College Analysis
List two costs of college.
Tuition; Books; Room and Board; Meal Plan; Transportation; Personal Expenses
FAFSA stands for...
Free Application for Federal Student Aid
Grants; Work Study; Loans
The student pays interest on this type of student loan.
Unubsidized Loan
The price advertised on the school website (or google) is called...
Sticker Price
List two benefits of college.
Learn and Earn a Degree; Create Relationships; Independence; Find your Purpose/Calling
Once you complete the FAFSA, you'll receive this - a document to confirm all information is correct.
Student Aid Report (SAR)
Federal Aid should be accepted in this order (provide explanations).
Grants (free money)
Work Study (earn money to pay off college expenses)
Loans (money must be paid back plus interest)
The government helps to pay interest on this type of loan (1), only while the student is in school part-time and for 6 months after graduating. This six months is known as... (2).
2). Grace Period
These are subtracted from the Sticker Price to arrive at Net Price.
Grants and Scholarships
A hidden cost of college is missing out on working and earning money earlier in life. This is known as...
Opportunity Cost
As of 2024, you can't ignore the FAFSA. You either have to ________________ OR __________________ (both blanks are phrases).
1). Complete the FAFSA
2). Sign a Waiver to Opt Out
List three reasons someone would be given a scholarship.
Academic
Athletic
Talent
A credit check is required for this type of student loan (1). This is because graduate students and these people (2) are the only ones who can take out this type of student loan.
2). Parents of Undergraduate Students
When taking out a student loan, the rule of thumb is to only get a loan the same amount as this.
Expected First Year Salary
The difference in lifetime earnings between someone who has a high school diploma and someone who has a bachelor's degree is this amount.
$1,000,000
The FAFSA is available to file each (this month).
October
List two reasons why a grant could be rescinded (taken away).
Poor Academics
Poor Behavior
These types of student loans, which have higher interest rates than federal student loans, are typically given by banks and credit unions.
Private Loans
In-State Tuition is typically less than Out-of-State Tuition because of this.
Residents of the state pay real estate tax, which a portion of goes to universities/colleges. So, if they go to a school in their residential state, they receive a discounted price.
If you earn this type of degree, you can expect to earn $3.6M over your lifetime (on average).
Professional Degree
Before making a decision on eligibility for federal aid, the government likes to know the EFC, which stands for...
Expected Family Contribution
This grant is one that is provided to those who are looking to go into the teaching field.
TEACH Grant
The total student loan debt in the US is now at (approximately) this dollar amount.
$1,800,000,000,000 ($1.8T)
When taking out a student loan, the borrow must sign this (a promise to repay the loan).
Promissory Note