If you get turned around by acronyms and think Sallie and Nellie Mae are old-time country singers, clear up your confusion with this convenient glossary of college finance terms.
College financing terms to know
1. Award letter -- Informs a student how much financial aid he or she will qualify for in the upcoming year. This letter includes funding from grants, loans, work-study and scholarships.
2. Block tuition -- A program enabling full-time students to pay a single price for any number of credits taken in a single term.
3. Coverdell accounts -- A custodial account that allows families to save up to $2,000 annually for each child under the age of 18. The non-deductible contributions accumulate earnings tax-free, and remain tax-free on withdrawal as long as they are used on qualified educational expenses.