Glossary
| Term | Description |
|---|---|
| SAT I |
This stands for the Scholastic Assessment Test, which is a test that measures a student's mathematical and verbal reasoning abilities. Many colleges in the East and West require students to take the SA T I and to submit their test scores when they apply for admission. Some colleges accept this test or the ACT. (See above for an explanation of the ACT.) Most students take the SAT I or the ACT during their junior or senior year of high school. |
| SAT II Subject Test |
SAT II Subject Tests are offered in many areas of study including English, mathematics, many sciences, history, and foreign languages. Some colleges require students to take one or more SAT II Tests when they apply for admission. |
| Savings Instrument |
Savings instrument refers to any kind of savings plan or mechanism you can use to save money over time. Examples of savings instruments are savings accounts, certificates of deposit (CDs), and money market accounts. |
| Scholarship |
A scholarship is a sum of money given to a student for the purposes of paying at least part of the cost of college. Scholarships can be awarded to students based on students' academic achievements or on many other factors. |
| SEOG (Supplemental Educational Opportunity Grant) |
This is a Federal award that helps undergraduates with exceptional financial need, and is awarded by the school. The SEOG does not have to be paid back. |
| Stafford Loans |
These are student loans offered by the Federal Government. There are two types of Stafford Loans – one need-based and another non-need-based. Under the Stafford Loan programs, students can borrow money to attend school and the Federal Government will guarantee the loan in case of default. Under the Stafford Loan programs, the combined loan limits are $2,625 for the first year, $3,500 for the second year, $5,500 for the third or more years. An undergraduate cannot borrow more than a total of $23,000. |
