Sources of Financial Aid
What is a merit based money that doesn't need repayment?
Scholarships
Do student loans affect your credit score?
Yes.
List the two Investment Options we discussed. (This was the two at the very end of our notes.)
529 Plan and Coverdell ESA
What does it stand for?
What is tuition?
The main cost of attending college.
What is a need-based financial aid that doesn't require repayment?
Grants
What loan is offered by banks and financial institutions?
Private Student Loans
What covers for higher education?
529 Plan
When does FAFSA open?
October 1st each year
What is the housing and meal plans?
Room and Board
What is a part-time campus job to earn money for college?
Work-Study
What loan can a parent take for their children?
Parent PLUS Loans
Which has more investment options?
Coverdell ESA
What is FAFSA required for?
Most financial aid
What are some personal expenses in college?
Transportation, clothing, entertainment
What is a program that cancels debt after meeting requirements?
Loan Forgiveness
What loan does interest accrue immediately?
Direct Unsubsidized Loans
What is the 529 Plan?
State-sponsored education savings plan. Money grows tax-free.
What are some documents needed for FAFSA?
Social security numbers, tax returns, bank statements
What is the sticker price of a college?
The advertised price.
What can you learn while earning through hands-on training?
Apprenticeships
What loan does the government pay interest while in school?
What is the Coverdell ESA plan?
Similar to 529 but can be used for K-12 expenses. Lower contribution limits.
How long does it normally take people to fill out a FAFSA form?
30 minutes
What is the net price of a college?
The actual price.