Types of Loans
These type of college students are eligible to receive Direct Subsidized loans.
What are Undergraduate students?
What is considered a direct cost of college attendance?
What is Tuition?
You fill out your FAFSA in this year of schooling.
What is Senior Year?
This is what one fills out in order to qualify for financial aid.
What is FAFSA?
It costs this much to fill out the FAFSA.
This way to pay for college is typically based on one's financial needs.
This repayment option does not accrue interest while your required payments are paused.
What is Deferment?
Sticker Price minus grants and scholarships equals this?
What is Net Price of college?
During a financial hardship, THIS will stop your loan payments but interest will still accrue.
What is Forebareance?
Having one of these can earn you on average $400+ more dollars per week.
What is a College Degree?
This type of loan typically has a lower interest rate.
What is a Federal Loan?
This is considered a pro/benefit of an income-driven repayment plan.
What is Affordability?
Who two entities receive and use the information submitted on your FAFSA?
What are the schools you’ve applied to and your state government?
This is money for college that can be awarded based on academics, financial need or even hobbies/interests.
What are Scholarships?
Eating off campus with friends would be considered this.
What is Indirect Cost?
These types of loans are typically less likely to be eligible to be forgiven.
What are Private Loans?
Transferring credits from a community college or earning credits in high school helps do THIS, making college cost less.
What is reduce the amount of credits needed in college?
In what order should you use these college payment types?
Your money Borrowed Money Free Money
What is free money, your money, borrowed money?
This allows your monthly payments to grow in size over time.
What is a Graduated Repayment Plan?
This could happen after 20-25 years of on-time payments.
What is Loan Forgiveness/Payoff?
The federal government makes interest payments on THIS while you’re enrolled in school at least half-time, for the first six months after you leave school, and during any period of deferment.
What is Subsidized Federal Loans?
This is the default plan for repaying federal student loans.
What is Standard Repayment Plan?
Put these in order of best to worst option.
-private loans -federal loans
-Work-study -Grants/Scholarship
What is Grants/Scholarships, Work-Study, Federal Loans and Private Loans?
This requires that students start paying on the interest immediately and do not wait til after graduation.
What is a Direct Unsubsidized Loan?
Signing up for this will trade your labor for college costs like tuition.
What is Work-Study?