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?
____is what college financial aid offices uses to determine how much federal student aid a student is eligible to receive.
What is the Student Aid Index (SAI) from the FAFSA.
These types of costs show up on an award letter but are NOT included when calculating net cost. Examples might include transportation, books, etc.
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.
What are dependent students?
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 in 25-26.
What is $8,064?
You can list up to this many schools in your FAFSA?
What is 20
This is the maximum yearly 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?
True of False? 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 a correction.
What is TRUE
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?
What is the federal grant you can get? What is the value of this grant?
Pell Grant $7,395
How often do you have to complete the FAFSA?
What is every year?
______are paid directly to the college, such as tuition, room and board, and other fees determined by the college.
What are direct costs.
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?