Types of Financial Aid & Financial aid applications
Money that does not require repayment, but may have other stipulations, including maintaining a certain grade point average or meeting with donors.
Scholarship and/or Grant
A free federal form. Used by colleges/unversities to gather financial information about you, your family, and your assets. You can only add 10 colleges/universities to it at a time.
FAFSA
How much is the minimum amount of money one can receive from TAP?
$500
What is principle?
Principle is the original amount of money borrow from a lender.
Money that comes directly from a college or a university.
Institutional Aid
Tuition Assistance Program (TAP)
What is an Estimated Family Contribution (EFC)?
As it relates to a loan, what is interest?
Interest is the money that a lender charges a borrower. When the borrower is repays the lender's money, the borrower is required to return the principle and any accrued interest.
Money that requires repayment.
Loan
CSS Profile
Who, or what system, determines an EFC?
FAFSA/Federal government
What is accrual/accrued interest?
Accrual/Accrued interest is the total accumulation of interest charged to the principle of a loan.
What is a Parent PLUS Loan?
A Parent PLUS Loan is a federal, unsubsidized loan. Parents of dependent undergraduate students can use this to help pay for education expenses not covered by other financial aid.
This year, what tax year are we using for financial aid purposes?
2019
What is the maximum amount of PELL grant money I receive from FAFSA?
$6,345
What is a subsidized loan?
A federal loan whose interest rate is paid by the federal government while you are in college + 6 months after you graduate or drop below full-time.
What are the requirements for a Parent PLUS Loan?
1. A credit check.
2. Other requirements for parents with adverse credit history.
What are the forms parents can use to complete FAFSA, TAP, and CSS Profile?
1. 2019 Federal Tax Return
2. 2019 NYS Tax Return
3. 2019 Budget Letter for Public Assistance
4. 2019 Social Security Income Letter
5. 2019 Social Security Benefit Letter
6. 2019 W-2s
How is an EFC determined?
Based on your family's income and assets, as reported on FAFSA.
What is an unsubsidized loan?
A federal loan whose interest is the responsibility of the student's.