Financial Aid Basics
These are the 3 forms of financial aid
What is Grants/Scholarships, Loans and Workstudy
This is the amount you pay directly to your school and is the the price for instruction
What is Tuition
The total cost of attendance minus the total financial aid that a student receives is known as that student's (blank)
What is Gap
Name two of the three types of indirect costs
What are books, transportation, or personal expenses
This is the first step when it comes time to apply for financial aid
What is the FAFSA.
These types of students must submit financial information for their parents on the FAFSA
What are dependent students?
A postponement of a loan payment.
What is Deferment
Name two of the four types of direct costs
What are: Tuition, Room and Board, Mandatory Fees, and Health Services Fees
This type of student must include parent information on the FAFSA
What is a Dependent student
This is the non-billable costs on each student's financial aid award letter
What is indirect costs
The type of federal direct loan in which the government pays the interest on while the student is still in school
What is a Subsidized loan
This is employment on campus that a student can apply for, that is available through financial aid
What is Work Study
This three letter term is calculated after you file your FAFSA
Aid Index (SAI); The number that helps financial aid offices determine how much federal student aid a student may be eligible to receive
This is an institutional award for students to demonstrate additional financial need and can provide $100-$4,000 in additional funds above and beyond Pell Grants
What is the Federal Supplemental Educational Opportunity Grant (SEOG)
This is the billable costs required by the school on each student's financial aid award letter
What is Direct Costs
The type of loan in which interest accrues while the student is in school.
What is Unsubsidized loan
This is the largest amount of money a student can acquire form outside scholarships
What is up to the Cost of Attendance (COA)
After submitting your FAFSA, you may be required to submit additional financial documentation if you are selected for this
What is Verification
This term, different than the sticker price, indicates the amount that a student pays for school after subtracting scholarships, grants, and financial aid
What is Net Price
If a student does not receive as much financial aid as that student needs, may file a (blank)
What is an appeal
When are students expected to start paying off a direct subsidized loan?
What is six months after the student is no longer in school (due to graduation, leaving [stop out], or being dismissed)
You are responsible for the interest, which accumulates from the day it’s disbursed, for this type of federal student loan
What is an Unsubsidized Loan