Vocabulary
Define "Scholarship"
Payment made to support a student's education, awarded on the basis of academic or other achievement.
What is the name of the application you must fill out in order to be eligible for federal student aid?
The FAFSA (Free Application for Federal Student Aid)
What is special about scholarships and grants?
They do not have to be paid back.
What are some things you should do to seek out possible financial aid opportunities?
Research, plan, and prepare items that may be required when applying
What does the abbreviation "FAFSA" stand for?
Free Application for Federal Student Aid
Define "Financial Need"
The amount by which your family’s contribution falls short of covering your college expenses.
It is determined by subtracting the expected family contribution (EFC) from the total cost of attendance.
What is the largest source of student aid in America?
U.S Department of Education
What is the main difference between grants and student loans?
Grants do not have to be paid back, loans do.
When are the majority of scholarship opportunities available to students?
Senior year. Only a few will be available Junior year.
Define "Work-Study"
Employment through a college’s financial aid office. You will be paid by the school
What are the 3 types of federal financial aid?
These type of financial aid awards are occasionally merit or GPA based.
Scholarships and grants
What type of aid may require an essay and multiple letters of recommendation?
Scholarships and grants
The FAFSA needs to be completed how often?
Every year
Define "Merit-Based Aid"
Financial aid that is awarded based on a student’s academic, leadership, or artistic talent, etc. May consider a student’s grades, test scores, special talents, or extracurricular activities to determine eligibility.
What is the main difference between unsubsidized and subsidized loans?
Subsidized- interest free until you graduate
Unsubsidized- accrue interest while in school
What are the three different categories of grants and scholarships?
Federal/ State, Private, and Institutional
The amount of months that pass before you need to repay your student loans
6 months
Upon completing FAFSA, you will receive a document called the FAFSA Submission Summary. What is its purpose?
The FAFSA Submission Summary, will summarize your information and eligibility for student aid
Define "Financial Aid Package"
The total financial aid a student receives. Federal and non-federal aid, such as grants, loans, work-study, and scholarships, are combined in a “package” to help meet the student’s need.
How much money does the federal government provide in student aid on average per year?
$150 Billion or more
What are some ways to alleviate student loan repayment?
Programs will repay/ forgive a percentage of a student loan after a specific work commitment has been completed.
Students must work in a specific field or job in an underserved area of the country.
What kind of scholarships target graduates in your city, reducing the number of applicants?
Private scholarships offered by local businesses, organizations, and associations.
The FAFSA calculates EFC. What does this acronym stand for?
Expected Family Contribution