FAFSA

So Many Acronyms, So Little Time

100

FAFSA is an acronym that stands for what?

What is the Free Application for Federal Student Aid?

200

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.

What is contribution?

300

FSA stands for what office positioned in the US Department of Education?

What is the office of Federal Student Aid?

400

Within a few days of completing the FAFSA, you will receive your Student Aid Report or __.__.__

What is SAR? This summarizes all the information you submitted on the FAFSA. Your SAR can be accessed online at FAFSA.gov

500

Your FSA ID on studentaid.gov is primarily used as what 3 things?

What is to sign, login, and use the IRS DRT

Fact or Fiction?

100

Every college and university has the same deadline for submitting the FAFSA.

What is fiction?

200

The FAFSA is only available in English.

What is fiction? The FAFSA is also available in Spanish.

300

It takes most people less than 30 minutes to complete the FAFSA online at Studentaid.gov

What is a fact?

400

You only have to submit your FAFSA once.

What is fiction? You have to renew your FAFSA each year, as your financial information may change

500

If your parents make too much money, you will not qualify for aid.

What is 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.

Prepared with ALL the Paperwork

100

This card with an eight digit number on it is necessary for you to complete your application

What is a Social Security Card?

200

You'll need this document from your employer on hand to complete your FAFSA.

What is a W-2 form? You will also need records of any money you earned for the previous year

300

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 residence card or green card?

400

T/F You will need to provide a Schedule T for income on the FAFSA

What is False

500

If you are offered aid from multiple colleges or career schools in the form of an award letter, what should you do?

What is compare? By comparing award offers you are able to make the best decision for your situation.

Eligibility

100

If you do not have a High School diploma, what other certificate can you use to complete the FAFSA and qualify for aid?

What is a GED (General Educational Development) certificate?

200

If you are not an American citizen, you will need ONE of the following four things: an arrival-departure record, battered immigrant status, a T-Visa, or ____?

What is a green card?

300

If you are registered as a dependent who's information must be included on your FAFSA?

Your parents. If you are independent, you won’t need to include your parents’ information on your FAFSA. But if you are dependent, you must provide your parents’ information. The FAFSA asks a series of questions to determine your dependency status.

400

Will my age or ethnicity make me ineligible for aid?

No. There are basic eligibility requirements (which you can find at StudentAid.gov/eligibility), but ethnicity and age are not considered.

500

A high grade point average is required for application for aid. True or false?

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.

Types of Financial Support

100

How much money is provided for students each year through the FAFSA?

What is $150 billion?

200

This federally-funded program helps students earn financial funding through part-time employment.

What is work-study?

300

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?

What is 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.

400

Before you receive this type of financial support, you will be required to complete entrance counseling and sign a Master Promissory Note (MPN).

What is a federal student loan?

500

Both direct subsidized loans and direct subsidized loans require you to pay what back to the lender?

What is 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.