FAFSA
FAFSA itself stands for this form you fill out
Free Application for Federal Student Aid
This type of financial aid is both one that needs to be repaid and the title of this category
Loans!
This type of financial aid, called a _______ is a type of financial aid that does not need to be repaid.
a Grant.
You have to fill out this form every year in order to maintain federal financial aid.
FAFSA
This is the term for the difference between the Cost of Attendance (COA) and your Expected Family Contribution (EFC).
Financial Need
This is the expected amount of money a household is expected to be able to help pay for college.
What is the SAI or Student Aid Index? (formerly it was EFC)
Eligible undergraduates with demonstrated financial need can apply for this type of loan, where the fed. gov. pays the interest while you're in school.
Direct Subsidized loan
This popular federal grant is for students with financial need.
PELL Grant
One type of financial aid is a sum of money borrowed usually for a specific reason (to obtain an education, buy a car, etc.) The entity lending the money (bank) usually charges interest for use of the money. The amount of money borrowed is typically repaid with interest over a period of time. This money is called:
Loan
These are financial awards based on academic, athletic, or other achievements — and they also don't need to be repaid.
What are scholarships?
Direct PLUS loans are for 2 groups of people including this one, on behalf of their dependent undergraduate students.
Parents, and eligible graduate/professional students.
Typically we can find more grants given by colleges and this non-federal entity:
the State
This covers the cost of instruction and enrollment at a college or university. It includes the fees for taking classes, access to facilities like libraries and learning centers, and other services that contribute to a student's academic experience
Tuition
This office at most colleges helps students find and apply for scholarships, loans, and grants.
Financial Aid Office
You must report this type of information if you are a dependent student
Parents' financial info
Eligible undergraduate, graduate, and professional students can receive up to $20,500 with this type of loan, depending on grade level. Be careful of the interest though!
Direct Unsubsidized Loan
A grant for undergraduate students with exceptional financial need. This program is administered directly by the financial aid office at each participating school. Not all schools participate. Check with your school's financial aid office to find out if the school offers it.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This term refers to the total estimated amount it costs a student to attend college for one academic year, including tuition, room and board, books, supplies, transportation, and personal expenses.
Cost of Attendance (COA)
Some colleges offer this type of aid package that combines grants, loans, and work-study to help cover costs.
Upon receiving a submission summary, and a processed FAFSA this type of institution should reach out with award letters
Colleges, up to 20 online, can be added to FAFSA
The legal document we have not discussed that shows you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
Master Promissory Note
In general, you must maintain enrollment in an undergraduate course of study at a nonforeign school to receive a ________. Additionally, you will have to fill out the FAFSA form every year you’re in school to stay eligible for federal student aid.
Federal Pell Grant
These are financial awards based on academic, athletic, or other achievements — and they also don't need to be repaid.
Scholarships
This program allows students to earn money to help pay for school through part-time jobs, often on campus.
Federal Work Study