HOTEL/RESTAURANT MANAGEMENT CAREER STARTER Phần 5 potx

complicated in many situations, so you should take your particular

circumstance to the student financial aid office for help.

FINANCIAL AID CHECKLIST

____ Explore your options as soon as possible once you’ve decided to begin a training

program.

____ Find out what your school requires and what financial aid they offer.

____ Complete and mail the FAFSA as soon as possible after January 1.

____ Complete and mail other applications by the deadlines.

____ Return all requested documentation promptly to your financial aid office.

____ Carefully read all letters and notices from the school, the federal student aid

processor, the need analysis service, and private scholarship organizations. Note

whether financial aid will be sent before or after you are notified about admission, and

how exactly you will receive the money.

____ Gather loan application information and forms from your school or college financial

aid office.You must forward the completed loan application to your financial aid office.

Don’t forget to sign the loan application.

____ Report any changes in your financial resources or expenses to your financial aid

office so they can adjust your award accordingly.

____ Re-apply each year.

FINANCIAL AID ACRONYMS KEY

COA Cost of Attendance (also known as COE, Cost of Education)

CWS College Work-Study

EFC Expected Family Contribution

EFT Electronic Funds Transfer

ESAR Electronic Student Aid Report

ETS Educational Testing Service

FAA Financial Aid Administrator

FAF Financial Aid Form

FAFSA Free Application for Federal Student Aid

FAO Financial Aid Office/Financial Aid Officer

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Financial Aid—Discovering the Possibilities

FDSLP Federal Direct Student Loan Program

FFELP Federal Family Education Loan Program

FSEOG Federal Supplemental Educational Opportunity Grant

FWS Federal Work-Study

PC Parent Contribution

PLUS Parent Loan for Undergraduate Students

SAP Satisfactory Academic Progress

SC Student Contribution

USED U.S. Department of Education

FINANCIAL AID TERMS—CLEARLY DEFINED

accrued interest—interest that accumulates on the unpaid principal bal￾ance of your loan

capitalization of interest—addition of accrued interest to the principal

balance of your loan that increases both your total debt and monthly

payments

default (you won’t need this one, right?)—failure to repay your education

loan

deferment—a period when a borrower, who meets certain criteria, may

suspend loan payments

delinquency (you won’t need this one, either!)—failure to make pay￾ments when due

disbursement—loan funds issued by the lender

forbearance—temporary adjustment to repayment schedule for cases of

financial hardship

grace period—specified period of time after you graduate or leave school

during which you need not make payments

holder—the institution that currently owns your loan

in-school grace, and deferment interest subsidy—interest the federal

government pays for borrowers on some loans while the borrower is in

school, during authorized deferments, and during grace periods

interest-only payment—a payment that covers only interest owed on

the loan and none of the principal balance

interest—cost you pay to borrow money

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HOTEL/RESTAURANT MANAGEMENT career starter