College Costs & Net Price
This is the full published price before any aid
What is the sticker price?
The month the FAFSA becomes available each year
What is October?
The percentage of college students who receive scholarships or grants
What is 80%?
The signed agreement that says you promise to repay your student loans
What is a promissory note?
The total cost of attending college before any grants, scholarships, work-study, or loans are applied
What is the Cost of Attendance (COA)?
Direct costs are bills paid directly to the college; these costs are the ones you have the most control over
What are indirect costs?
You should submit the FAFSA this way to maximize your aid chances
What is “as soon as possible” (or ASAP)?
Of the three types of money for college (free, your, borrowed), scholarships and grants are this type
What is free money?
On this type of federal loan the government pays the interest while you’re in school
What is a Direct Subsidized Loan?
When comparing aid offers, you should NOT automatically choose the school that offers this
What is the most financial aid / the highest dollar amount?
College graduates earn this much more per week than people with only some college
What is $523? (or about $523)
After submitting the FAFSA you receive this document that contains your Student Aid Index
What is the FAFSA Submission Summary?
You should accept these two types of aid first because you never have to pay them back
What are scholarships and grants?
The borrower is responsible for all interest from day one on this federal loan type
What is a Direct Unsubsidized Loan?
The recommended order for accepting aid: first scholarships/grants, then work-study, then these
What are (federal) student loans?
The price you actually pay after grants and scholarships is called this
What is net price?
The new name for the old EFC
What is the Student Aid Index (SAI)?
Transferring core credits from community college or testing out of classes does this to your total cost
What is “reduces/saves money on the number of credits you pay for”?
Parents of undergrads or graduate students take out this federal loan
What is a Direct PLUS Loan?
Repayment plan where the monthly payment is fixed or graduated and you are guaranteed to pay the loan off in 10–30 years
What is a fixed-payment (or standard/graduated)?
You should make your final college decision based on this number instead of the sticker price
What is net price?
You need to do this with the FAFSA every single year you are in college
What is “file/submit/renew it”?
The three types of money you should use when paying for college, in the correct order
What are free money, your money, and borrowed money?
The average amount of student loan debt for college graduates
What is $37,090?
Repayment plan where your payment is based on income and family size and any remaining balance can be forgiven after 20–25 years
What is income-driven repayment (IDR)?