FAFSA Basics
What stands for Free Application for Federal Student Aid?
FAFSA
Free money awarded based on achievements, grades, or talents.
A Scholarship
A temporary postponement of loan payments.
Deferment
Which college type can lower costs before transferring to a university?
What is a community college?
Two colleges have the same tuition, but one offers you more grants and scholarships. What should you compare to determine which school may cost you less?
What is the net price?
What are the three main forms of financial aid
Grants/Scholarships, Loans, Work-Study
This federal loan does not accrue interest while you are in school.
Subsidized Loan
Colleges offer training in arts such as graphic design, fashion design, photography, music, and theater. What type of college is this?
What are arts colleges
College A costs $20,000 and gives you $15,000 in grants and scholarships. How much is left for you to cover?
What is $5,000?
This is how often you need to submit the FAFSA.
Every year
This type of financial aid does not have to be paid back.
Grants or Scholarships
This federal loan begins accruing interest on the day the funds are disbursed.
Unsubsidized Loan
Which school type provides hands-on training for a specific career?
What is a trade or technical school?
Your college costs $25,000 for the year. You receive $9,000 in scholarships, $6,000 in grants, and $4,000 in loans. How much of the cost is still not covered?
What is $6,000?
These loans have the highest interest rates and should be avoided at all costs!
What is a private loan?
This federal program lets students work part-time to earn money for college.
Federal Work-Study
Before borrowing money for college, you should compare this percentage because it affects how much you will repay.
What is the interest rate
Which type of college often charges different tuition for in-state and out-of-state students?
What is a public college or university?
College A costs $30,000 and gives you $20,000 in grants and scholarships. College B costs $24,000 and gives you $11,000 in grants and scholarships. Which college has the lower remaining cost?
What is College A?
College A: $10,000 remaining
College B: $13,000 remaining
A financial aid package that gets you the exact amount of money necessary to attend that college.
What is a 'full-need' financial aid package
Type of loan parents can take out for their child to attend college
What is a parent plus loan
This is the total amount students and their families are expected to pay toward college costs.
What is Estimated Family Contribution?
Which type of college is privately funded and may be nonprofit or for-profit?
What is a private college or university?
You receive two financial aid offers:
College A: $28,000 total cost with $18,000 in grants and scholarships
College B: $23,000 total cost with $15,000 in grants and scholarships
Which college has the lower remaining cost, and by how much?
What is College B by $2,000?
College A: $10,000 remaining
College B: $8,000 remaining