FEDERAL STUDENT LOANS
Define subsidized Direct loan
The federal government pays the interest on your loan while you are still in school, at least as a half-time student.
What is work-study?
A job you hold at your institution. Is a federally-funded program in the United States that assists students with the costs of post-secondary education.
True or False:
Do you have to pay it back?
False
TRUE OR FALSE:
ARE THERE MANY FINANCIAL AID OPTIONS?
True
What is a grant?
A grant is a free money often based on financial need. To qualify for grants, you show that your and your family’s income isn’t enough to pay for college.
Should your student loan payments be a small or significant percentage of your salary?
Small
On and off campus
Do scholarships require repayment?
It's like a grant. It doesn't require repayment.
You need less financial aid for which of the following schooling options:
In state/Community college
Out of state
In state/Community college
What are some determinants of receiving a grant?
Financial Need, Academic success, chosen career path and military service.
What do you need to sign in order to take out a loan?
Promissory note
How do you qualify?
Work-study eligibility is determined by completing or renewing your FAFSA. Question 31 on the FAFSA asks “Are you interested in being considered for work-study?” - be sure to check “Yes” if you are.
What are scholarships based on?
Merit
How does interest work for Unsubsidized Direct loans?
Interest starts building up right away.
Who employs students through work-study jobs?
3 different groups
Universities, local nonprofits organization, the federal government
What are the 3 most common federal loan types?
Subsidized Direct loans, Unsubsidized Direct loans, and Direct PLUS loans.
All three are fixed-interest loans, meaning the amount of interest you'll have to pay stays the same until you pay off the loan.
What are some common work-study jobs:
Library Assistant, Research Assistant, Peer Tutor, Fitness Center Assistant