Financial Aid Terms
Acronym of the Financial Aid Application
What is FAFSA
This is another loan option besides federal loans.
What are private student loans
What is 2
You will receive a copy of this after being accepted into a college or university with details of funding options offered to you.
What is a financial aid award letter
This type of financial aid can consist of outside and institutional funding that does not need to be paid back.
What are scholarships
These loans offer lower interest rates and pathways to forgiveness
What is federal loans
The scholarship is offered by BBBS for littles pursuing a 2 year degree at any Minnesota institution
What is 'The Federated Challenge Scholarship'
This is the month the federal financial aid application close every year
What is June
Pell and SEOG are examples of this type of aid
What are grants
This type of federal loan DOES NOT accrue interest while you are still in college
What is subsidized student loans
The scholarship is offered by BBBS for littles pursuing a STEM of Finance Based degrees
What is the "Deloitte Youth Equity & Empowerment Scholarship" (will accept 'Deloitte Scholarship')
This number is used by schools to assess financial need (hint: previously known as EFC/Expected Family Contribution)
What is a student aid index (SAI)
This is what Tuition + Room and Board + Fees + Personal Expenses are called
What is Cost of Attendance
This type of loan from the federal government DOES accrue interest while you are still in college.
What is unsubsidized loans
This is the amount of time you need to be enrolled to be eligible for the 2 year BBBS scholarship
What is 18+ months
Name at least 1 document needed to complete the financial aid application.
What is W2, ID, Social Security
This student employment is limited to part-time during the school year and partially funded by the federal government
What is Work Study
This loan is available for parents to take out for a child to attend college
What is parent plus loan
This organization is a community partner that offers an additional scholarship that little can apply to
What is "Wallin Education Partners" (or just Wallin)
Name at least 2 other college expenses not named tuition and room and board that can be on a financial aid award letter
What are transportation fees, personal expenses, textbooks, supplies, student loan fees