So Many Acronyms, So Little Time
FAFSA is an acronym that stands for what?
Free Application for Federal Student Aid
Every college and university has the same deadline for submitting the FAFSA.
fiction
This official number is necessary for you to complete your application
Social Security number
How much money is provided for students each year through the FAFSA?
$112 $112,000 $112 million $112 billion
$112 billion
money that you can borrow that you have to pay back with interest
loan
In order to calculate the amount of aid you will receive as a student, your college or career school subtracts your cost of attendance from your EFC, or expected family ____, to determine your overall financial need.
Contribution
The FAFSA is only available in English.
Fiction. The FAFSA is also available in Spanish.
You'll need this document from your employer and/or your parents' employer on hand to complete your FAFSA.
W-2 Form.
This federally-funded program helps students earn financial funding through part-time employment.
work-study
needs based money that you don't have to pay back
grant
FSA stands for what office positioned in the US Department of Education?
The office of Federal Student Aid
What date is the official "deadline" for the FAFSA each year?
June 30
In addition to scholarships, what is another type of "gift aid" can be offered by the federal and state government, your college or career school, and private or nonprofit organizations?
A grant. Grants and scholarships are often called “gift aid” because they are free money—financial aid that doesn’t have to be repaid. Grants are often need-based, while scholarships are usually merit-based.
merit-based aid that you don't have to pay back
scholarship
Within a few days of completing the FAFSA, you will receive your Student Aid Report or __.__.__
SAR. This summarizes all the information you submitted on the FAFSA. Your SAR can be accessed online at FAFSA.gov
You only have to submit your FAFSA once.
Fiction. You have to renew your FAFSA each year, as your financial information may change
T/F You will need to provide a copy of your social security card and birth certificate to complete the FAFSA
False
Before you receive this type of financial support, you will be required to complete entrance counseling and sign a Master Promissory Note (MPN).
federal student loan
Name for housing and food while at college
"Room and Board"
Net price is the whole net- the total expense of going to college which may include tuition, room and board, fees, books and supplies, transportation, health insurance, etc. Also known as Cost of Attendance or a school's published price.
Fiction. That is called "sticker price."
True or False: You must provide your transcript from your school when you submit the FAFSA
False. While a high grade point average will help a student get into a good school and may help with academic scholarships, most of the federal student aid programs do not take a student’s grades into consideration. Once in school, a student must maintain satisfactory academic progress in their program of study to retain their aid.
Both direct subsidized loans and direct subsidized loans require you to pay what back to the lender?
Interest. Interest is money paid to the lender in exchange for borrowing money. Interest is calculated as a percentage of the unpaid principal amount (loan amount) borrowed.
The sticker price for the academic portion of your college expenses, which does not include room and board, textbooks, or other fees
tuition