Financial Aid 101
A form known by an acronym that everybody can fill out without charge.
What is FAFSA?
This letter is sent to students from college financial aid offices listing the terms of the aid being offered.
What is Award Letter?
The amount by which your family's contribution falls short of covering your college expenses.
What is Financial Need?
Name a documents you need to fill out your FASFA
SSN, TAX FORM
Where can you apply for financial aid
The Fasfa website
What loan can a parent take to help pay for their child college tuition
What is a Parent Plus Loan?
FAFSA calculates a number called the BLANK which is an indicator of your family’s ability to pay. In prior years, this was called the Expected Family Contribution. SAI is important.
What is STUDENT AID INDEX
A type of loan where interest is paid while you are in college
What is subsidized
An opportunity for students to work part-time while attending college. Often used to pay off college funds.
What is a Work-Study?
Financial aid that does not need to be paid back,
What is Grant or Scholarship?
Can a parent fill the FASFA out with a SSN
Not necessarily, but it is important that you and your family provide accurate information. If you don’t have the cards, look at the names and numbers entered on your family tax returns. Match those exactly and you should be in good shape. If your parent is not a U.S. citizen, they may have an Individual Tax Identification Number, or ITIN. (This number typically starts with 9.) The FAFSA accepts both Social Security numbers and ITINs.
Can you pay for college out of pocket
Yes
Should you fillout your FASFA annually
Yes
Should student and parent fill out the FASFA form
Yes both need to create a FSA ID
Financial aid that is awarded based on a student's academic, leadership, or artistic talent, or some other criteria.
What is Merit-Based Aid?
How many credits make you a full time college student
12 or more
This form is sent to students after submitting the FAFSA. Eligibility for grants will be indicated in this report.
What is Student Aid Report?
What does full ride mean?
Student doesn't need to pay for college, covers the college expenses
When should you fill out your Fasfa
EVERY year opening December 1.