Scholarships
Loans
FAFSA
Student Employment
Key Terms
100

True or False. A scholarship is borrowed money that has to be repaid.

False!!

A scholarship is:

-Money awarded to students based on academic or other achievements to help pay for educational expenses.

-Scholarships are free money and do not have to be repaid.

100

The federal government pays the interest on this type of loan.

Subsidized Federal Stafford Loans

100

What does FAFSA stand for?

Free Application for Federal Student Aid.

100

______________ is a federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses.

Work-study

100

What does SAP stand for?

Satisfactory Academic Progress

200

What is an example of an external scholarship?

A type of funding from the community outside of TMCC that doesn’t have to be paid back to the donors in the community.

Ex. From:

-Banks

-Private Donors

-Businesses

200

Students may be asked to pay interest on this type of loan while still in school.

Unsubsidized Federal Stafford Loans

200

What types of aid are available?

Loans, Work-study, grants, scholarships

200

Does SAP have to be met to be a student worker?

Yes!

They must have a 2.0 G.P.A. and have a 67% completion rate.

200

_______________ is any aid other than federal, state, and institutional funds.

This type of aid may come  from sources such as corporations, foundations, fraternal and religious organizations, or individual donors.

External Aid

300

This scholarship is offered to all Nevada high school graduates.

Millennium scholarship

300

What is a Master Promissory Note?

A binding legal document that you must sign when you get a federal student loan.

300

When does the FAFSA application open for each academic year?

October 1st

300

How many credits does a student have to be enrolled in to be employed as a student worker?

6 credits

300

What are the requirements a student needs to meet to maintain SAP?

- 2.0 GPA

- 67% Completion Rate

- 150% Maximum Time Frame

400

If a student is a Foundation Scholarship recipient at TMCC, what is expected of them?

-Answer Post-Acceptance Award Questions

-Attend the annual TMCC Foundation Scholarship Reception in the Fall of the scholarship award year.

400

__________ is the percentage of borrowers who fail to repay their loans according to the terms of their promissory notes.

Default Rate is the percentage of borrowers who fail to repay their loans according to the terms of their promissory notes.

400

What is the only website the FAFSA can be accessed at?

studentaid.gov

400

What website/app can students use to find jobs on campus?

Handshake

400

What is Verification?

The process your school uses to confirm that the data reported on your FAFSA is accurate. Your school has the authority to contact you for documentation that supports income and other information that you reported.

500

List the qualifications for a student to receive the Millennium scholarship.

-Be enrolled in at least 9 credits

-Be declared in a Degree

-Nevada High School Graduate

-Must be a Nevada resident for at least 2 years

-Qualifying ACT/SAT scores

-Completed high school with a 3.25 G.P.A. average

500

What are some of the consequences of becoming default on a student loan?

  • The entire unpaid balance of your loan and any interest you owe becomes immediately due.
  • You can no longer receive deferment or forbearance, and you lose eligibility for other benefits, such as the ability to choose a repayment plan.
  • You lose eligibility for additional federal student aid.
  • The default is reported to credit bureaus, damaging your credit rating and affecting your ability to buy a car or house or to get a credit card.
  • You may not be able to purchase or sell assets such as real estate.
  • Your tax refunds and federal benefit payments may be withheld and applied toward repayment of your defaulted loan.
  • Your wages may be garnished. This means your employer may be required to withhold a portion of your pay and send it to your loan holder to repay your defaulted loan.
  • Your loan holder can take you to court.
  • You may be charged court costs, collection fees, attorney’s fees, and other costs associated with the collection process.
  • Your school may be required to implement stricter rules for student loan borrowers at the school you attended.
  • Your school may lose eligibility to award students federal student loans if the school default rate is too high.
500

What is the IRS Data Retrieval tool, and how is it helpful?

A process to link your taxes directly from the IRS to the FAFSA. This is effective in minimizing errors that might occur if you manually input your tax information.

500

What email should a student contact if they have any specific questions regarding their eligibility for work-study?

studentemployment@tmcc.edu

500

Define the criteria for a student to be independent.

-24 Years of Age

-Married

- Legal dependent they provide for more than 50%

- Graduate Student

-Veteran

-Orphan

-Ward of the Court

-Emancipated Minor

-Homeless or at risk of becoming homeless

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