College 1
In order to qualify for financial aid, which application must you submit?
FAFSA
What does FAFSA stand for?
Free Application for Federal Student Aid
What is EFC AND what is it used for?
Expected Family Contribution. It is used to determine how much financial aid you qualify for.
Ideally, you want these types of federal loans so that you save money on interest while in school.
Subsidized Loans
These types of federal loans will charge you interest while in school.
Unsubsidized Loans
What is the difference between direct and indirect costs?
Direct costs are expenses you cannot control that will be on your tuition bill. Indirect costs are estimated expenses you can control that are associated with attended college.
What is the main benefit of an income-driven repayment plan AND why?
Theoretically, your payment should never be more than you can afford.
Although it’s not a type of financial aid, how can transferring credits from a community college help save you money on college costs?
It reduces the amount of credits you’ll have to pay for at your 4-year college.
What types of money are used in paying for college AND in what order should you use them?
Free Money, Your Money, Borrowed Money
What is the default federal student loan repayment plan college graduates are entered into, requires the same minimum payment for the life of the loan, and ensures the borrower will pay the loan in full in ten years?
Standard Repayment Plan