Financial Literacy

What is Financial Literacy?

Financial literacy is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.

Literacy Mission Statement

North Central Texas College (NCTC) is committed to helping students acquire sound financial literacy skills for both now and the future. NCTC provides students financial literacy training through workshops and online life skills modules, addressing concepts such as credit and money management as well as personal life management. Students leaving our institution will be equipped with academic credentials as well as the skills to manage their time and money. Allowing them to have greater success in their lives following graduation.

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Coming to Terms with Financial Aid Terms

A loan is in default when the borrower fails to pay several regular installments on time or otherwise fail to meet the terms and conditions of the loan.

Expected Family Contribution (EFC)
The amount of money that the family is expected to be able to contribute to the students education. Determined by the Federal Methodology Need Analysis formula approved by Congress.

Federal Work-Study (FWS)
A program providing students with need, determined by the FAFSA, part-time employment during the school year.

A type of financial aid based on financial need that the students does not have to repay.

A type of financial aid which must be repaid, some with interest.

Subsidized Loan
The government pays the interest on the loan while the student is in school (enrolled in at least half-time), the six-month grace period, and during any deferment periods. Subsidized loans are need based, determined by FAFSA.

Unsubsidized Loan
A loan for which the government does not pay the interest, student is responsible for interest. Unsubsidized loans are non-need based.

A review process in which the Financial Aid Office determines the accuracy of a student's financial aid application. Applications are randomly selected by the Federal Processor for verification; 1/3 of all applications are selected.

For more financial aid terminology visit:

Financial Literacy Brochure (pdf)