FAFSA Facts
This free application helps determine your eligibility for federal grants, work-study, and student loans.
What is the FAFSA?
This type of financial aid is usually based on financial need and generally does not have to be repaid.
What is a grant?
This type of financial aid is borrowed money that generally must be repaid.
What is a student loan?
This average of your course grades is one measure schools review for financial aid eligibility.
What is your GPA (grade-point average)?
This plan organizes your income, expenses, and savings.
What is a budget?
To continue applying for federal student aid, you must submit a FAFSA this often.
What is every year?
These awards can help pay for college based on achievements, interests, background, or financial need.
What are scholarships?
This is the cost of borrowing money, calculated using a percentage of your unpaid loan balance.
What is interest?
These three words explain what "SAP" stands for in financial aid.
What is Satisfactory Academic Progress?
This federal aid program offers eligible students part-time employment.
What is Federal Work-Study?
You use this personal online account to access and sign your FAFSA electronically.
What is StudentAid.gov account, also known as an FSA ID?
This federal grant for eligible undergraduates has a lifetime limit equivalent to approximately 12 full-time semesters.
What is the Federal Pell Grant?
With this type of Direct Loan, the government pays the interest while you attend school at least half-time.
What is a Direct Subsidized Loan?
The percentage of attempted credits you successfully complete.
What is completion rate?
Money set aside for unexpected expenses, like a flat tire or emergency repair.
What is an emergency fund?
A parent or spouse required to provide information on your FAFSA is called this.
What is a contributer?
Someone guarantees you a scholarship if you pay an upfront "processing fee." This is a warning of one of these.
What is a scholarship scam?
With this type of Direct Loan, interest begins accumulating when the money is disbursed, even while you are at school.
What is a Direct Unsubsidized Loan?
Before withdrawing, contact this office about the effect on your aid.
What is the financial aid office?
Buying something on the spot without planning for it is called this.
What is impulse purchase?
After submitting your FAFSA, your household loses income because of job loss. You can ask your college's financial aid office for this review.
What is an aid adjustment review based on special financial circumstances? Accept: "Ask financial aid to review the change in income."
You submitted your FAFSA and assume you are being considered for every scholarship. Many scholarships still require this additional step.
What is completing a separate scholarship application?
Your aid offer includes more loan money than you need. You can request this change to avoid unnecessary debt.
What is accepting a smaller loan amount? Accept: "Reduced the loan" or "Borrow only what you need."
If illness leads to lost SAP eligibility, this request may allow reconsideration.
What is a SAP appeal?
Automatically setting aside savings whenever you get paid follows this "yourself first" money habit.
What is paying yourself first?