Financial Aid Basics
What does financial aid mean?
Money to help pay for college
What does FAFSA stand for?
Free Application for Federal Student Aid
Name one expense besides tuition.
Housing, food, books, transportation
What’s the difference between subsidized and unsubsidized federal loans?
Subsidized = government pays interest while in school; unsubsidized = interest accrues immediately
Do you ever have to pay back scholarships?
No
Name(s) of the Financial Aid Application
What is FAFSA
When should you submit FAFSA?
As soon as it opens on October 1st
What is a “sticker price”?
Published cost before aid
True or False: You must repay private loans and federal loans.
True
Give one source of scholarships
Reading Scholarship Foundation, RMHS Senior scholarship application, high school website
This type of free financial aid can consist of outside and institutional funding without being paid back.
What are scholarships
Does everyone who fills out FAFSA get the same aid?
No it depends on the financial situation
What is “room and board”?
Housing + Meals
Why is borrowing less money better in the long run?
Less interest to repay
What’s a merit scholarship?
Based on grades, talents, and activities
What does cost of attendance include?
Tuition + Room and Board + Fees + Personal Expenses
What’s the Student Aid Report (SAR)?
Summary of FAFSA info
What is the average cost of books each year?
$1200+
About how long might it take to pay off $30,000 in loans?
10 years depending on payments
What’s a need-based grant?
Money given because of family income/financial situation
What is net price?
Sticker price minus aid/scholarships
What does SAI (Student Aid Index) represent?
How much the government thinks your family can contribute
In Massachusetts, community college is half the price of a state university.
False, it is free for Ma residents attending full time
What is loan default?
Failing to repay a loan as agreed
True or False: You should only apply to a few scholarships.
False - apply to as many as you can. It is free money