FAFSA Fundamentals
This form determines eligibility for federal aid, state aid, and most institutional aid.
What is the FAFSA?
If your aid isn’t enough, ask about this formal process.
What is an appeal?
The act of gathering and comparing information about colleges, including programs, costs, and campus life.
What is college research?
*https://collegescorecard.ed.gov/ (User friendly)
*https://nces.ed.gov/collegenavigator/ (More technical)
True or False: Turning 18 automatically makes a student independent on the FAFSA, meaning parents do not need to complete the FAFSA.
What is False?
FAFSA dependency is based on federal rules, not age 18
Most undergraduate students are considered dependent until age 24
Parent information is still required unless the student meets specific independence criteria
The document sent by a college explaining the types and amounts of aid offered.
What is a financial aid award letter?
True or False: Only students complete the FAFSA.
False
Students are required to complete this form each year to receive federal financial aid.
What is FAFSA?
True or False: You should accept every loan offered in your aid package automatically.
What is False?
For parents, this federal loan can help cover remaining costs but requires a credit check.
What is a Parent PLUS loan?
*https://chesla.org/ provides financing, information and tools for students and families to make informed decisions about paying for higher education.
A financial aid award letter is often confused with this, even though it is not a charge.
What is a Fee bill?
*A financial aid award letter is often confused with a bill, but it is not a bill. It is an offer that outlines the types and amounts of aid available.
Money you do NOT have to pay back.
What are grants or scholarships?
The cost for FAFSA.
What is free?
*FAFSA stands for Free Application for Federal Student Aid.
True or False: Changing majors multiple times can affect financial aid.
True!!
*Changing majors multiple times can cause students to take extra courses that don’t count toward their final degree. Please take the time to review your plan of study and look into what courses actually count toward your degree.
True or False: A higher-cost school can sometimes be cheaper after financial aid than a lower-cost school.
What is True?
True or False: A financial aid award letter guarantees the same aid for all four years.
False!
*Financial aid offers are usually made one year at a time and can change from year to year.
Unless a scholarship explicitly states that it is guaranteed for a specific period of time, you should never assume that it is.
Ask if scholarships can be combined or if one replaces another — this is called what?
What is a stacking or displacement policy?
A federal program where students work part-time to help pay for school.
What is work-study?
What are indirect costs? For full points, define indirect costs and list at least two examples.
Indirect costs are estimated expenses that are not billed directly by the school.
They will often appear as **Miscellaneous expenses in a school’s Cost of Attendance (COA) breakdown.
Examples:
Books
Transportation
Groceries
Laundry
Laptop or technology costs
Other personal expenses
True or False: Federal loans usually have more protections than private loans.
True! *
Federal loans offer protections that private loans usually do not, such as:
Income-Driven Repayment plans that adjust payments based on income
Deferment and forbearance options during hardship
Fixed interest rates set by the federal government
Loan forgiveness or discharge options in certain situations (e.g., public service, disability)
This happens when aid exceeds direct charges and the remaining amount is sent to the student.
What is a refund?
*Everyone’s situation will be different, but if you receive a financial aid refund, it’s best to hold onto the money initially and budget intentionally before making any purchases.
This federal loan does NOT accrue interest while the student is in school (half-time).
What is a subsidized loan? * If you must borrow, subsidized loans are preferable because the government covers the interest while the student is enrolled at least half-time, allowing you to avoid interest for a period of time.
Loans that accumulate interest while a student is still in school.
What are unsubsidized loans?
In Connecticut, submitting the FAFSA by this priority deadline helps students be considered for limited state and institutional financial aid, even if they plan to attend college out of state.
What is February 15, 2026?
*FAFSA remaining open does not mean the money is still available!
True or False: A student can be denied financial aid because of a parent’s financial decisions, even if the student has no access to that money.
What is True?
*FAFSA looks at family resources, not access.
Financial aid can be reduced or lost if a student does not meet this academic requirement.
What is Satisfactory Academic Progress (SAP)? *you should know your school’s academic requirements that students must meet to remain eligible for financial aid.
SAP usually looks at three things:
GPA
Credit completion (pace)
Maximum time frame to finish a degree