Direct/Indirect Costs
Direct Costs
Room, board, tuition, fees
COA
Cost of Attendance
Subsidized loans
Name at least 3 types of loans
Subsidized, unsubsidized, parent plus, personal
Name all six people who work in the college office
Indirect Costs
Transportation, books/supplies, personal/miscellaneous
HEOP/EOP
Higher Education Opportunity Program
This type of loan accrues interest while you're in college
Unsubsidized loans
What are 2 examples of gift aid?
Scholarships, grants, tuition credit
What do parent(s) need in order to get a loan?
Good credit
What's the difference between direct and indirect costs?
Direct costs are the same for everyone, indirect costs can vary by student
TAP
Tuition Assistance Program
What is the original amount of a loan called?
Principal
Difference between loans and gift aid
Gift aid does not need to be paid back, loans do
Where can you find your EFC?
On your SAR (Student Aid Report)
What is "sale price" or "net direct price"?
The amount you owe to a school
Direct costs/sticker price - gift aid/discount
EFC
Expected Family Contribution
Which loans should you accept FIRST?
Subsidized
Name one type of grant
Pell, TAP, FSEOG
Why are parent plus loans not recommended?
Higher interest rate (6.78% as compared to 3.43% on student loans)
How is remaining need calculated?
Direct Cost - Gift Aid - EFC = Remaining Need
FAFSA
Free Application for Federal Student Aid
The extra cost you have to pay for taking out a loan is called
Interest
Why is work study NOT gift aid?
Because it differs for different students and is not automatically transferred to tuition
What is the cap on first year loans ($ amount)?
$5,500