College Lingo
If your family makes a lot of money and has money in the bank saved, through bonds, mutual funds, a 529 college savings plan you are not eligible to financial aid. True or False?
False
Name the 3 types of Higher Ed Institutions one can attend?
4 year University/College 2 year Community College Vocational/Technical/Trade School
1.Other than selectivity and cost name 4 other components you should consider when applying to college?
Available Majors, Location, Athletic Programs, Sorority and Fraternity Life, Clubs and Associations Diversity, size of college, housing/dinning, safety
There are 4 types of forms that financial aid comes in?
Scholarships, grants, loans and workstudy
October 1
When you get to college everyone is assigned a ...? What is the purpose of it?
Academic advisor, Purpose- is to help guide you in choosing the best courses in order to make sure you complete the requirements of your major and make sure your on track to graduate.
3. The process of filling out applications and doing interviews is called what?
Admissions Process
What is the name of the grant issue by the State of IL
MAP Grant
What is the difference between a community college and vocational/technical/trade school?
Community Colleges- 2 year schools where you get an associate degree- you can either focus on a 2 year program or take general college studies and transfer to a 4 year school. Vocation/technical/trade school- very focused only on your area of interest- some may offer associates but usually certifications and specialties.
What is the difference between a university and a college?
Often Universities are larger institutions that focus on research and offer a wider variety of majors/minors and programs. Many will also offer a greater number of graduate level or doctoral programs. Colleges tend to be smaller institutions that offer a little less variety in majors/minors and may sometimes do not have a large number of graduate or doctoral programs. Many colleges are liberal arts focused rather than research focused.
Name three types of schools that everyone should apply to.
Safety School: your transcript exceeds those of the average freshman
Match School: your transcript mirrors that of the average freshman
Dream School: your transcript is below that average accepted freshman
What does EFC on the Financial aid and Student Aid Report stand for?
Expected Family Contribution
Colleges/Universities will offer financial need based on what two components. What is the difference between the two?
Merit-based awards Need-Met
What does FAFSA stand for?
Free Application for Federal Student Aid
Name two types of degrees you can earn.
Associates- 2 yrs
Bachelors-4 years
Masters -2 year after undergrad 6 years
Doctorate degree- 5 -7 year program
What type and how many classes do colleges want you to have? Think subjects, years, kinds of classes?
4 years of English, 3 years of Math ( Alg 1 Alg 2 Geometry), 3 years of science ( Bio& Chem), 2 year of a Foreign Language Consecutive ( ie Spanish 1 &2) 5 or more college prep course (not including art or music but more cores) College Prep, Honors AP classes.
What is the difference between a subsidized and unsubsidized loan?
Subsidized Loans are NEED based and interest is paid by the federal government while you are enrolled in school.
Unsubsidized Loans are NOT need based and the interest is always your responsibilty.
When will you begin paying back your student loans?
Most student loans will start being paid back 6 months after your graduation.
What is the formula to determine someones financial need?
Cost of Attendance - Expected Family Contribution=Financial Need