Cost of Attendance
Define cost of attendance (just a general definition! don't get into the specific components yet).
What is the cost to attend one year of college?
Name and define the 3 categories of financial aid.
1. Gift Aid
2.Work-Study
3. Loans
4. Federal/State Aid
Define FAFSA and tell us what it stands for.
What is the Free Application for Federal Student Aid, the government form every student applying for financial aid needs to complete?
Define award letter.
What is a letter from each college at which you have applied for financial aid that tells you how much financial aid they are offering you for one year?
Define Pell eligibility.
What is the percentage of students at a school who are eligible for the Pell grant?
These are the 6 components of cost of attendance.
What are: 1. tuition 2. personal expenses 3. room & board 4. books & supplies 5. fees 6. transportation
This is the maximum amount of loans College Track recommends a student take out each year (the further under the max, the better).
What is $5500? The unsubsidized and subsidized federal loans.
Define SAI and tell us what it stands for and who determines it.
SAI (Student Aid Index) is the amount of $ the federal government determines your family can afford to pay for a year of college.
True / False: All colleges list the school's cost of attendance on your award letter. ...Why/why not?
What is FALSE because colleges make their financial aid package look appealing so that you accept it.
Who do you speak with BEFORE you accept your financial aid award from the college you will yield to?
Mrs. Stephanie or Ms. Jessica, your College Track CCD or CC.
Rank the following types of schools from HIGHEST cost of attendance to LOWEST cost of attendance: public out-of-state, public in-state, private selective.
What is: 1. private selective 2. public out-of-state 3. public in-state
This is how you get work-study.
1. You have to be eligible by FAFSA.
2. Be offered by the college.
3. Accept it.
4. Apply to work study jobs.
Define verification process.
What is a process students are randomly selected for by the government or college that requires you to verify the info presented on your FAFSA with additional forms about your finances?
Define financial aid gap. BONUS: Tell us where you look to find out if you have a financial aid gap and how much.
What is the cost of attendance MINUS the total amount of the financial aid package offered on the award letter? BONUS: All schools may not list it on your award letter. You need to calculate it yourself.
True / False: Public colleges tend to give out more gift aid than private colleges.
What is false?
These are the things you should look out for when deciding whether or not to take out a loan (5 total things).
1. What is the interest rate (lower is better),
2. What is the grace period
3. Is there a flexibility of repayment (income-based or not?)
4. Is it based on your credit
5. Whether or not interest accrues during school.
This is the deadline to complete your FAFSA.
June 30th.
Define net cost.
What is the total amount you are responsible for for a year of college?
This is the type of school that will likely award the most need-based gift aid (grants) to students.
What are private liberal arts colleges, that are not meet-need.
Place these loans from least preferred to most preferred: subsidized loan, Scholarships/Grants, Parent- PLUS Loan, unsubsidized loan, and Private Loans.
What is: Private Loans, Parent-PLUS, unsubsidized loan, subsidized loan , and Scholarships/Grants?
Place these steps of the financial aid timeline in the correct order: a. Complete FAFSA, file taxes, and complete individual schools' financial aid applications. b. Fill out verification forms (if needed) c. Apply for institutional aid (CSS Profile) d. Apply for work-study jobs e. Apply for scholarships f. Decide what school to attend g. Receive and compare award letters
What is...
c, a, b, e, g, f, d
or
e, c, a, b, g, f, d
True / False: Your college will send you your award letter right after you complete the FAFSA.
What is False? You need to be sure all individual financial aid applications and verification forms are in first, and that your taxes are filed!
True / False: In terms of PRIVATE colleges and universities, MORE SELECTIVE schools tend to give out more financial aid than LESS SELECTIVE schools.
What is true?