Financial Algebra Vocab FALL Study Guide

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Satisfactory Academic Progress

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A set of standards that students must meet to remain eligible for financial aid, typically involving maintaining a minimum GPA and completing a certain percentage of attempted courses.

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I = prt

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The formula used to calculate simple interest, where I is the interest earned, p is the principal amount (the initial amount of money), r is the rate of interest per time period, and t is the time the money is invested or borrowed.

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Philanthropy

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The act of giving money, time, or resources to help others, often through charitable donations or volunteer work.

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Gross Pay

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The total amount of money earned by an employee before any deductions such as taxes, insurance, or retirement contributions.

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Unsubsidized Loan

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A type of student loan that accrues interest from the time it is disbursed, and the borrower is responsible for paying the interest, regardless of their enrollment status.

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Compound Interest

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Interest calculated on the initial principal and also on the accumulated interest from previous periods, leading to exponential growth of the investment.

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FAFSA

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The Free Application for Federal Student Aid, a form used to apply for financial aid for college, including grants, loans, and work-study.

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Cost of Attendance (COA)

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The total estimated cost of attending a college or university, including tuition, fees, room and board, and other expenses.

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Net Pay

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The amount of money an employee takes home after all deductions have been made from their gross pay.

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Work-Study

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A federal program that provides part-time jobs for students with financial need, allowing them to earn money to help pay for college expenses.