Financial Aid 101
The form you need to fill out every year to reapply for college financial aid from the federal government.
What is the Free Applicaiton for Federal Student Aid (FAFSA)?
Free money that does not have to be paid back.
What are Grants &/or Scholarships?
Where is the Food Pantry located?
Votta Hall
Close to the bus stop
Adjacent to parking lot 2
Ability to spread out payments over time, typically a semester or one academic year.
What is Tuition Payment Plans?
A sum of money charged for teaching or instruction by a school, college, or university.
What is tuition?
FAFSA Application can be submitted starting on this date.
What is October 1st?
A form of federal, state, or institutional financial aid that does not need to be paid back.
What are Grants?
What does SAP stand for?
Sasifactory Academic Progress
A federal loan program designed for parents to help pay any remaining balance.
What is the Federal Direct Parent PLUS Loan?
A college's total estimated expenses for one year including tuition & fees, room & board, books & supplies, transportation, and miscellaneous expenses.
What is Cost of Attendance?
Acts as an electronic signature for Federal Student Aid documents, including the FAFSA.
What is an FSA ID?
Type of financial aid that has to be paid back.
Loans
What are the different statuses you can have with SAP?
Maximum Time Frame (MTF), Suspended (SUS), Warning, Satisfactory (SAT)
What department may have the best resources if a student is facing financial crisis (can also support disability accomodations)?
Office of Student Support
Costs assessed by the school but can vary a bit from student to student and are billed by the college.
What are Direct Costs?
The number of schools you can add on the FAFSA to receive results electronically.
What is 20?
What year in high school should you begin looking for scholarships to pay for college?
What is the summer after junior year?
What is the GPA requirement for SAP?
2.0
Loans funded by banks, credit unions, or other financial institutions based on credit of the applicant and/or cosigner to help pay any remaining balance.
What are Private Student Loans?
Costs that vary by student and are typically not included on the tuition bill.
What are Indirect Costs?
An index number that college financial aid staff use to determine what types of, and how much, financial aid you would receive.
What is a Student Aid Index (SAI) number?
Houses an aggregate list of scholarships and allow users to be matched to scholarships based on a personal profile.
What are Scholarship Search Engines?
What pace does a student need to maintain SAP?
66.67%
Bonus question: What are some the resources that students have access to?
Library, tutoring, professor office hours, Marcus, etc.
The difference between the “sticker” price (full cost) to attend, minus any grants and scholarships for which the student may be eligible.
What is Net Price?