Series of education & training programs that allow you to secure a job & then to advance within an industry or occupation |
| Debt-to-Income ratio | Standard tool to calculate whether a borrower will have difficulty meeting their loan repayment obligations |
| Job Outlook | Demand for a particular job when you are qualified & ready to enter the field |
| consolidate | combining a number of financial accounts into a single overall account |
| cost of attendance | total amount it will cost to go to school |
| deferment period | postponement of payment on a loan allowed under certain conditions & during which interest does not accrue |
| expected family contribution | estimate of the parents/students ability to contribute to College expenses. The lower the EFC the higher the financial aid award |
| FAFSA | Name for the Free Application for Federal Student Aid form prepared annually to determine eligibility for financial aid for College |
| Financial need | difference between the cost of attending a particular school & the expected family contribution |
| Forebearance | ability to stop or reduce loan payments for up to 12 months while interest is accruing |
| Grant | tax-exempt financial aid that is not repaid |
| Grace Period | time period after a borrower graduates, leaves school or drops below half-time enrollment where they are not required to make certain federal loan payments |
| Loan default | failure to pay a loan according to the agreed upon terms |
| Loan servicer | company that collects payment on a loan |
| PIN | 4 digit personal identification number used as an electronic signature |
| Scholarship | Money awarded that does not have to be repaid & is based on academic or other achievements |
| Student Aid Report | Summarizes responses made when completing the FASFA form |
| Subsidized loan | Need based loan from the federal government. Interest is paid by the US Dept of Education while the borrower is in college & during grace/deferment periods |
| Unsubsidized loan | Non-need based loan from the federal government. The interest is all paid by the borrower |
| Work-Study | federal program that gives part-time employment for students with financial need. They earn money to help pay for education |
| net price | the cost of attendance minus grants & scholarships |
