Option 1
Filing the ___________________________ can give you access to federal, state, and institutional financial aid.
FASFA
___________________________ accrues interest that the student is responsible for, starting from the date of disbursement.
Direct Unsubsidized loan
Tony is a full-time student and works part-time on campus. His job is through the federal ___________________________ program, which provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses.
Work-Study
The ___________________________ is the full cost of attendance advertised by a college before financial aid is applied.
Sticker Price
___________________________ is the amount that students actually pay after scholarships and grants are applied.
Net Price
After processing your FAFSA application and sending you an offer of admission, the college will send you a(n) ___________________________, which details the types and amount of financial aid you are eligible to receive.
Financial aid offer
Students may receive a(n) ___________________________, which are awarded based on merit and performance
Scholarship
___________________________, which are given based on financial need. Unlike loans Doesn't need to be repaid.
Grants
When Kathryn graduated, she started making loan payments immediately even though her federal student loans had a 6-month ___________________________.
Grace Period
colleges use to determine your financial aid eligibility.
Student aid index (SAI)
A(n) ___________________________ is a federal loan where the government pays the interest while you are in school at least half-time
Direct Subsidized Loan
A(n) ___________________________ is backed by the government and typically comes with lower interest rates and more flexible repayment options,
Federal Student Loan
___________________________ is issued by banks or other private lenders and often has higher interest rates and stricter repayment conditions.
Private student loans
After submitting the FAFSA, you receive a(n) ___________________________
FASFA Submission Summary
It is important to consider the cost of ___________________________, which is the cost of your dorm and meal plan, when budgeting for college.
Room and Board
Loans where the amount of interest you have to pay stays the same until you pay off the loan
Fixed interest loan
Loans that are available for graduate and professional students, and parents of undergraduate students
Direct PLUS loans
The borrower is responsible for paying off all the interest that accrues on the loan
Unsubsidized
A process that allows a borrower to pause their federal student loan payments; interest does NOT accrue during this time period on subsidized loans
Deferment
Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score
Default
Describes the status of being behind on one or more loan payments
Delinquency
A mandatory information session which takes place before a student receives their first federal student loan. It explains their rights and responsibilities as a student borrower.
Entrance Counseling
A process that allows a borrower to pause their federal student loan payments; interest continues to accrue during this time period and may be capitalized
Forbearance
Financial aid that does not have to be paid back, such as scholarships and grants
Gift Aid
A process that allows a borrower to COMBINE multiple federal loans into one, allowing the borrower to make one monthly payment. The new interest rate of the loan is a weighted average of the prior loans' rates.
Loan Consolidation