Types of Financial Aid
Getting Started
Free Money
Money You Need to Pay Back
Miscellaneous
100
This type of aid is rewarded based on special ability, academic achievement, or another special interest area. You do not have to pay back this type of aid.
What is a scholarship?
100
You must complete and submit this to apply for federal student aid for college (and most state/institutional aid as well). You must reappy every year.
What is the Free Application for Federal Student Aid (FAFSA)?
100
It might say... "This scholarship is guaranteed." "The scholarship will cost some money up front." "We just need your credit card number or bank account number to hold this scholarship." "You're a finalist" in a contest you never entered.
What is a scholarship scam?
100
This is the cost of borrowing, whether it is money for college or any other loan.
What is interest?
100
Tuition & fees Room & Board Books & supplies Transportation Other personal expenses
What is the cost of attending college?
200
This type of aid is borrowed from a financial institution or the federal government. You MUST repay this type of aid.
What is an Educational Loan?
200
You must apply for this before beginning the FAFSA process. It will allow you to sign your FAFSA electronically and correct your information online.
What is the US Department of Education Personal Identification Number (PIN)?
200
Transcripts, References, Essays, & Records of activities and accomplishments are often included in this
What is needed for most scholarship applications?
200
This is money that your parents can borrow to help pay your education expenses. The loan money will be sent to the school, and if there is any left over after all fees are paid then the remaining money will be sent to your parents. Any remaining funds must be used for education purposes.
What is a PLUS Loan?
200
State agencies Federal agencies Colleges and Universities Organizations and corporations Individuals Civic and Religious groups
What are the different sources of financial aid?
300
This type of aid is typically awarded based on need. You do not have to repay this type of aid.
What is a Grant?
300
Your social security number (and your parents if you provide parent info) Your Driver's License number if you have one Your Alien Registration number if you are not a US citizen Tax information/tax returns Records of any untaxed income
What information is needed to file the FAFSA?
300
NCAA Division I & Division II and NAIA
What schools offer athletic scholarships?
300
This type of loan should only be borrowed if you have exhausted all federal loan eligibility. This could be provided by a bank, savings and loan, or credit union.
What is a private loan?
300
This merit based program encourages top-ranked high school seniors to attend approved Missouri postsecondary schools by providing up to $3,000 in educational assistance. You must score in the top 3% on the ACT or SAT test. There is no application- you will be notified that you are eligible by the Missouri Department of Higher Education.
What is the Bright Flight program?
400
This program gives you the opportunity to earn money for school and gain valuable work experience. It offers part-time jobs both on and off-campus. You do not repay this because you are trading work for financial aid.
What is the Federal Work Study Program?
400
You use this to follow up on your FAFSA, review your information, and make any necessary corrections/updates.
What is the Student Aid Report (SAR)?
400
These types of federal aid you do not have to repay. It is based on financial need. The money can either be paid to the school, directly to you by check, or a combination of the two.
What is the Federal Pell Grant & the Federal Supplemental Educational Opportunity Grant?
400
This program is administered by your school's financial aid office and provides loans at a fixed 5% interest rate. Eligibility is based on financial need. Loans must be repaid to your school (after a 9 month grace period). However, not all schools participate in this program.
What is a Federal Perkins loan?
400
This state program will provide loan repayment or stipends, starting in 2013, to academically successful students who attain a teaching certificate and obtain employment for five years in an unaccredited school district. You can receive up to $21,000 in stipends or $20,000 in loan repayment plus $1,000 in stipend.
What is the Missouri Teaching Fellows program?
500
This is a measure of your family's financial strength. It is calculated by a formula established by law. The information you provide on the FAFSA is used to calculate this. It is not the amount of money that your family has to pay. It is simply used to determine the amount of federal student aid you are eligible to receive.
What is the Expected Family Contribution?
500
This is the date that you can file the FAFSA, and you should do so as soon as you can on or after this date.
What is January 1st?
500
If you agree to serve as a full-time teacher in a "high need" field in an elementary or secondary school that serves low-income students, then you can receive this. (You must sign an Agreement to Serve)
What is the Teacher Education Assistance for College and Higher Education (TEACH) Grant?
500
With federally sponsored loans, there are two types. For one, you must show financial need. The government pays the interest while you are in school at least half-time and for 6 months after you've left school. With the second kind, you do not need to show financial need to qualify. However, you are responsible for the interest on the loan while you are in school. (But you are allowed to defer the payment while you are in school)
What are subsidized and unsubsidized Federal Stafford loans?
500
BONUS QUESTION!!! Name 3 things you will do now to prepare financially for college.
What is...answers will vary
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