Financial Aid 1
What does FAFSA stand for?
Free Application for Federal Student Aid
What type of aid does not have to be repaid?
Grants and Scholarships
What does “COA” stand for in financial aid terms?
Cost of Attendance
What is the difference between tuition and room & board?
Tuition is the cost of your education (classes), Room & Board is what is costs to live and eat on campus
What is net price or put of pocket price?
The cost left after grants and scholarships. This is what you are expected to pay through other forms like loans or savings.
What date does the FAFSA typically open each year?
October 1st
What is the federal grant awarded to students with significant financial need?
Pell grant
What will you recieve that will tell you how much aid you are being given per school?
Financial aid award letter
What’s the term for the number the FAFSA generates to determine your financial need?
Student Aid Index (SAI), previously known as Expected Family Contribution (EFC).
How many scholarships does TRIO UB ask you to apply to?
8
What is work-study?
A program that allows students to earn money through on- or off-campus employment
Who are FAFSA contibutors?
student, spouse, biological or adoptive parents or their spouce if they remarried and provide the most income
Name two examples of indirect college costs.
Books, supplies, transportation, personal expenses, etc.
Why is it better to take our federal loans rather than private loans?
Lower interest rates, repayment after graduation and no credit check
What is the name of the scholarship you earn at TRIO UB?
Minnesota I Have A Dream Scholarship
What is the difference between a subsidized and unsubsidized loan?
The government pays the interest on subsidized loans while you’re in school; unsubsidized loans accrue interest immediately.
What is the MN State Grant?
The Minnesota State Grant provides need-based aid for low- to moderate-income MN residents attending eligible colleges. It doesn’t need to be repaid. Students must be MN residents, undergraduates pursuing a degree or certificate, and complete the FAFSA.
What is the North Star Promise Scholarship
The North Star Promise covers tuition and fees at Minnesota public and Tribal Colleges for residents with family incomes under $80,000 who complete the FAFSA or MN Dream Act and meet eligibility requirements, including being a first-time undergraduate and not in loan default.
What is the SAI range?
-1500 to 999,999
Why does TRIO UB have you apply to at least 5 colleges?
So you have OPTIONS