Financial Aid Basics
This is the form you must complete each year to apply for federal financial aid.
FAFSA
In the United States, what are the two types of student loans?
Federal student loans, and private student loans
You must pass this percentage of your total attempted credits each quarter to avoid financial aid termination.
67%
These scholarships are awarded based on high GPA, test scores, or talent.
Merit-based scholarships
This term includes tuition, fees, room, board, books, and other expenses.
Cost of Attendance (COA)
This type of aid does not need to be repaid and is usually based on financial need.
grants
This a loan that does not accrue interest until after you graduate or leave school
Subsidized Loan
This policy requires colleges to verify income information on selected FAFSA applications.
verification
These scholarships are awarded based on income level or family financial circumstances.
Need-based scholarships
This number is developed by calculating your and your parents' (or spouse's) total financial resources, then deducts the estimated amount needed for your family's living expenses. The remaining amount is considered potentially available for college expenses.
SAI or Student Aid Index
How often in financial aid eligibility and the monetary award calculated?
Annually, or once a year
Federal student loan interest rates are established by which governing body in the United States?
Congress
Students must make this type of academic progress to continue receiving federal financial aid.
Satisfactory Academic Progress (SAP)
This national scholarship program provides financial support to underrepresented students pursuing STEM fields.
Gates Scholarship (NSF Scholarship)
This is the office you pay tuition and fees to if your financial aid or scholarships don't cover the full costs.
Bursar, Cashier or Business Office
A student must complete what paperwork in order to regain their Financial Aid at their institution after failing to make satisfactory progress.
Appeal paperwork
This is a type of loan is designed to help students pay for post-secondary education (college) and associated fees, such as tuition, books and supplies, and living expenses. These are loans that MUST be repaid.
Student loans
This is the maximum number of years a student can receive a Pell Grant, based on percentage of use.
6 years or 600% of eligibility
Many private companies, nonprofits, and foundations offer these types of scholarships.
private or external scholarships
This cost can vary widely depending on whether you live on-campus, off-campus, or at home.
Room and Board
This federal program allows students to earn money to pay for college through part-time jobs. (which usually also provide flexibility as a student)
Federal Work-study
This is an agreement between a student and a student loan lender that states the student may reduce or postpone repayment of a student loan for a designated period.
Deferment
Under this rule, students can’t receive federal aid at two colleges at the same time unless they have this type of agreement.
consortium agreement
These scholarships may require you to commit to a specific major, career, or service after graduation.
conditional or service-based scholarships
The federal government provides a detailed breakdown of costs for each college using this online tool.
College scorecard