Loans
What is a loan?
Money you borrow to pay back later
What is a financial aid award letter?
A financial aid award letter is a document from a college or university detailing the types and amounts of financial aid a student is eligible to receive. It outlines grants, scholarships, work-study opportunities, and loans offered by the institution, the state, or the federal government.
What ways can you pay for college?
Grants, scholarships, loans and work study
what does FAFSA stand for>
FAFSA stands for Free Application for Federal Student Aid.
What two types of loans are there?
Federal and Private
What is COA?
Cost of Attendance
What are grants?
Funds that do not need to be repaid. These are usually need based aid
what does the FAFSA calculate?
Student Aid Index (SAI)
What two types of federal loans are there?
Sub and Unsub
How do you get a financial aid award letter?
By completing the FAFSA and applying to college
what are scholarships?
Funds that do not need to be repaid. These are usually merit based aid like academic achievements, athletic abilities, skills or identities
What is SAI?
range from -1500 to 999,999. This number is supposed to reflect your financial need.
What is the difference between Sub loans and Unsub loans?
Sub loans don't earn interest until 6 months after you graduate and Unsub loans earn interest while you are in school
What is the differnce between direct and indirect expenses
Direct costs are costs that the institution will bill you for. So these are things like tuition and on-campus housing and meals. Indirect costs are costs that can be avoidable depending on your choices. This can include transportation, off-campus housing costs, books and supplies, personal expenses and misc
what is work study?
A program that allows students to earn money through on- or off-campus employment
when does the FAFSA application open every year?
October
Why are federal loans preferred over private loans?
Lower interest rates, don't need a credit score check
Describe the difference between tuition, room and board and misc expenses
tuition is the cost of education, room and board is the cost of living and meals on campus and misc are expenses like supplies, transportation and books
how many scholarships does TRIO UB require you apply to your senior year?
8
who's information do you need to fill out the FAFSA?
students and a contributor (usually a parent)