Terms
Something you need to fill out in order to get loans and grants. This is mainly based on your parents income.
FASFA (Free Application for Federal Student Aid)
A Pell Grant is the best option for you.
True
Private loans are NOT good for you because.....
Private loans are run by Banks and Credit Unions and do not give you an option to pay back your loans based on your income.
You apply for a loan by..
A. Federal Aid
B. FASFA
c. FAFSA
d. Student Aid
B. FASFA
This is a gift given to students and is usually geared towards a specific group of people.
Scholarships
You have to pay grants back if you received outside scholarships or grants that reduced your need for federal student aid.
True
Typically, 6 months after you graduate college.
A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances.
A. You withdrew early, got kicked out, and reduced enrollment status.
B. Received too many grants/scholarships, withdrew early from school, and parents made too much.
C. Reduced enrollment status, received multiple grants/scholarships, and withdrew early.
C. Reduced enrollment status, received multiple grants/scholarships, and withdrew early.
This is provided to students who cannot afford college using only their own or their family’s financial resources.
Need-Based Grants
Federal Loans are a better choice because the government has more experience.
False
Money that doesn't not normally have to be repaid, such as grants and scholarships.
Gift Aid
The amount of money you get from a grant will depend on
A. Family contribution, the cost of attendance, full-time or part-time student, and attend school for a full academic year or less.
B. Full or part-time student, private or public college, and family contribution.
C. Low income families, family contribution, and cost of attendance.
A. Family Contribution, the cost of attendance, full-time or part-time student, and attend school for a full academic year or less.
money that must be paid back, usually with interest.
Loans
Merit-Based Grants and Need-Based Grants are grants that are given to you because you have a specific skill.
For parents who are borrowing money to pay for their dependent undergraduate child’s education, and for graduate or professional degree students.
Direct PLUS Loans
A. January
B. June
C. July
D. Whenever you feel like it.
A. January
Usually renewable and are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree.
Pell Grant
The 5 steps to a FASFA timeline:
1. Start Planning Early
2. Fill out your FASFA
3. Accept your Aid
4. Go to College
5. Graduate and start repaying
False:
1. Start Planning Early
2. Fill Out the FAFSA Form
3. Review Your Aid Offer
4. Get Your Aid
5. Graduate and Start Repayment
What is the KEY WORD difference between Direct Unsubsidized Loans and Direct Subsidized Loans?
Interest Rate: You do not pay interest on Direct Subsidized Loans until AFTER you graduate college. You pay interest with a Direct Unsubsidized Loan while in college.
Direct PLUS loans interest rate is...
A. 3.73%
B. 5.28%
C. 6.30%
D. 6.28%
D. 6.28%