Free Money
This type of financial aid is based on academic achievement or talent.
What is a scholarship?
This is money you borrow and have to pay back with interest.
what is a loan?
FAFSA stands for this.
What is Free Application for Federal Student Aid?
COA stands for this.
What is Cost of Attendance?
True or False: Buying coffee every day is a “need.”
False
This type of aid is based on financial need and doesn’t have to be repaid.
What is a grant?
Federal loans usually have (lower/higher) interest rates than private loans.
lower
FAFSA opens on this date each year.
What is October 1st?
This is the money a college expects your family to contribute.
What is the Expected Family Contribution (EFC)?
A good rule for budgeting: “Save before you ___.”
splurge
True or False: Scholarships and grants must be paid back after graduation.
False
This type of federal loan doesn’t collect interest while you’re in school.
What is a subsidized loan?
You’ll need your parents’ income and this document to fill out FAFSA.
What is a tax return (1040)?
True or False: The cheapest school is always the best financial choice.
False — look at the aid package!
this type of spending is for things you must have to survive or succeed in school.
What are needs?
The Pell Grant is a federal version of this type of financial aid.
What is a need-based grant?
Name one risk of taking out too many student loans.
What is long-term debt or difficulty repaying?
true or False: You only fill out FAFSA once in your college career.
False — you fill it out every year!
Work-study programs let you earn money doing this.
What is working part-time on campus?
If your rent, food, and books cost $800 a month and you make $1,000, how much should you save?
At least $200 (20%)
Name two ways to find scholarships outside your school.
What are scholarship websites or local community programs?
True or False: You can borrow unlimited money from the government.
False (There are borrowing limits.)
This form may be required by some private colleges in addition to FAFSA.
What is the CSS Profile?
Name two examples of college “hidden costs.”
What are books, travel, meals, or lab fees?
Name one way to reduce your college expenses.
What is applying for scholarships, buying used books, or living with roommates?