Paying for College (1)
Student aid coming from the state or federal government, the school, or from private sources that does not need to be repaid
What is a grant?
A free online application that current or prospective college students can submit each year to determine their eligibility for financial aid
What is the FAFSA?
A type of aid primarily awarded for academic merit (good grades) or for something you have accomplished (volunteer work, athletics, etc) that does not need to be repaid
What is a scholarship?
The rate charged for borrowing money usually expressed as a percent of the amount borrowed
What is an interest rate?
Cost of housing and food while at college
What is room and board?
The sticker price for the academic portion of your college expenses, which does not include room and board, textbooks, or other fees
What is tuition?
A federal student loan available to undergraduate students; the federal government pays interest on the loan as long as the student is in school at least part-time
What is a direct subsidized loan?
Expenses that are billed directly by the college. These include tuition, fees, housing, and meal plan. These costs are mostly set by the college.
What is a direct cost?
College-related expenses not billed by the school, such as textbooks, transportation, and personal spending.
What is an indirect cost?
A federal student loan available to undergraduate and graduate students; the student is responsible for paying the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into the principal amount of their loan
What is a direct unsubsidized loan?
Total expense of going to college which may include tuition, room and board, fees, books and supplies, transportation, health insurance, etc.
What is cost of attendance OR sticker price?
A report you receive with the information you submitted in your FAFSA. It contains your SAI and other information that colleges will use to determine your financial aid package.
What is a Submission Summary?
The actual cost a student pays to attend a school, calculated as the sticker price minus grants and scholarships
What is net price?
A federal loan available to graduate or professional students and eligible parents of dependent undergraduate students to help pay for the cost of the student's education at participating schools
What is a direct plus loan?
The largest form of student aid in the country; federal aid programs come in the form of government grants, loans, and work-study opportunities
What is federal student aid?
A numerical value that colleges use to determine a student's financial need for federal aid
What is a Student Aid Index (SAI)?
The total amount of financial aid (federal and nonfederal) a student is offered by a college, designed to help meet a student’s education costs
What is a financial aid offer?
A legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder
What is a promissory note?