So Many Acronyms, So Little Time
FAFSA is an acronym that stands for what?
Free Application for Federal Student Aid
Every college and university has the same deadline for submitting the FAFSA.
fiction
This eight digit number is necessary for you to complete your application
Social Security number
How much money is provided for students each year through the FAFSA?
$112 $112,000 $112 million $112 billion
$112 billion
In order to calculate the amount of aid you will receive as a student, your college or career school subtracts your cost of attendance from your EFC, or expected family ____, to determine your overall financial need.
Contribution
The FAFSA is only available in English.
Fiction. The FAFSA is also available in Spanish.
You'll need this document from your employer on hand to complete your FAFSA.
W-2 Form. You will also need records of any money you earned for the previous year
This federally-funded program helps students earn financial funding through part-time employment.
work-study
FSA stands for what office positioned in the US Department of Education?
The office of Federal Student Aid
If you have this card to show your lawful residence in the US, you'll need this on hand during your application as well.
What is a permanent resident card or green card?
In addition to scholarships, what is another type of "gift aid" can be offered by the federal and state government, your college or career school, and private or nonprofit organizations?
A grant. Grants and scholarships are often called “gift aid” because they are free money—financial aid that doesn’t have to be repaid. Grants are often need-based, while scholarships are usually merit-based.
Within a few days of completing the FAFSA, you will receive your Student Aid Report or __.__.__
SAR. This summarizes all the information you submitted on the FAFSA. Your SAR can be accessed online at FAFSA.gov
You only have to submit your FAFSA once.
Fiction. You have to renew your FAFSA each year, as your financial information may change
T/F You will need to provide a Schedule T for income on the FAFSA
What is False
Before you receive this type of financial support, you will be required to complete entrance counseling and sign a Master Promissory Note (MPN).
federal student loan
If your parents make too much money, you will not qualify for aid.
Fiction. There is no income cut-off to qualify for federal student aid. Many factors besides income—from the size of your family to the age of your older parent—are taken into account. Your eligibility is determined by a mathematical formula, not by your parents’ income alone.
True or False: You must provide your transcript from your school when you submit the FAFSA
False. While a high grade point average will help a student get into a good school and may help with academic scholarships, most of the federal student aid programs do not take a student’s grades into consideration. Once in school, a student must maintain satisfactory academic progress in their program of study to retain their aid.
Both direct subsidized loans and direct subsidized loans require you to pay what back to the lender?
Interest. Interest is money paid to the lender in exchange for borrowing money. Interest is calculated as a percentage of the unpaid principal amount (loan amount) borrowed.