EverFi – Module 5 Higher Education

Earning Potential
The more money you invest in higher education = higher pay in the workforce
Scholarships
Students must apply for these funds and they do not have to be repaid. Awards are based on merit, financial need and/or combination of the two.
FAFSA
Free Application for Federal Sudent Aid – Main form used to apply for federal education grants and loans.
Unsubsidized Loans
Type of federal student loan in which the government does not pay the interest while student is in school.
Subsidized Loans
Type of federal student loan in which the government pays the interest that accrues while student is in school.
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Stafford Loan
Most common type of federal loan awarded. Based on limits that are set for an individual loan as well financial need.
Private Student Loans
Financed by private companies rather than government. Since these interest rates and fees aren’t capped by government, they cost more.
Perkins Loan
Another common federal student loan. These loans have a set 5% interest rate and a 10 year repayment period.
Repayment Period
Amount of time given to an individual to pay back money lent.
Grace Period
Amount of time you have to pay back the balance of loan before it starts accruing interest.
Grants
Given to students to help pay for education and do NOT have to be repaid. Similar to scholarships.
Associate Degree
A degree granted after two years of study, often by a community or junior college.
Bachelor’s degree
A degree awarded by a college or university for completing undergraduate studies. Usually 4 years.
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