Financial Aid
These are the two online processes that must be complete in order to borrow a federal direct loan.
What is Entrance Counseling and Master Promissory Note?
A financial plan based on how much money and individual or family makes, how much they spend, and how much they save.
What is a Budget/Spending Plan?
An official file that documents an individuals' financial history and responsibility.
What is a Credit Report?
This type of federal loan does NOT accrue interest while you are in school.
What is a subsidized loan?
Cash reserve that's specifically set aside for unplanned expenses or financial emergencies. Usually has 3-6 months of expenses.
What is an Emergency Fund?
This is the maximum (highest) credit score number.
What is 850?
A credit-based, federal loan for parents of dependent students.
What is a Parent Plus Loan?
Something that is necessary to live and function.
What is a need?
This is the website where you can get a free copy of your credit REPORT from one of the 3 credit bureaus.
What is annualcreditreport.com?
Free Application for Federal Student Aid.
What is F.A.F.S.A?
The process of setting goals for one's money and creating a plan of action for achieving those goals.
What is Financial Planning?
The amount of time a student has after they leave a University or drop below 1/2 time status before they start repayment on their loans.
What is 6 months?
The use of an excel spreadsheet, cash envelopes, apps or pen and paper for spending.
What is tracking?
Making your payments on-time makes up this percentage of your credit score.
What is 35%?