Financial Aid Terms
This is what SAI Stands
Student Aid Index
It costs this amount to submit FAFSA.
$0
True or False: The CSS Profile is a required form for all colleges and universities.
False - But the CSS Profile is used by 300+ institutions (typically private colleges and universities)
This is when financial aid application forms become available for the current cycle.
October
A federally subsidized student loan means that the government will cover this throughout the duration of the student’s enrollment.
Interest
These are the two most common Financial Aid application forms.
FAFSA and CSS Profile
For students whose parents are divorced or separated, FAFSA requires this many parents to fill out their financial information.
Both, since they file taxes separately
True or False: FAFSA and CSS Profile ask for the same information.
False - CSS Profile often asks for more detailed financial information than FAFSA.
This is where you can find information about institutional deadlines for financial aid forms.
The institution’s website (specifically, the financial aid office webpage)
True or False: If you need to borrow money via a loan more than once, it’s a good idea to use different lenders.
False - it is easiest to repay loans to a single lender (and easier to negotiate if you need assistance or adjustment).
A school’s total Cost of Attendance is typically made up of these three categories of cost.
Tuition, Room & Board, and Additional Fees
A maximum of this many schools may be added to FAFSA at a given time.
20
The purpose of the CSS Profile is to determine how much of this type of financial aid can be distributed to a student.
Institutional Aid
True or False: Students must submit their Financial Aid application forms the same day they submit their application for admission.
False - application deadlines and financial aid deadlines are sometimes different dates, even at the same school.
True or False: It is a good idea to borrow more than you will actually need to pay for college so you have a cushion for unexpected expenses.
False - borrowing more money than you need to in the short term will cost you more money in the long term.
NCP stands for this, a required part of the CSS Profile for some students
Non-Custodial Profile
Students and parents use this to log in to the FAFSA and electronically sign it.
FSA ID
The CSS Profile is operated by this organization.
CollegeBoard
True or False: The FAFSA must be completed in one sitting.
False - you can complete the FAFSA in more than one sitting (i.e., save it and come back to it later).
This is the type of financial aid some colleges award to students based on academic or other accomplishments.
MERIT-BASED AID
This is the minimum amount of money awarded for Federal Work-Study.
Federal minimum wage - $15 an hour
Following initial submission of the FAFSA, students will receive this document within 1-5 business days.
Student Aid Report
True or False: All CSS Profile submissions are due on February 1st.
False - every institution has its own deadlines for CSS Profile submission and publishes said deadlines on their website.
Students typically receive their financial aid awards this long after their receiving their acceptance letter.
Approximately 2-6 weeks
(‘One month’ also an acceptable response)
After you graduate, you will have a grace period of this much time before you are required to begin repaying your student loans.
Six months