FAFSA Basic
What does FAFSA Stand for?
Free Application for Federal Student Aid
Name one type of Financial Aid
Grants, Scholarships, Loans, Work Study
True or False: The FAFSA is free to complete.
TRUE
Name TWO things besides tuition that college students may have to pay for.
Housing, food, books, transportation, fees, supplies, etc.
Your friend says, “I don't need FAFSA because my family won't qualify.” What should you tell them?
FAFSA can be used to determine eligibility for federal aid, and information from the FAFSA can also be used for state and school aid. A student shouldn't assume they won't qualify without completing the process.
What is a scholarship?
Money awarded to help pay for education that generally does not have to be repaid, although scholarships can have requirements.
True or False: You must PAY to submit FAFSA
FALSE
What is one cost that might be included in a college's cost of attendance?
You receive a financial aid offer. What should you look at before accepting it?
Look at what types of aid are being offered, how much is being offered, and whether any of it needs to be repaid.
Who completes the FAFSA: the student, the parent, or both?
It depends on the student's circumstances. The student completes their portion, and some students also need a parent/contributor to provide information.
What is a grant?
A grant is financial aid that generally doesn't have to be repaid if the student meets its requirements.
What is a FAFSA Submission Summary?
A FAFSA Submission Summary is the summary of information submitted on the FAFSA and includes information such as the student's eligibility information.
Why is it important to compare the total cost of different colleges?
Because the amount of financial aid offered doesn't necessarily equal the amount the student will actually have to pay.
Your FAFSA information has an error. What should you do?
Correct the information using the appropriate FAFSA correction process and follow any instructions provided.
What is a StudentAid.gov account used for?
A StudentAid.gov account allows students to access federal student aid systems, including completing the FAFSA.
What is Federal Work-Study?
Federal Work-Study provides eligible students an opportunity to earn money through part-time employment.
Why does a parent/contributor sometimes need to provide information on the FAFSA?
Some students are required to provide contributor information based on their FAFSA circumstances.
What's the difference between a scholarship/grant and a loan?
Grants and scholarships generally don't need to be repaid if their requirements are met. Loans generally must be repaid.
You receive a financial aid offer but don't understand it. What should you do?
Ask the college's financial aid office for help and carefully review the offer.
Put these in order: Complete FAFSA → Review financial aid offers → Review information → Receive FAFSA Submission Summary
Name FOUR ways a student might receive help paying for college.
Why might a student need a parent contributor to complete the FAFSA?
Some students are required to provide parent information based on their FAFSA circumstances.
A college offers you $10,000 in aid. Does that automatically mean college will cost you $0? Explain.
You have two financial aid offers. What information should you compare before deciding?
Compare the total cost, grants/scholarships, work-study, loans, remaining amount to pay, and any requirements or conditions.