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Types of Financial Aid & Financial aid applications
Financial Aid Applications (cont'd)
More Financial Aid
All About Loans
100

Money that does not require repayment, but may have other stipulations, including maintaining a certain grade point average or meeting with donors. 

Scholarship and/or Grant

100

A free federal form. Used by colleges/unversities to gather financial information about you, your family, and your assets. You can only add 10 colleges/universities to it at a time. 

FAFSA

100

How much is the minimum amount of money one can receive from TAP?

$500

100

What is principle?

Principle is the original amount of money borrow from a lender. 

200

Money that comes directly from a college or a university. 

Institutional Aid

200
A grant only for New York State residents. 

Tuition Assistance Program (TAP)

200

What is an Estimated Family Contribution (EFC)? 

An EFC determines how much money your family is expected to contribute to your college education. 
200

As it relates to a loan, what is interest?

Interest is the money that a lender charges a borrower. When the borrower is repays the lender's money, the borrower is required to return the principle and any accrued interest. 

300

Money that requires repayment.

Loan

300
An online form required by some private colleges in USA. It costs money to file, but is free for those who qualify for free or reduced-priced lunch. The form is through CollegeBoard. 

CSS Profile

300

Who, or what system, determines an EFC? 

FAFSA/Federal government

300

What is accrual/accrued interest?

Accrual/Accrued interest is the total accumulation of interest charged to the principle of a loan.

400

What is a Parent PLUS Loan?

A Parent PLUS Loan is a federal, unsubsidized loan. Parents of dependent undergraduate students can use this to help pay for education expenses not covered by other financial aid.

400

This year, what tax year are we using for financial aid purposes?

2019

400

What is the maximum amount of PELL grant money I receive from FAFSA?

$6,345

400

What is a subsidized loan?

A federal loan whose interest rate is paid by the federal government while you are in college + 6 months after you graduate or drop below full-time. 

500

What are the requirements for a Parent PLUS Loan?

1. A credit check. 

2. Other requirements for parents with adverse credit history. 

500

What are the forms parents can use to complete FAFSA, TAP, and CSS Profile? 

1. 2019 Federal Tax Return

2. 2019 NYS Tax Return

3. 2019 Budget Letter for Public Assistance

4. 2019 Social Security Income Letter

5. 2019 Social Security Benefit Letter

6. 2019 W-2s

500

How is an EFC determined?

Based on your family's income and assets, as reported on FAFSA. 

500

What is an unsubsidized loan?

A federal loan whose interest is the responsibility of the student's.