Financial Aid Basics
What does FAFSA stand for?
What is: Free Application for Federal Student Aid (FAFSA)
In your own words, describe what you believe is the difference between sticker price and net price regarding financial aid
What is: response can vary, as long as it's along the lines of a correct difference between the two.
In your own words, describe what you believe is the difference between need-based and merit-based regarding financial aid
What is: response can vary, as long as it's along the lines of a correct difference between the two.
What is a scholarship?
What is: Scholarships are a form of financial aid awarded to students to help them cover the costs of their education that do not need to be repaid
What is the difference between a grant, scholarship and a loan?
What is: Grants are similar to scholarships in that they do not need to be repaid. They are typically awarded based on financial need and are provided by the government, colleges, or other organizations. Scholarships are funds given to students based on their academic achievements (merit-based), talents, backgrounds, or other criteria. Loans are borrowed money that students and their families can use to pay for education. Unlike scholarships and grants, loans need to be repaid with interest.
True or False: Net price is a college’s cost of attendance minus the grants and scholarships you receive.
What is: True!
What is the range in which the amount of aid merit-based scholarships can range from?
What is: these scholarships can range from a few hundred dollars to full tuition coverage and even additional stipends for other expenses. Some highly competitive and prestigious scholarships may cover the entire cost of attendance, including tuition, fees, room and board, and sometimes even study abroad opportunities
True or False: You should not tailor each scholarship based on the requirements or preferences of the scholarships.
What is: False. Each application should be catered to the scholarship including a well-written essay and letter(s) of recommendation.
Describe a Work-Study Program.
What is: part-time employment opportunities to help students earn money to pay for educational expenses in addition to highlighting the benefits of Federal Work-Study, such as gaining work experience relevant to their field of study and establishing networking connections within the institution attended
True or False: Most students pay more than their college’s sticker price, or published price.
What is: False! Thanks to financial aid and scholarships, most students pay less than the college's sticker price which is why net price is so important!
What are the basic components of the Arizona Promise Program?
Name at least three reasons why scholarships are important
What is: results can vary but should be three of the following: Financial Assistance, equal opportunity, Recognition and Encouragement, Academic Excellence, Career Advancement, Networking and Opportunities, Reduced Student Debt
What is ONE key difference between a federal and a private loan?
What is:
On the website https://collegescorecard.ed.gov/ what are the two things you can compare?
What are: schools and fields of study
What is the amount of need-based aid dependent on?
What is: a student is eligible to receive depends on several factors, including the institution's financial aid policies, available funds, and the student's demonstrated financial need. In some cases, need-based scholarships may cover a significant portion of a student's tuition and other expenses, while in other cases, the assistance may be more modest
Name at least three types of scholarships you learned about
What is: results can vary but should be three of the following:
According to the infographic by The Federal Student Aid, what are the three types of federal student aid available?
What is: free money, borrowed money, and earned money
According to the Financial Aid website regarding Direct Subsidized Loans and Direct Unsubsidized Loans, what are the 4 questions you should ask yourself before accepting financial aid?
What are:
How are they similar?
How are they different?
What do I need to know about interest?
Which loan should I accept?
Describe the requirements for a merit-based scholarship from one of the tri-universities (ASU, NAU, or UA).
What is: answer may vary, an example would be:
Lumberjack Scholars Award
Approximately how many undergraduate students received one grant or scholarship to help fund their post-secondary education?
What is 63%?