FAFSA
FAFSA stands for...
What is the Free Application for Federal Student Aid?
A type of financial aid that’s given to you that you do not have to pay back and is most often awarded based on your financial need.
What is a grant?
The total cost to attend an institution; it includes tuition, room and board, fees, books, supplies, transportation and personal expenses.
What is Cost of Attendance (COA)?
Type of student that's required to provide their parent(s) information on the FAFSA®.
What is a dependent student?
Time for Payback takes you through ____ years of college.
What is four (4)?
The first step in applying for federal financial aid, all students are encouraged to complete regardless of finances, and it can be completed online starting October 1st of each year.
What is the Free Application for Federal Student Aid (FAFSA)?
Money that you borrow from a bank, government, or lending company, and that needs to be paid back over an agreed period of time; you’ll almost always pay interest or a fee/fees for borrowing the money.
What is a loan?
What a family (student and parents) is expected to contribute for one year of college and is determined by a federal formula that calculates need using the information provided on the FAFSA.
What is Expected Family Contribution (EFC)?
You may be able to transfer your federal tax return information into your FAFSA using this; reducing the likelihood of being selected for verification and having to provide additional documents, which may lead to the student’s award letter being delayed or adjusted.
What is the IRS Data Retrieval Tool (DRT)?
The FAFSA uses tax and financial data from ____ years prior to determine a student’s financial aid.
What is two (2)?
Social Security Number, Driver’s License Number, federal income tax returns, W-2s, other records of money earned, bank statements and records of investments, records of untaxed income (if applicable), and an FSA ID to sign electronically.
What are documents needed to complete the FAFSA?
Money given to you based on certain characteristics or qualities; such as academic achievement, artistic, musical, or athletic talent, and it does not need to be repaid.
What is a scholarship?
Type of student that's required to provide only their own information and their spouse’s (if married).
What is an independent student?
The difference between COA and EFC.
What is Demonstrated Financial Need?
The name of the budgeting for college activity that you completed last week.
What is Payback?
Both the student and a parent must create this to electronically sign the FAFSA.
What is a Federal Student Aid ID (FSA ID)?
A federal financial aid program that provides you with a part-time job (usually on-campus in the library, dining hall, or lab, for example, at the school you’re attending) to help pay for your living expenses, books, school supplies, transportation, and other expenses.
What is work-study?
A username and password you use to log in to the U.S. Department of Education online systems and it's used to electronically sign the FAFSA.
What is a Federal Student Aid ID (FSA ID)?
A type of loan that is based on financial need and the federal government pays the interest while the student is in school.
What is a subsidized loan?
The data collected from the FAFSA determines a student’s eligibility for most federal, state and institutional awards, and calculates the EFC.
What is the FAFSA used for?
Financial Aid consists of...
What is scholarships, grants, loans, and work-study?
A type of loan that is not need-based and available to anyone who files the FAFSA; student may choose to pay the interest while in school or defer the interest and add it to the principal amount of the loan upon graduating.
What is an unsubsidized loan?
A policy where a school does not take a student’s financial need into account in the admission decision.
What is need-blind?
“Payback teaches students that it is very important to have a healthy balance between ____, work, and social activities while continuing to manage your debt.” (Page, 2020)
What is academics?