FAFSA
What does FAFSA stand for?
Free Application for Federal Student Aid
"Extra" percentage you have to pay back on top of the origin\amount you borrowed.
Interest
What is the Cost of Attendance (COA)?
The total estimated price for one year of college. It includes tuition, fees, housing, food, books, and personal expenses.
Where can you find Miracle Mindset’s recommended scholarships?
Money Monthly section on insta (@miraclemindsetok) or our website!
What is an FSA ID?
The digital username and password you and your parents use to sign the FAFSA. You must keep this safe and never share it!
What is work-study?
Program where you work a part-time job on- or off- campus to help pay for school.
What is the difference between a loan and a grant?
GRANT is a type of federal aid "gift" that does not have to be repaid, while a LOAN is a sum of money borrowed from a lender.
What is the difference between Tuition and Room & Board?
Tuition is the cost of your classes, Room & Board is what it costs to live and eat on campus.
Name two websites to find scholarships you’re applicable to in OKLAHOMA.
OK College Start, Oklahoma City Community Foundation, Oklahoma.Gov Career Tech, Chickasaw Nation Foundation ect.
What is the SAI (Student Aid Index)?
The number the government gives you after you file the FAFSA. It tells colleges how much financial support you need. Lower number = more aid!
Specific federal grant named after the U.S. Senator, usually awarded to students with high financial need
Pell-Grant
What is a "Grace Period"? How long is it?
6-month period after you graduate or leave school before you are required to start making payments on your federal student loans.
Name two examples of INDIRECT college costs.
Books, supplies, transportation, personal expenses, etc.
What are the requirements to apply for Oklahoma’s Promise?
apply before Dec 31st of 12th grade.
2.5 GPA
A federal adjusted gross income less than $100,000 per year (varies by family size)
What is a FAFSA Audit?
It’s when a college asks you to provide tax papers or extra forms to prove your FAFSA info is correct.
When is the Priority Deadline for FAFSA?
March 1st, but the federal deadline is often late June. NOTE: You should apply AS SOON AS POSSIBLE!!
Maximum amount of "Pell Grant" money a student can get for a year (roughly)?
$7,395. Note: This changes slightly every year.
What is the Net Price?
The amount you actually pay after all your grants and scholarships are subtracted from the total Cost of Attendance.
What are 3 key elements to include in scholarship applications?
A personal statement/essay, as resume or list of involvements, and letters of recommendation.
What is a Net Price Calculator?
Tool every college website has that lets you put in your family's info to see an estimate of what you will actually pay before you even apply.
What is Crimson Commitment?
OU’s program so Oklahoma’s Promise students will have their tuition and other fees covered as well.
What is the difference between a Subsidized and an Unsubsidized loan?
The government pays the interest on subsidized loans while you’re in school; unsubsidized loans accrue interest immediately.
What is FERPA?
A federal law that protects your privacy. Once you’re in college, the school cannot share your grades or info with your parents without your written permission.
What is the National Merit Scholarship Program?
Competitive scholarship for high schoolers based on their PSAT/NMSQT scores. To qualify, you usually need to score in the top 1% in your state.
NOTE: If you become a Semifinalists, you must take the SAT or ACT to confirm your academic ability
What is a Financial Aid Appeal?
A request you send to the college if your family's financial situation has changed since you filed your taxes