Loan Lingo
This type of loan does not accrue interest while the borrower is in school at least half-time?
What is a subsidized loan?
Emma is 19 years old and liver on her own while attending college. She pays all of her own bills and is financially independent. Is she considered an independent student on the FAFSA?
What is No, because being financially independent does not automatically make a student independent for the FAFSA purposes?
Many students believe they shouldn't complete the FAFSA if their parents make too much money, but in reality they may still qualify for what type of aid (in-general not specific).
What is non-need-based aid (such as loans or merit scholarships)?
Maria's parents make a comfortable income, so she assumes she won't qualify for any financial aid. She's thinking about skipping the FAFSA. What advice would you give her?
Deadline to be considered for the President's Scholarship
What is December 1st?
This is the maximum period of time a borrower has to start repaying their student loans after graduation, leaving school, or dropping below half-time enrollment?
What is a grace period?
josh is 24 years old and is applying for financial aid. Does he need to include his parents' financial information on the FAFSA?
What is No, because the students who are 24 or older are automatically considered independent on the FAFSA?
Some students think they only need to file FAFSA once, but in reality they must submit it this often.
What is every academic year?
Jake recieves an email sating he has been randomly selected for a $5,000 scholarship, but he must pay a $50 processing fee to claim it. Should he accept the offer? Why or why not?
What is "No, this is likely a scholarship scam because legitimate scholarships never require payment to receive an award"?
Deadline to accept academic merit scholarships
What is May 1st for residents and the first day of school for out-of-state students?
This federal loan program allows graduate and professional students or parents of dependent undergraduate students to borrow money to help pay for education expenses.
What is a PLUS loan?
Sophia is 21 and has a child who she supports financially. She is not married. Does she qualify as an independent student?
What is Yes, because she has a dependent that she provides more than 50% financial support for?
A common myth is that only U.S. citizens can complete the FAFSA, but eligible non-citizens can only apply if they have this status?
What is permanent resident (Green Card holder) or other eligible non-citizen status?
Alyssa’s parents are divorced. She spends most of her time with her mom, but her dad earns a higher income. When filling out the FAFSA, whose financial information should she use?
What is “She should report the income of the parent she lived with the most in the past 12 months, regardless of who earns more”?
Soft deadline to turn in the FAFSA to SUU
What is May 1st?
This plan bases a borrower's monthly student loan payment on their income and family size.
What is an Income-Driven Repayment (IDR) plan?
Liam is 23 and serving in the U.S. military on active duty. He is not married and does not have children. Is he dependent or independent for FAFSA?
What is Independent, because active-duty military members (not just in training) are considered independent students?
Some families assume they can't file the FAFSA if they haven't completed this yearly financial document yet.
What is a federal income tax return?
Jordan just found out that his financial aid application was selected for verification. He’s worried this means he did something wrong. What should he do next?
What is “Jordan should not panic—verification is a common process where the school requests additional documents to confirm FAFSA information”?
Opening date for Organizational and Departmental Scholarships?
What is November 1st?
If a borrower fails to make payments on their federal student loans for 270 days, their loan enters this serious status, which can result in wage garnishment and credit damage.
What is default?
Avery is 20 years old, and both of her parents have passes away. She is currently living with her grandmother, who does not have legal guardianship. Does Avery need to include her grandmother's income on the FAFSA?
What is No, because Avery is considered an independent student as an orphan, and FAFSA does not require her to report her grandmother's income?
All the steps necessary to take out Federal Student Loans
What are
1. Complete the FAFSA Application
2 Review your Financial Aid Offer
3. Accept your Loan(s) in your School Portal
4. Complete Loan Entrance Counseling (First-Time Borrowers Only)
5. Sign the Master Promissory Note (MPN)
Sam is struggling to pay for college and wants to apply for more scholarships. However, he thinks it’s too late because he’s already in his sophomore year. What should he do?
What is “Sam should still apply for SUU Organizational and Departmental scholarships because they are available for all current students. not just incoming freshmen”?
Opening and closing date for the Dixie and Anne Leavitt Off-Campus Scholarship Housing Application
What is November 1st to February 1st?