Free Money, Please
Name two types of free money
Grants
Loans
What two applications can students complete to qualify for financial aid?
1. FAFSA
2. CADAA
Where do you find your SAI Number (and what is it)
The SAI is located on your student aid report after completing FAFSA. It is a number used to determine eligibility for need-based aid and can be negative (down to -1500)
If offered a loan on your financial aid offer, do you have to accept it? Why?
No!
When do you have to begin repayment on your student loans?
After your six-month grace period, after leaving or graduating from school.
How do you get free money?
Complete a financial aid application (FAFSA/CADAA/CSS in some circumstances)
What do FAFSA and CADAA qualify students for?
1. FAFSA- federal, state, and institutional student aid
2. CADAA- state and institutional student aid
What is included in a school's cost of attendance?
Tuition/fees
Room/Board
Books
Supplies
Other expenses
If your financial aid offer will not allow you to attend your top choice of school, what can you do?
File an appeal with the financial aid office.
Get a job to offset costs.
Find a school that is in your budget.
Can you take out a student loan, when combined with other forms of financial aid, will total more than your cost of attendance?
No. Schools will not allow you to borrow more than you need to meet your cost of attendance.
What account do you need to establish to receive CalGrant?
WebGrants 4 Students
What application must you register for to receive your CalGrant funds?
WebGrants for Students
Do you have to pay the price that is listed on a school's cost of attendance?
No! You only have to pay tuition/fees and room/and board DIRECTLY to the school. Any other expenses, you can control to a degree.
Some private schools require an additional financial aid form, what is it?
CSS Profile
Why are federal loans preferential to private student loans?
1. Fixed interest rates
2. Low interest rates
3. Subsidized loan options
4. Flexible repayment options
5. Loan forgiveness options
Are you guaranteed to receive free money by filling out a financial aid application?
No, aid is based on financial need.
Once you have been accepted to a college, what should you check weekly?
Student portal- to ensure you are notified of any student aid you have been awarded or forms that the school requests.
If you have a special circumstance (changes to family income, changes in employment, housing changes due to homelessness, etc...) that was not included in your financial aid application, what should you do?
Contact the financial aid office at your school to file an appeal to have your aid reconsidered.
When are you considered to be an independent student?
What two steps must you complete before taking out a Federal Student loan?
1. Complete entrance counseling
2. Sign your Master Promissory Note
What type of aid should you always say yes to?
Free money! (Grants/Scholarships)
When and how often do you need to complete FAFSA/CADAA?
October 2nd- March 2nd EVERY YEAR BEFORE YOU PLAN TO ENROLL IN SCHOOL.
What is the formula to determine financial need?
Cost of Attendance- Student Aid Index- Other Financial Assistance= Financial Need
If your family is offered a Parent Plus loan and they are denied the loan, what can you be offered from the school?
Additional unsubsidized loan funding.
Use a short-term emergency loan, available through the school's financial aid office.