Financial Aid Basics
FAFSA is an acronym that stands for this
What is the Free Application for Federal Student Aid?
Grants and scholarship are both this type of financial aid.
What is gift aid?
A number greater than -1500 that schools use to determine eligibility for federal aid.
What is SAI?
These types of costs show up on an award letter but are NOT included when calculating net cost.
What are indirect costs?
The type of degree that you earn at a 4 year college or university as an undergraduate.
What is a bachelor's degree?
This is another term for Housing & Food.
What is room & board?
This type of financial aid is provided by the State of Illinois and can only be used at institutions in Illinois.
Dependent students must submit financial information from their parents who are also known as this
What are contributors?
The type of federal loan does not accrue interest while the student is still in school.
What is a Subsidized loan?
These are the 3 types of fit factors.
What are social, academic and financial?
The costs that a school bills you for and includes tuition, fees and room & board.
What are direct costs?
Students who are MAP eligible qualify for this amount of aid from the state of Illinois.
What is $8400?
This is a document that summarizes the information you provided on the FAFSA and provides an estimate of your Pell Grant eligibility.
What is a Submission Summary?
This is the maximum federal loan amount for a dependent student.
What is $5,500?
This term measures the percentage of first-time undergraduate students who return to the same institution the following fall.
What is retention rate?
These are the 4 types of financial aid.
What are grants, scholarships, loans and work study?
Students can receive gift aid (grants and scholarships) from these 2 sources
What are schools and the government?
If your your SAI could not calculate or you made a mistake when completing your FAFSA, once your FAFSA is processed you can go back and make this.
What is a correction?
What is $26,000?
Students should wait until they receive this from all of their schools before accepting their spot at any college.
What is award letter?
This type of financial aid is not guaranteed because it will have to be earned by the student.
What is work study?
All seniors will use Grad Champion to apply to or opt out of this maximum $7,000 renewable scholarship that uses a "match" process.
What is the Intrinsic Scholarship?
This is how often you will have to complete your FAFSA.
What is every year?
This is the out of pocket cost for a student whose net cost is $5000 and chooses to take out a $2,000 federal loan.
What is $3000?
This term measures the percentage of students who complete their degree within 6 years for a 4-year school or 3 years for a 2-year school.
What is graduation rate?