Financial Aid 101
A form known by an acronym that everybody can fill out without charge.
What is FAFSA?
This letter is sent to students from college financial aid offices listing the terms of the aid being offered.
What is Award Letter?
The amount by which your family's contribution falls short of covering your college expenses.
What is Financial Need?
Name a documents you need to fill out your FASFA
SSN, TAX FORM
Name 3 college expenses that are NOT tuition or room and board that can be on a financial aid award letter
transportation fees, personal expenses, textbooks, books and supplies, student loans
Where can you apply for financial aid
The Fasfa website
What loan can a parent take to help pay for their child college tuition
What is a Parent Plus Loan?
FAFSA calculates a number called the BLANK which is an indicator of your family’s ability to pay. In prior years, this was called the Expected Family Contribution. SAI is important.
What is STUDENT AID INDEX
A type of loan where interest is paid while you are in college
What is subsidized
The length of time after completing your degree when you have to start paying back student loans
6 months
An opportunity for students to work part-time while attending college. Often used to pay off college funds.
What is a Work-Study?
Financial aid that does not need to be paid back
What is Grant or Scholarship?
The total amount students and their family are expected to pay toward college costs
Estimated Family Contribution
Can you pay for college out of pocket
Yes
This federal grant is for students who show significant financial need
Pell Grant
Should you fillout your FASFA annually
Yes
Should student and parent fill out the FASFA form
Yes both need to create a FSA ID
Financial aid that is awarded based on a student's academic, leadership, or artistic talent, or some other criteria.
What is Merit-Based Aid?
How many credits make you a full time college student
12 or more
These loans can get capitalized interest
Federal Unsubsidized Loans and PLUS loans
This form is sent to students after submitting the FAFSA. Eligibility for grants will be indicated in this report.
What is Student Aid Report?
What does full ride mean?
Student doesn't need to pay for college, covers the college expenses
When should you fill out your Fasfa
EVERY year opening December 1.
This is available to students whose aid exceeds their cost of attendance
Refund Check