Financial Aid Basics
What does the acronym "COA" stand for and what does it define.
What is Cost of Attendance; the total cost of attending a college or university, including tuition, fees, and living expenses
What is a major in college?
A subject area you study extensively during your college education.
What is a scholarship?
Financial Aid awarded based on academic merit or other criteria that does not need to be repaid.
What is a fixed expense?
an expense that remains the same
What is a W2 form
A form issued by your employer that reports wages, and the amount of taxes withheld.
What is an Award/Offer Letter
What is a letter from the schools financial aid office outlining the types of financial assistance a student has been offered.
How many years does it normally take to get an associates degree?
2 years
What is the difference between subsidized and unsubsidized loan?
Subsidized loans don't accrue interest while your in school, and unsubsidized start accruing intrest as soon as the loan is disbursed.
What is a variable expense?
An expense that can vary from month to month.
True or False, you need your W2 to file taxes?
True
What is Work Study?
A program that allows student to workpart-time on campus to help pay for tuition and other expenses.
What is a minor in college?
A smaller subject area you can choose to study in addition to your major.
What are grants?
Financial aid that does not have to be repaid, often based on need.
Which is an example of a variable expense? Mortgage, health insurance, or electricity bill
electricity bill
What is a 1040 form?
a tax form used by U.S. taxpayers to file their individual income taxes.
This date is typically the deadline to submit the FAFSA for financial aid consideration for most schools.
March 1st
This term refers to the official record of student's courses, grades, and academic performance.
What is a transcript
What is the grace period a student has to begin paying back their loans after he/she graduates?
6 months
This method of budgeting involved tracking income and expenses to ensure that you don't spend more than you earned.
50/30/20 rule
What are three ways to file your taxes?
Electronically, Professional, or Paper/Written
This is how a student can confirm that their financial aid application has been successfully completed and under review.
the student will receive a confirmation email or a student aid report (SAR) indicating issues or required actions.
If you are planning to attend college in the fall, would you would be considered a graduate or undergraduate students?
Undergraduate
This type of federal student loan does not require a credit check, and is available to undergraduate students.
Direct subsidized loan
This is a common budgeting method that helps students separate their spending into essential and non-essential categories.
what is the "need vs wants" budgeting method
What can happen if a person fails to file their taxes by the April 1st deadline?
They can be fined, interest will apply to amount owed, and possibly legal action can take place.