FAFSA
T or F: All student loans come from the federal government
What is...FALSE. There are private loans, but we discourage you from taking out private loans.
T or F. You can only apply to a certain amount of scholarships per year.
What is..FALSE! There is NO LIMIT to the amount of scholarships that you can apply to.
What is a type of federal loan your parents can take out on your behalf to pay for your schooling?
Parent Plus loan.
T or F. You must apply to the FAFSA to take out a federal loan.
TRUE.
T or F. You can only apply to scholarships during your Senior year in High School.
What is..FALSE! You can continue to apply through college!
A college or university will provide this to you around March or April. It contains all of the loans, scholarships and grants that you have earned for that institution.
What is a financial aid award letter.
What are some things that you need to complete the FAFSA?
+FSA ID for students and parents +Social security numbers for you & parent or guardian (Undocumented parents may use 000000000) +Tax returns for parents & students
What are the two types of federal student loans?
Subsidized & unsubsidized Stafford loans.
Name at least 3 reasons why scholarships can be awarded for.
What is... Merit, Athletics, Special Talents, Ethnicity, Financial Need, etc...
What is the IRS data retrieval tool? BONUS 100 for everyone: Should you use it and why?
THE IRS DATA Retrieval tool allows applicants who have already filed their federal income tax returns to prefill the answers to some questions on the Free Application for Federal Student Aid (FAFSA) by transferring data from their federal income tax returns. This can save the family some time in completing the FAFSA. BONUS: Yes, it will potentially save you more time by saving you from going through the verification process.
Name a state grant.
the TIP grant. Turn in the application early. Write Boys & Girls Clubs on the top and submit all requirements.
The type of loan in which interests starts building up immediately.
What is...UNSUBSIDIZED (UNsuper)loan Subsided (SUPER) loans means your interest does not accrue while you're a full time student.
What determines whether you will get a grant or not?
Your expected family contribution & how early you apply to FAFSA- Grants are first come, first serve.
When do you have to start paying back your loans?
6 months after you graduate or 6 months after you drop below half time student status or out of school completely. There are several different payment plans that can make it more affordable.
Name some scholarships offered through the Boys & Girls clubs.
Bechtel, Soref, Herzing University, Lawrence University, Hartland, Emerson, Pollard, Wyant.
WHAT IS FINANCIAL AID VERIFICATION AND WHAT HAPPENS IF YOU DO NOT COMPLETE IT?
Verification is the process used to confirm that the data reported on your financial aid application is accurate. They will ask for a form and for you to submit additional documentation. If you do not complete the verification process, you will not get an financial aid award letter....or financial aid.