Financial Aid Terms
The form that determines a student’s financial aid.
What is a "FASFA"?
How long does it take for a college to receive a FAFSA
What is 7-10 business days?
This is a special savings account just for education and training.
What is a "529 acount?"
When are students able to start submitting a FAFSA
What is December 2023?
(The launch date will apply only for the 2024–25 FAFSA form.)
SAI is Replacing
What is the EFC?
This price includes tuition, fees, books, and a standard allocation designed to cover reasonable living expenses while attending school.
What is "Cost of Attendance"?
Financial aid that is awarded based on a student’s financial situation.
What is "Need-based Financial Aid"?
Financing Tasks list, Finance tab of Your MYASU page
How can you tell if the Financial Aid Office is requesting documentation from you?
2022 Tax Year
What tax year is used to complete the FAFSA?
SAI stands for
What is Student Aid Index?
This document from the college financial aid office is sent to students listing the expected family contribution, cost of attendance, grants/scholarships, and loan eligibility.
What is an "Award Letter"?
Financial aid that is awarded based on a student’s academic, leadership, or artistic talent, or some other criteria.
What is "Merit-Based Aid"?
Failure to repay a student loan according to the terms.
What is "Default"?
Completing your FSA ID username and password
What is a first step to completing to your FAFSA?
-1500
what is the lowest SAI possible?
An opportunity for a student to work part-time and attend college.
What is "Work Study"?
Grants, scholarships, loans and work study
What are the four types of financial aid funding?
How long does it takes to process a complete file
What is 6-8 weeks? On average.
(will accept, "it depends")
Act of Congress that allowed for reduction of the number of questions on the FAFSA beginning in 2024-2025.
What is the FAFSA Simplification Act?
Anyone who is required to provide information on a student's FAFSA form such as a parent, stepparent or spouse.
Who is a Contributor?
A type of financial aid based on need that does not require repayment
What is a "Grant"?
In Person, email, fax or by mail
How do you submit documents to the financial aid office?
Prior- prior year
What is income information required when submitting a FAFSA?
(Will allow 2021 tax year information)
1. Maximum Pell Grant
2. Student Aid Index
3. Minimum Pell Grant
What are the three ways to qualify for Pell Grant?
Beginning in 2024-2025, _______ must provide consent for the Department of Education to receive tax information or confirmation of on-filing status from the IRS.
Who are all persons on the FAFSA?
(will accept, "All Contributors")