FAFSA
Financial Aid Terms
Types of Financial Aid
Show me the money
Scholarships
100
What does the FAFSA acronym stand for?
Free Application for Federal Financial Aid
100
What is the difference between a grant and a loan?
a grant is money you do not have to pay back, loans you have to pay back with interest
100
Name a scholarship provided by the state of AR
Academic Challenge Scholarship (Lottery Scholarship)
AR Future
Workforce Scholarship through ADHE
100
Name 2 common scholarship application mistakes students make
Miss deadlines
fail to proofread application
fail to follow directions
Omitting required info
Applying for award you don't qualify for
failing to apply for scholarships you qualify for
failing to tailor the application to the scholarship
Writing a boring essay
100
Many scholarships require you to have completed what important application, in order to be eligible to apply?
The FAFSA
200
This username is used to electronically sign the FAFSA
FSA ID
200
What is the difference between a subsidized and unsubsidized loan?
is money that has to be paid back. The government pays the interest on the loan while the student is in school.
Unsubsidized You are responsible for paying the interest even when you are in school
200
What is the difference between merit-based and need-based scholarships?
Merit-based: awarded to recognize outstanding academic performance, talents and leadership abilities.
Need-based: awarded to those who demonstrate financial need
200
Who needs an FSA ID?
Both; parent and student
200
Name 3 things that can increase your odds of getting a scholarship
ACT/SAT score, GPA, Leadership, Volunteering, Financial Need, being a minority.
300
what day does the FAFSA become available every year?
October 1st
300
What is "cost of attendance" and name 3 things that are included in the cost of attendance
Cost of attendance is The total price of going to a particular college. It includes tuition, fees, room, board, books, supplies, meal plan, and other living expenses, such as transportation.
300
What month are most scholarships due?
March
300
Name 3 specific places where you can find scholarships
300
Name 1 local and 2 national scholarships
There are many
400
Name 2 important pieces of documentation you will need in order to complete the FAFSA?
Tax Return, SSN, Parents Tax return, bank statements, investments, etc
400
Give 1 example of a type of Need-Based aid?
grants, loans, work-study
400
Name 3 types of places (types of scholarships) where students can look for scholarships
Online
College/University Scholarships
Local Scholarships
Federal Scholarships
State Scholarships
400
Where do you apply for federal loans?
name the 2 applications you have to complete if you accept a loan
FAFSA
Loan Counseling entrance and Master Promissory Note
400
This scholarship does not require you to write an essay. However, you will have to use Duct Tape, take a picture and submit it online to them. what is the name of this scholarship?
Stuck at Prom Scholarship Contest
500
Currently, what is the maximum amount that the pell grant awards?
Your EFC was $1000. What does that mean?
$6195
According to the FAFSA your estimated family contribution is $1000. (Your family can afford to pay $1000 of your college cost)
500
What is "Expected Family Contribution" (EFC)
A formula based on income, assets, and family size that estimates how much of a college’s price tag you can, in theory at least, afford to pay.
500
Name the 3 types of federal financial aid
Pell Grant
Loans
Work-study
500
You received your financial aid award letter in the mail from the university you applied to. It lists the total cost of going there as well as met and unmet need. What is the difference between met and unmet need in regards to your financial aid?
any balance that remains after aid has been awarded. Unmet need refers to the balance that was not covered by financial aid.
500
Name 3 strategies/tips for finding and getting scholarships
1. Save time and stress with a scholarship search strategy.
2. Don't search for scholarships alone.
3. Use general scholarship search websites the right way.
4. Don't forget to search locally.
6. There is no scholarship season. Scholarships are available all year long.
7. Repurpose and reuse scholarship applications to save time in the scholarship search process.
8. Take the right approach when asking for letters of recommendations.
9. Use social media to help you find scholarships.
10. When completing scholarship applications, focus on the mission of the scholarship organization.