FAFSA Basics
What does FAFSA stand for
Free Application for Federal Student Aid
What type of aid does not need to get repaid?
Grants
When does the FAFSA typically open each year?
October 1
What is the difference between subsidized and unsubsidized loans?
subsidized loans do not accrue interest while in school; unsubsidized loans do
What happens if you enter incorrect Social Security numbers?
your application may be delayed
Why do students fill out the FAFSA
To apply for federal financial aid for college
What is financial aid awarded based on financial need called?
Need-based aid.
Should students check both federal and state deadlines?
Yes
What does interest mean?
the extra money charged for borrowing money
Should students guess financial information?
No
Is the FAFSA free to complete?
Yes, it is completely free
What is money you borrow and must repay with interest called?
Loans
What ID do students and parents need to sign the FAFSA electronically?
FSA ID
When do most federal student loans require repayment to begin?
after graduation or dropping below half-time enrollment
What happens if you forget to sign the FAFSA?
It will not be processed
What information is typically needed to complete the FAFSA?
Tax returns, Social Security number, and financial information
What is a Pell Grant?
A federal grant for students with high financial need
Can you still submit the FAFSA after the federal deadline?
No, not for federal aid.
What is a grace period?
the time after leaving school before repayment begins
Is the FAFSA only for low-income families
No
What is work study?
A program that allows students to earn money through part time jobs
Why is it important to submit early?
Because some aid is first-come, first-served.
Why should students borrow only what they need?
to avoid high debt after graduation
Should students renew the FAFSA every year?
Yes