Types of Aid
A form of aid that does not need to be repaid and is awarded based on academic or other achievements
What is a scholarship
The difference between what it costs to go to school and what the family can contribute.
What is financial need?
The official document that students fill out to apply for financial aid.
What is an application form?
The total estimated cost of attending a college or university, including tuition, fees, and living expenses.
What is the cost of attendance?
The time period after graduation during which a borrower is not required to make loan payments.
What is a grace period?
A type of aid that does not need to be repaid and is based on financial need.
What is a grant?
A minimum grade point average that a student must maintain to be eligible for certain financial aid.
What is a GPA requirement?
The date by which students must submit their financial aid applications to be considered for aid.
What is the deadline?
Expenses that are directly billed to the student, such as tuition and fees.
What are direct costs?
A temporary postponement of loan payments, usually granted under certain conditions, while interest does not accrue.
What is deferment?
A program that allows students to work part time while attending school to help pay for their education.
What is work-study?
A requirement that determines whether a student is eligible for federal financial aid based on their citizenship.
What is citizenship status?
The documents needed to support a financial aid application, often including tax forms and identification.
What is required documentation?
Expenses that are not directly billed, such as books, supplies and living expenses.
What are indirect costs?
The percentage of a loan amount that must be paid in addition to the principal amount borrowed.
What is the interest rate?
Money that a student borrows to pay for school, which must be repaid with interest.
What is a loan?
A classification of a student based on the number of credits they are taking, which can affect aid eligibility.
What is enrollment status?
An essay that students may need to write to explain their financial situation or educational goals.
What is a personal statement?
Loans that do not accrue interest while a student is in school.
What is a subsidized loan?
A temporary postponement of loan payments, usually granted under certain conditions, while interest does accrue.
What is forebearance?
The free application for federal student aid.
What is the FAFSA?
The maximum income level that allows a student or family to qualify for certain types of aid.
What is the income threshold?
A procedure where the financial aid office checks the accuracy of information provided on the FAFSA.
What is the verification process?
Loans that do accrue interest while the student is in school.
What are unsubsidized loans?
Various options for borrowers to repay their student loans, often with different terms and monthly payment amounts.
What are repayment plans?