FINANCIAL AID

College Scholarship Search Profile
(CSS Profile)

In NC, only Davidson, Duke, Elon, UNC Chapel Hill, and Wake Forest require students to complete CSS Profile. 

Only apply if the school requires it. Completing CSS Profile makes students at these schools eligible for financial aid coming from the school's budget.

Schedule a meeting to get FAFSA completed with me!

KEY TERMS

Financial Literacy - the ability to understand and properly apply financial management skills

Pell Grant -  federal grant awarded to students for post-secondary education at colleges, universities, and career schools. Pell Grants are awarded on the basis of financial need and, unlike federal student loans, do not need to be repaid. Students must complete FAFSA to be eligible for Pell Grants. For the 2020 year, the maximum Pell Grant amount is $6,345.

Loans - taking out money from a lender that you'll have to pay back

  • Promissory Note - the contract between you and the lender that explains what is expected from you and the lender
  • Principal - the amount you borrow
  • Interest - a % of the principal balance that is added to the total amount of money you owe every month
  • Capitalization - adding interest that has accrued onto the loan principal. Interest then begins to accrue on new principal
  • Co-Signer - a person who signs the promissory note with the borrower and promises to repay the loan if the borrower does not
  • Disbursement - when and how you get the money that you borrowed
  • Subsidized Loans - interest does not accrue on your loan while you are in school and the 6 months after you leave school
  • Unsubsidized Loans - the interest starts accruing once it is disbursed
  • Deferment - the payments on the principal of the loan will be delayed for a specified time. However, the interest must be paid or it is added to the principal. This means the loan will cost the borrower more in the long run, but it may make the loan easier for the borrower to repay.
  • Forbearance - an arrangement to postpone or reduce a borrower's monthly payment amount for a limited and specified amount of time, or to extend the repayment period. The borrower is charged interest during the forbearance.
  • Loan Consolidation - Several loans are combined into one larger loan. The payment pattern and interest rate may change on the consolidated loans. The total payment may be smaller and the length of time for making repayments may be increased. This means the loan will cost the borrower more in the long run, but it may make the loan easier for the borrower to repay on a monthly basis.

Credit Score - a number ranging from 300-850 that depicts a consumer's creditworthiness. The higher the credit score, the more attractive the borrower. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history. Lenders use credit scores to evaluate the probability that an individual will repay loans in a timely manner.

Have a question? Ask me.

nhs.dukecac@gmail.com     ||     919.391.6441     ||     calendly.com/nhs-dukecac
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