Financial Aid Basics
What is financial aid?
a: Money that helps students pay for college or career school
b: Free money earned through skills, achievements, or personal qualities
c: Free money given based on financial need
d: Money you borrow for college that must be paid back with interest
a: Money that helps students pay for college or career school
Name one type of scholarship
Academic, athletic, community service, special talents, or identity-based
What are tuition & fees?
The cost of classes
What does FAFSA stand for?
A. Federal Aid Form for Student Assistance
B. Free Application for Federal Student Aid
C. Financial Assistance System for Students
B. Free Application for Federal Student Aid
What is a scholarship?
a: Money that helps students pay for college or career school
b: Free money earned through skills, achievements, or personal qualities
c: Free money given based on financial need
d: Money you borrow for college that must be paid back with interest
b: Free money earned through skills, achievements, or personal qualities
What is work-study?
A program where students work part-time while attending school
What does room & board include?
Housing and food
Who should fill out the FAFSA?
A. Only students with perfect grades
B. Only students going to private colleges
C. Anyone planning to attend college or trade school (and their parents/guardians)
C. Anyone planning to attend college or trade school (and their parents/guardians)
What is a grant?
a: Money that helps students pay for college or career school
b: Free money earned through skills, achievements, or personal qualities
c: Free money given based on financial need
d: Money you borrow for college that must be paid back with interest
c: Free money given based on financial need
What is the difference between federal and private loans?
Federal loans have lower interest and better protections; private loans have higher interest and fewer protections
Name two other college expenses besides tuition and housing
Books & supplies, personal expenses, transportation
When do FAFSA applications open?
A. January
B. October
C. June
B. October
What is a student loan?
a: Money that helps students pay for college or career school
b: Free money earned through skills, achievements, or personal qualities
c: Free money given based on financial need
d: Money you borrow for college that must be paid back with interest
d: Money you borrow for college that must be paid back with interest
What is the difference between subsidized and unsubsidized loans?
Subsidized = government pays interest while in school; Unsubsidized = student pays all interest
Esmeralda’s college costs $26,500. She gets $3,000 in grants and $5,000 in scholarships. How much does she still owe?
$18,500
Why is it important to apply early for financial aid?
A. It guarantees free college
B. Funds are limited and applying early increases your chances of receiving more aid
C. You won’t have to fill out forms later
B. Funds are limited and applying early increases your chances of receiving more aid