Financial Aid 101
The form you need to fill out every year to reapply for college financial aid from the federal government.
What is the Free Applicaiton for Federal Student Aid (FAFSA)?
Free money that does not have to be paid back.
What are Grants &/or Scholarships?
Type of financial aid that has to be paid back.
What is a loan?
Ability to spread out payments over time, typically a semester or one academic year.
What is Tuition Payment Plans?
A sum of money charged for teaching or instruction by a school, college, or university.
What is tuition?
FAFSA Application can be submitted starting on this date.
What is October 1st?
The award range you can receive in an Federal Supplemental Educational Opportunity Grant (FSEOG).
What is $100 - $4,000?
The amount a lender charges a borrower.
What is interest rate?
A federal loan program designed for parents to help pay any remaining balance.
What is the Federal Direct Parent PLUS Loan?
A college's total estimated expenses for one year including tuition & fees, room & board, books & supplies, transportation, and miscellaneous expenses.
What is Cost of Attendance?
Acts as an electronic signature for Federal Student Aid documents, including the FAFSA.
What is an FSA ID?
Most popular grant offered by the federal government.
What are Pell Grants?
A rate that moves up and down with the rest of the market.
What is a variable interest rate?
A federal loan given to graduate or professional students to help cover any gaps in school costs.
What is a Grad PLUS loan?
Costs assessed by the school but can vary a bit from student to student and are billed by the college.
What are Direct Costs?
The number of schools you can add on the FAFSA to receive results electronically.
What is 20?
What year in high school should you begin looking for scholarships to pay for college?
What is the summer after junior year?
Available to eligible undergraduate students with demonstrated financial need.
What is a Direct Subsidized Loan?
Loans funded by banks, credit unions, or other financial institutions based on credit of the applicant and/or cosigner to help pay any remaining balance.
What are Private Student Loans?
Costs that vary by student and are typically not included on the tuition bill.
What are Indirect Costs?
An index number that college financial aid staff use to determine what types of, and how much, financial aid you would receive.
What is a Student Aid Index (SAI) number?
Houses an aggregate list of scholarships and allow users to be matched to scholarships based on a personal profile.
What are Scholarship Search Engines?
This type of debt has outstanding balance over $1.7 trillion.
What is total student loan debt?
A thin rectangular piece of plastic or metal issued by a bank or financial services company that allows you to borrow money from a bank to buy things.
What is a Credit Card?
The difference between the “sticker” price (full cost) to attend, minus any grants and scholarships for which the student may be eligible.
What is Net Price?