Terms to Know

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  • FAFSA -- Students can receive money from the U.S. government to fund their education by completing the FAFSA (Free Application for Federal Student Aid). Based on factors such as income, the results of the FAFSA help determine how much money a student can be granted or may borrow for their college education. Visit the FAFSA website for more information.
  • TAP – Tuition Assistance Program is a grant provided through New York State to students who are: legal U.S. residents, residents of New York State, and attend college in New York State.
  • Grants – Similar to scholarships, grants are provided to students for various reasons such as financial need, academic achievement, or both. Grants are available through Pace University, the U.S. Department of Education, and some states and do not need to be paid back. 
  • Scholarships – Pace offers various scholarships to students based on a number of factors: financial need, academic achievement, community involvement, and areas of study. Scholarships do not need to be paid back. 
  • Loans – College loans can be acquired either through the U.S. Department of Education or private lenders. Loans must be paid back and often accrue interest while a student attends college. Interest rates and repayment terms vary per loan. 
  • Subsidized – Federal Subsidized Stafford Loans are available to qualified students with subsidized interest, meaning the federal government pays the interest on the loan while a student is in college. The government does not pay any other portion of the loan during or after college, and the loan begins collecting interest following a six or nine month “grace period” after the student stops attending at least half-time (6 credits per semester). 
  • Unsubsidized – Federal Unsubsidized Stafford Loans are also available to students if they require additional money beyond what grants, scholarships, or subsidized loans cover. These loans will accrue interest while a student is in school. It is recommended that students pay the accruing interest while they are in school; otherwise the interest is capitalized on the loan. Capitalizing means that the interest is added to the principle amount of the loan and then interest accrues on that amount also. 
  • Defer – Students may choose to postpone their loan repayment period; doing so is called deferring your loans. During a “grace period” after graduation, many lenders (both private and public) will allow you to postpone loan repayment. 
  • Interest rate – Because lenders give students the ability to borrow sums of money, they charge interest on the amount of the loan up until the time that money is paid back.  An interest rate is the percentage of the total amount borrowed that a lender charges a borrower for a loan. Interest rates are determined by a number of factors, and there are different interest rates for each type of loan. Some loans have fixed interest rates and some are variable.  
  • Private lender – A private lender could be a bank, credit union, or another financial institution. A private lender is not affiliated with a university or the government.