Terms & Definitions
The difference between a scholarship and a loan
A scholarship is money that you do not have to pay back, whereas a loan you have to pay back, in addition to interest it accrues
Name of 2 applications that many colleges accept
Common App, Coalition App
The cost of the FAFSA
$0, Free
2 banks represented during presentations this week
PNC, BB&T
2 colleges represented by admissions counselors/reps this week
Trinity University
Longwood University
Middlebury College
Financial aid that is provided based on parental income and household finances.
Need Based Aid
Name 3 things one might consider when choosing a college
Size, location, class size, freshmen retention rate, study abroad, cost, financial aid, sports teams, clubs and organizations, Greek life
The formula used to calculate your financial need when attending college
Cost of Attendance (COA) - Expected Family Contribution (EFC) = financial need
The first step to creating a budget
Track your expenses
2 scholarship search tools provided this week
A grant given by the federal government to students who demonstrate exceptional financial need
the Pell Grant
Letter that has information about your behavior and performance in a school classroom, may be required for college applications
Teacher recommendation
Type of financial aid that is not directly disbursed to the school, but rather to the student in the form of a paycheck
Work Study
Helps build credit history, convenience of purchasing, builds responsibility and financial management skills
School counselor, college financial aid office
1. The admissions deadline that is binding, and you are committed if you get in
2. The admissions deadline that gives you an answer early on, but still allows you to apply to others schools to see if you get in
1. Early decision
2. Early action
2 ways to influence admissions to your preferred college
College visits, attend college fairs, meet with college reps, college interviews, weekend seminars and workshops, applying early
2 scholarships mentioned during presentations or group discussions this week
DC Tag, Posse Foundation, CocaCola scholarship, MissUtility, Leadership Scholarship (Trinity University), Junior Achievement essay scholarship, Gates Millenium, Foot Locker scholarship, left handed scholarship, scholarship for short students
2 items that identity thieves want from you
SSN, credit card #, account #, date of birth, card pins, passwords,
3 of the main sections/headings to include in your resume
Education, work experience, volunteer experience, awards & recognitions, skills, extracurricular activities
The difference between Subsidized and Unsubsidized loans
Unsubsidized loans: interest accrues while attending college and is due upon graduation along with the principle balance
Subsidized: Federal government pays interest off until you graduate from college
The difference between SAT and ACT
SAT: 3 sections, shorter time period, emphasizes vocabulary, covers algebra, geometry and algebra 2
ACT: includes science section in addition to math, reading, and writing
Name the 4 types of financial aid
Grants
Scholarships
Loans
Work Study
Ways to build good credit
Pay debt off on time, use credit cards, limit usage to less than 60%, have long credit history, have a cosigner
Name 4 individuals from the college or high school panels (can't be from just one panel)
Karina, Kara, Mia, Manuela, Nick, Lexie, Carlos