FAFSA Basics
This is the free application students complete to receive federal financial aid.
What is the FAFSA
Money you do not have to repay.
What is a grant or scholarship?
This federal grant is awarded to students with exceptional financial need.
What is the Pell Grant?
This federal loan does not collect interest while the student is in school.
What is a subsidized loan?
Tuition, housing, meals, books, transportation, and personal expenses make up this total cost.
What is Cost of Attendance (COA)?
Students must create this ID before completing the FAFSA.
What is an FSA ID?
Aid earned through working on campus.
What is Work-Study?
Scholarships that renew each year often require students to maintain this.
What is a minimum GPA?
This federal loan collects interest immediately, even while in school.
What is an unsubsidized loan?
The gap between the Cost of Attendance and the student's aid package.
What is the out-of-pocket cost?
This determines how much aid a student is eligible for based on family finances.
What is the Student Aid Index (SAI)?
Aid that must be repaid with interest.
What are student loans?
Scholarships awarded by organizations, foundations, or companies outside of the college.
What are external scholarships?
These loans, taken out by parents, help cover remaining college costs.
What are Parent PLUS Loans?
Students can request this if their family’s income has changed significantly from the FAFSA year.
What is a financial aid appeal?
This person must provide financial info for dependent students.
Who is a parent/guardian?
Aid awarded based on academic or personal achievements.
What is merit-based aid?
Scholarships or grants that are automatically considered when a student submits the FAFSA, without needing a separate application.
What are automatic or federal/state grants?
Monthly payments are often based on income under these plans.
What are income-driven repayment plans?
Students without access to parent info may apply for this type of FAFSA status.
What is independent status?
Many private colleges require this form in addition to the FAFSA.
What is the CSS Profile?
Aid awarded based on financial need.
What is need-based aid?
This state grant in Maryland helps cover tuition at in-state schools.
What is the Maryland Educational Assistance Grant?
The maximum first-year federal loan a dependent student can borrow.
What is $5,500?
Students experiencing homelessness or foster care may qualify for this special FAFSA consideration.
What is unaccompanied youth or special circumstance status?