Loans
A fee you pay the lender for letting you borrow money over time.
What is the most common grant that is awarded to families in need?
Pell Grant
What does EFC stand for?
Expeected Family Contribution
Define What a gap is in relation to an award letter.
the amount of financial need a school DOES NOT cover with responsible financial aid.
Where do scholarships come from?
Outside organizations and Schools
Money that you borrow to help pay for something.
Who provides grants?
The Government & Institutions
What does COA stand for?
Cost of Attendance
What is the formula for calculating the Gap?
Gap = COA – EFC – Gift Aid– Loans
What is Work study?
A job on campus with a maximum amount you can earn that helps pay for indirect expenses.
This type of loan has the interest payed by the government while you're in school.
Subsidized Loans
You do not have to a U.S citizen to receive this grant but you have to be a Texas Resident.
Texas Grant
What are the components of Cost of Attendance?
Transportation
Books
Tuition and Fees
Room & Board
Personal Expenses
You include your parent plus loans or private loans when calculating your gap? True of False
False
Work study is not on your award letter but you need it to help your gap. What actions should you take?
Go the financial Aid office to request it
This type of loan does not have it's interest payed by the government while in school. Your loan balance is higher when you graduate than when you took out the loan.
UN Subsidized loan
What are two types of Gift Aid
Scholarships and Grants
What are indirect Cost of attendance
Personal fees
Books
Transportation
What do you do if an a institution is not affordable?
WALK AWAY!!!!!
How much time do you have until you have to start paying your loans after you graduate?
This loan that colleges often use to cover your gap
Hint: You are not financially responsible for it?
Parent PLUS Loan
Name 3 grants that are commonly found on your award letter except the Pell Grant.
Texas Grant
FSEOG Grant -Federal Supplementary Education Opportunity Grant
TPEG- Texas Public Educational Grant
TEOG- Texas Educational Opportunity Grant
What is direct costs?
■College expenses you pay DIRECTLY to the university
■Also known as BILLABLE costs
–Work Study
–Payment Plans
–Savings
–Outside scholarships that you win
–Department scholarships you apply for at the institution
When will you fill out your FASFA again?
10/1/2020