Financial Aid Terms
The name of the financial aid application
FAFSA
What does FAFSA stand for?
Free Application for Federal Student Aid
True or False: Loans need to be paid back, grants do not.
True
True or False: The Pell Grant and FAFSA is the same thing
False
This is the type of scholarship you MAY receive if you play a specific sport
Athletic Scholarship
Subsidized and unsubsidized loans provided by the government are this type of financial aid
Federal loans
When is the FAFSA application open
From October 1st and should be completed as soon as possible
True or False: Any significant changes in your household assets could cause the amount of aid you receive to vary from the previous year
True. Financial aid eligibility is recalculated annually
True or False: Students have to pay back the Pell Grant
False. Unlike a loan, a Federal Pell Grant does not have to be repaid.
True or False: In order to apply for a scholarship you must be an “A” student.
False! There are many scholarships that require an essay entry or creative project.
A type of aid given to students based on financial need
Pell Grant or Grants
True or false: It takes most people less than an hour to complete FAFSA
True. This can be done online at FAFSA.gov
Financial aid that is awarded based on a student’s academic, leadership, or artistic talent, or some other criteria
Merit-based aid
True or false: Does Pell Grants require satisfactory academic progress?
True. If your GPA is high enough, then your Pell Grant might not be at risk. Minimum of 2.0 (equivalent of a C grade)
This type of scholarship will cover a student’s tuition and boarding for their entire 4 years of college.
Full ride scholarship
Students who receive this type need-based form of financial aid can work jobs on and off-campus for money
Federal Work Study
A form sent to the student after submitting the FAFSA
Student Aid Report (SAR): document that gives you basic information about your eligibility for student aid.
This is something you and your guardian(s) will use to sign and complete your FAFSA
Federal Student Aid (FSA) ID
What is the percentage of undergraduate students who receive some amount of Pell Grant every year?
30-40%
What scholarship fund empowers Hispanic identifying students to complete a higher education while providing support services?
Hispanic Scholarship Fund (HSF)
A number made by the tax and income information a students enters on the FAFSA application, which then decides what types of aid they are eligible for
EFC (Estimated Family Contribution)
How many colleges can you add on your FAFSA application?
10 colleges. These colleges will see your Student Aid Report (SAR).
What is the minimum GPA to maintain for eligibility for federal student aid
At least a 2.0 GPA on a 4.0 scale
What 4 things affect the amount of money you receive from your Pell Grant?
Expected family Contribution (EFC)
Cost of attendance
Your status as a full-time or part-time student
Your plans to attend school for a full academic year or less
How much do Jackie Robinson Foundation scholars receive over their four years?
Up to $35,000