Vocabulary
What does FAFSA stand for?
What is Free Application Federal Student Aid?
There are three FAFSA deadlines
True
(Bonus 100: What are they?)
How much does it cost to apply for financial aid/FAFSA?
Nothing... it's FREEEE!!
The type that's given based on skill and/or merit
Scholarship
What if I do not complete the FAFSA?
You do not get money for college! Colleges assume that you will be able to pay for college yourself.
Calculated by FAFSA data and will determine student aid eligibility. This replaces the EFC that was used in previous years.
What is Student Aid Index (SAI)?
You have to pay grants back.
False
A parent, step-parent, student, or spouse of the student who is providing information to the FAFSA.
Who is contributor?
The type that has to be paid back
Loan
How many credits is it to be considered full-time per semester?
12 credits
Previously known as IRS Data Retrieval; this tool imports tax data directly from the IRS to your FAFSA.
What is Direct Data Exchange (DDX)?
You have to have at least a 3.0 gpa to apply for scholarships
False
If any contributor does not provide _____, the student will automatically be ineligible for aid.
Consent
The type that is given and doesn't need to be paid back (hint: think gift!)
Grant
There are 2 types of student loans
Subsidized and unsubsidized
This price includes tuition, fees, books, and a standard allocation designed to cover reasonable living expenses while attending school.
What is "Cost of Attendance"?
Fafsa can be used for trade schools, as long as the school is accredited.
True
Name at least 3 things/information that is needed when completing the FAFSA
Acceptable answers:bank statements,DOB,Social Security number,federal income tax returns,records of child support, Alien Registration number (if you have one), Deferred Action for Childhood Arrival (DACA, if you have one), driver's license (if you have one), colleges interested in atending
Work Study
FAFSA on steroids!!!
(Additional financial aid application for some private schools)
What is "CSS profile"?
This document from the college financial aid office is sent to students listing the student aid index, cost of attendance, grants/scholarships, and loan eligibility.
What is an "award letter"?
You can only receive financial aid if your parents make less than $30,000 a year.
False-Income affects eligibility, but many families at higher income levels still qualify for some aid.
How many colleges can you select to receive your FAFSA and student report?
Eligible students could receive financial aid to attend a college or university , or for a career training program with this in-state scholarship.
What is Michigan Achievement Scholarship?
Destiny’s parents are divorced. She lives with her mom who claims her on their 2024 taxes. Her dad, who recently remarried, provides most of Destiny’s financial support. Which parent(s) must report their info on Destiny’s FAFSA?
Dad and stepparent