FAFSA Fundamentals
This free federal application determines eligibility for grants, loans, and work-study.
What is FAFSA
Money you do NOT have to pay back
The federal loan where the government pays interest while you are in school at least half-time.
What is a subsidized loan
This federal grant is typically awarded to undergraduate students with exceptional financial need.
What is Federal Pell Grant
A student receives a $3,000 grant and a $2,000 scholarship. How much must they repay?
What is $0
The FAFSA opens each year on this date.
What is October 1st
Financial aid that must be repaid with interest
What is a Loan
This loan begins accruing interest immediately.
What is an unsubsidized loan
Scholarships can come from these three sources.
What are colleges, private organizations, and community groups
A student borrows $5,500 in unsubsidized loans. When does interest begin?
What is immediately
This number is required for both students and parents to complete the FAFSA online.
What is a social security
A job program that allows students to earn money while in college.
What is Federal Work Study
This legal document you sign promising to repay your federal student loan. (multiple)
What is a Master Promissory Note
True or False: You must repay scholarships.
What is False
Mary can't pay for school and mother is deceased. Her guardian is attempting to help her. What is she attempting to do?
What is a Parent Plus Loan?
This tax year is typically used when completing this years FAFSA
What is 2024
This type of aid is awarded based on financial need.
What is need-bases aid
Repayment on most federal student loans begins after this period following graduation.
What is a 6 months
This strategy increases your chances of winning scholarships.
What is Apply to multiple
True or False: A student receives a loan for $3,000 with a fixed rate of 5% in 5 years. In 5 years his interest rate will be what?
What is 5%
This major factor determines how much federal aid you are eligible to receive.
What's Family Income or SAI
This type of aid is awarded based on grades, talents, or achievements
What is Merit-based aid.
This happens if you fail to repay your loan for an extended period of time.
What is a Default
What happens to your account if you do not do your loan entrance counseling
What is a Hold
A student receives an aid package covering tuition but not housing. What should they review to understand total cost?
What is Cost of Attendance