Myths
Types of Aid
Important Terms
Completing the FAFSA
Anything goes...
100
According to the FAFSA, who is considered an independent student?
Must be 24 years old Married Actively serving in the military Have a dependent
100
This federally funded program is administered by each school and allows students to work part-time on campus
What is Federal Work-Study (FWS)
100
What does FAFSA stand for?
Free Application for Federal Student Aid
100
What are the major items needed to complete the FAFSA?
1) Social security # 2) Most recent federal income tax returns 3) Bank statements and records of investments 4) FSA ID
100
How do you qualify for financial aid from New Jersey?
What is by completing the "Optional Feature" on the FAFSA and answering the NJ questions. If you skip this part you will not be considered for NJ aid.
200
True or False: You shouldn't complete a FAFSA if you don't think you will qualify for financial aid.
What is false - circumstances change from year to year and financial aid dollars can never be predicted! Also, it is the only way to qualify for certain grants and scholarships from the school.
200
This is a nonfederal loan issued by a lender such as a bank or credit union, they are never subsidized, and generally have high interest rates.
What is a private loan.
200
This is the amount of money you are determined to need in order to attend a school. It is determined by finding the difference between COA and EFC.
What is financial need.
200
About how long will it take to receive your SAR after completing the FAFSA?
What is about three to four days via email. If you don't receive it you must contact them directly.
200
What are four factors that determine eligibility for aid?
What are 1) be a U.S. citizen 2) have a HS diploma or GED 3) have a valid SSN 4) maintain satisfactory academic progress
300
True or False: The award letter you receive from a school cannot be "negotiated".
False - If you require additional aid, you can certainly call the Financial Aid department at the school to see if additional financial funds have become available.
300
A loan in which the government pays the interest while you are in school, during grace periods, and during any deferment periods.
What is a Subsidized Stafford Loan.
300
A person under the age of 18 that has legally been freed from their parent's control/guardianship.
What is an emancipated minor.
300
How often must you complete the FAFSA? Where do you go to complete it?
What is annually (every year) and online at www.fafsa.ed.gov
300
What does it mean to default on your student loans?
To default means you failed to make your payments on your student loan as scheduled.
400
Why should you consider a financial aid package that comes with "self-help" (loans) ?
Federal student loans have the lowest interest rates and "self-help" may include FWS.
400
These types of aid do not have to be repaid.
What are grants, scholarships, and FWS (federal work study).
400
Contains the information reported on your FAFSA and includes your EFC; sent electronically to you and the schools indicated on your FAFSA
What is SAR (student aid report).
400
What is a FSA ID?
Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your FAFSA.
400
Why is it important to complete a FAFSA early?
It is on a first come first serve basis.
500
True or False: You must accept all parts of the financial aid award letter.
False: You can pick and choose what parts of financial aid you will need.
500
This is an unsubsidized loan made to parents of undergraduate students.
What is PLUS (parent loan for undergraduate students).
500
A general term for any financial assistance given to a student for any type of post-secondary education
What is financial aid.
500
Should you apply for FAFSA even if you or your parents haven't completed your 2015 taxes yet?
What is estimate your tax information based on 2014 and then go back and make corrections to your FAFSA after 2015 taxes have been completed.
500
How does making a poor decision in your personal life affect your eligibility for financial aid?
1) students with criminal convictions have limited eligibility 2) students with drug convictions have limited eligibility 3) students who do not maintain good grades can lose their eligibility
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