Lingo
What is a custodian?
A parent or Guardian.
When is the best time to start your FASFA?
Senior year of High school
Do you have to pay back grants?
NO!
Do you have to pay back loans?
Yes, with intrest?
When do you have to start paying off your loans?
SIx months after graduation
What does FAFSA mean?
Free Application for Federal Student Aid
What is the purpose of the FAFSA?
To see how much financial aid and federal loans you can receive from the government.
How many types of Financial aid?
four (4)
What is interest?
A percentage of money being borrowed that needs to be paid back
When is the best time to submit your FASFA?
ASAP after October 1st. waiting to submit after could mean less aid.
True or False: It is mandatory to apply for the FAFSA.
False, but it is highly recommended. There is no income requirement to apply for the FAFSA.
Is there a maximum amount of money you can receive from the FASFA?
NO!
What is the average amount of debt an undergrad student graduates with?
$30,000
What is Loan forgiveness?
Aid for those working in public service
ex. teacher, U.S Military, Not-for-profit organization, AmeriCorps
When do federal loans start accruing interest?
While your in school, but the government may cover it if its a subsidized loan
What is needed to file for FASFA?
user ID, Parents taxes W-2 (1040) and assetss, transcripts, SS#, Divers licenses, Transcripts, List of schools and their code
What is work-study?
A job on campus when you can earn money to pay cost of attendance.
What are some differences between Federal and private loans?
interest rates, repayment plans, who offers
True or False: You have to reapply for federal aid each year you are enrolled in school.
True
Is a standardized test needed for every school?
No, some schools are test-optional.
Can you apply for grants before completing your FASFA?
No, the FASFA gives access to grants you are applying to receive.
What are the types of Financial aid?
Scholarships, grants, work-study, and loans
Are loans bad?
No, but not paying them back on time is.
Good for your future credit scores
If you recieve an award letter that doesn't give you as much as you expected, what can you do?
You can appeal if your family situation has changed since filling out the FASFA or you can talk to the financial aid office to see if more aid is available.