Financial Aid Basics
What are the two types of aids?
Need-based and Merit-based
What is merit-based financial aid?
Not based based on finances (e.g. academic, athletic)
When can you begin applying for FAFSA in 2024?
It will open on December 1, 2024.
FAFSA
Free Application for Federal Student Aid
A first-generation college student is someone whose parents or guardians did not complete a four-year college degree in the United States.
Name two types of financial aid you don’t need to pay back.
Scholarships (do not need to be paid back as it is awarded on merit, skill, or other characteristic) and Grants (do not need to be paid back as it awarded on the basis of financial need)
What is work-study?
This type of "self-help" aid allows students to earn money for school expenses through part-time campus jobs.
When is Lab's Financial Aid Night?
December 10
COA
Cost of Attendance
Name one famous first generation college graduate?
Michelle Obama, Ben Carson, Sonia Sotomayor, Oprah Winfrey, Elizabeth Warren, Bill Clinton, and many more!
What are some examples of indirect college costs?
Books, transportation, clothes, and other supplies
Name one platform/website you can use to search for scholarships.
Going Merry, Fastweb, and ScholarSnapp, Lab Scholarship Newsletter
By what date do you need to complete CSS Profile?
Depends on the school.
SAI
STUDENT AID INDEX
What percent of Lab's senior class identifies as a first generation college student?
52%
What are two types of self-help aid?
Loans (money borrowed by parent or student) and employment (work study, Resident Advisor, etc.)
What is an Excelsior Scholarship?
Through the Excelsior Scholarship, students can attend a SUNY or CUNY tuition-free. Must meet income requirements. Apply later in the school year.
By what date do most colleges require the first-year enrollment deposit?
May 1st, 2025
CSS
College Scholarship Service
What percentage of first generation college students take advantage of on-campus college advising services?
55%
Explain the difference between subsidized and unsubsidized loans.
Subsidized loans don’t accrue interest while you're in school, whereas unsubsidized loans do, which increases the total amount you owe by the end of your degree.
How to get a merit-based scholorship?
Applying to likely schools - sometimes happens automatically; applying as early as possible - merit aid are sometimes awarded on a “rolling” basis”; applying actively to scholarships on a frequent basis throughout senior year.
For your year of seniors: when will the FAFSA open for you as a freshmen applying for sophomore year financial aid?
October 1st, 2025
TAP
Tuition Assistance Program
In the most recent U.S. census, what percentage of undergraduate students identified as first generation?
54%