| EFC |
Effective Family Contribution--how much the school will INSIST
your family can pay. (Based on your FAFSA)
|
| FAFSA |
Free Application for Federal Student Aid. The form you
will submit to the Department of Education on which schools will
base your need. Similar to your tax form. (In fact a
certain percentage of all applicants will have to provide copies
of their tax forms)
|
| Perkins Loan |
Federal program to provide student loans to financially needy
students. Very limited funds.
|
| Subsidized Stafford Loan |
Another Federal program to provide student loans to financially
needy students. This fund has much more money, but the
award to any student is limited for each year.
|
| Unsubsidized Stafford Loan |
Similar to Subsidized loan, except it has higher interest and
must be repayed sooner.
|
| Plus Loan |
Loan for parents of student. While you must begin repaying
immediately, the interest rate is very good and you have 10
years to repay. Assuming you pass a credit check you can
borrow a lot if you desire
|
