FAFSA
This is the most important form you fill out when managing the process of paying for college.
What is the FAFSA (Free Application for Federal Student Aid)?
EFC stands for this, and it represents the amount of money the college believes your family should be able to contribute.
What is Expected Family Contribution?
This type of aid does not have to be paid back, while a loan does.
What is a grant?
This type of federal loan has the government pay the interest while you're in school, meaning the interest does not add up while being a student.
What is Subsidized Federal Direct Loan?
The GI Bill provides this type of assistance for those who are eligible.
What is paying for college (tuition) or workforce training?
The document the federal government sends you after processing your FAFSA.
What is the Student Aid Report (SAR)?
This specific type of parent asset is not looked at by the government when determining your EFC.
What is the value of your primary residence?
Work-Study programs are funded by the federal government but managed by this entity.
What is the college (or institution)?
The two differences between subsidized and unsubsidized federal direct loans are who pays the interest while you're in school and the demonstration of this.
What is financial need?
This program may be available to increase the aid offered to a GI Bill recipient attending a school more expensive than the in-state public school maximum.
What is the Yellow Ribbon Program?
Colleges use this report to put together a financial aid award package.
What is the Student Aid Report (SAR)?
Another example of assets the government does not look at when determining EFC, in addition to the value of your home.
What are retirement accounts?
How often should/must the FAFSA form be filled out? Starting on what date?
What is once per academic year starting on October 1st.
This type of loan is obtained from a bank, and its interest rates and payback terms will vary.
What is a Private Loan (or Alternative Loan)?
True or false: The GI Bill provides tuition assistance those who are eligible. The maximum granted is determined by the most expensive public school in the state where the applicant resides.
What is true?
The financial aid award package will include this type of federal assistance, if you are eligible.
What are federal student loans?
The federal government looks at both income and this when determining the EFC.
What are assets?
True of False: Receiving merit-based aid, like an athletic scholarship, could end up reducing the amount of need-based aid that you receive from the college.
What is true?
The FAFSA is the application for this federal loan, and interest accumulates while the student is in school.
What is an Unsubsidized Federal Direct Loan?
Arrange the four main loan types—PLUS Loan, Private/Alternative, Subsidized Federal Direct, and Unsubsidized Federal Direct—in order from most desirable (1) to least desirable (4).
What is 1. Subsidized Federal Direct 2. Unsubsidized Federal Direct 3. PLUS Loan 4. Private/Alternative?
Chronologically, this step happens immediately before the federal government sends the SAR to your family and the colleges.
What is the federal government determining your EFC?
True of False: Assets are assessed at the same percentage rate for students and parents.
What is false?
True of False: "Work study guarantees jobs for eligible students, and students can work as many hours as they want."
What is false?
This type of loan can cover the entire cost of attendance not covered by the financial aid award, but a parent must take it on in their name.
What is a PLUS Loan?
What is the term for the amount that is left to pay after subtracting your EFC and all of your financial aid from the Cost of Attending the school?
What is the GAP?