Definitions
What does FAFSA stand for?
Free Application for Federal Student Aid
TRUE
How often does a FAFSA have to be completed?
Every year
Which type of federal loan does not accrue interest while students are enrolled at least half time?
Subsidized Loan
What are the four types of aid?
Federal, State, Institutional, Private
What does EFC stand for?
Expected Family Contribution
Scholarships can be awarded internally and externally from a college/university
TRUE
When will the 2024-2025 FAFSA be available?
December 2023
Which type of federal loan does accrue interest while students are enrolled?
Unsubsidized loan
What two grants are awarded based on the EFC?
Pell Grant & NJTAG
What does Cost of Attendance refer to?
The estimated total cost of attending an institution for one academic year.
Grants have to be repaid
FALSE
When is the filing deadline for FAFSA to be considered for all possible aid?
April 15, 2024
Which type of federal loan is provided to the parents of undergraduate students?
Parent PLUS loan
Which grant will adjust the award amount based on number of credits enrolled in?
Pell Grant
What is Federal Work-Study?
A federal program offered and administered by the institution that provides opportunity for part-time employment to students with financial need to help pay their educational expenses. Students are responsible for finding qualified employment. Funds are paid out through a paycheck, as earned.
Everyone qualifies for all types of financial aid
FALSE
What type of loan can students take out that generally requires a creditworthy cosigner?
Private Loan
What is the minimum GPA requirement for Satisfactory Academic Progress?
2.0
What does NJTAG stand for?
New Jersey Tuition Aid Grant
The NJTAG is a federally funded grant
FALSE. It is funded by the State of NJ
Is it mandatory for students to file a FAFSA to attend college?
No
When are FEDERAL student loans required to be paid back?
6 months after graduation or half-time status
What is the completion rate for Satisfactory Academic Progress?
66.67%