Financial Aid Basics
FAFSA is an acronym that stands for this
Free Application for Federal Student Aid
This is the earliest students can complete the FAFSA every year.
What is October 1st?
What does COA stand for?
What is Cost of Attendance?
These are the 3 forms of financial aid
What is Grants/Scholarships, Loans and Work Study?
Type of aid that:
Must be paid back with interest
Students & parents can borrow money from the federal government
FAFSA completion is required
What is Federal & Private Loans?
The amount of credits a student must be enrolled in to be considered full time financial aid eligible?
12 Credits or 15 depends on the college
This is what you need before starting your FAFSA application.
What is a FSA ID?
These are 3 things considered as "indirect costs" for Cost of Attendance.
What are transportation, Books and Supplies, food, personal expenses?
The type of financial aid that is free money that does not have to be paid back?
What is a Grant?
The process your college, university uses to confirm that the information on your FAFSA is accurate. Your school has the authority to contact you to request documentation that supports the information of the FAFSA.
What is verification
The place you go if you have questions about your financial aid.
What is the Financial Aid Office?
How often students have to file the FAFSA.
What is Annually?
What 3 things are considered "direct costs" as part of Cost of Attendance?
What are tuition, fees, and Room and Board?
The type of loan with no interest accumulated while in school.
What is a subsidized loan?
The timeframe that you must start paying back student loans after either dropping out of college or graduating.
What is 6 months
This is what you get if you paid more than the actual cost of your attendance.
A Refund Check!
Name 1 qualifying event that can change in financial status due to a special circumstance.
What is a loss of a job, serious illness, disability, significant medical expenses, separation or divorce, death in the family?
The place you can find the COA.
Either on Financial Aid Award Letter(Sometimes), or online
The type of financial aid that is free money that doesn't have to be paid back and is provided by private donors and community organizations.
What is scholarships
May 15th
When is Graduation?
The formula to calculate a Gap.
COA - Free Money - Loans = Gap
The difference between the cost of attending the school, the Cost of Attendance (COA) minus Free money (grants and Scholarships) minus Loans.
If the student’s FAFSA is selected for verification, the parents will be required to provide this document.
What is an IRS tax transcript by filing IRS Form 4506-T?
Requesting an IRS tax transcript online will speed up the process.
The three housing/room and board options.
What are On Campus, Off Campus, and With Parent?
The max amount of the Pell Grant.
What is $6,095?
Pay for work that goes toward college costs
Federally funded, need based program that allows the student to obtain a position on campus or with a business affiliated with the college
FAFSA completion required
What is Work-Study