Paying for College 101
Do you have more control over direct costs or indirect costs?
Indirect Costs
How much does it cost to file the FAFSA each year?
It's Free
What do you receive after you submit the FAFSA?
FASFA Submission Summary
What are the three types of money you should use when paying for college, and what type of money are scholarships and grants?
Free money, Your money, Borrowed money
Your college’s cost of attendance is $12,000, you will be receiving $5,000 in scholarships and grants, and you plan on taking out $6,000 in student loans. What is your net price?
$7000
What is the main difference between direct costs and indirect costs of attending college?
Direct costs are paid directly to the college (like tuition, housing, and meal plan) and Indirect costs are other expenses not paid directly to the college (like books, transportation, things for your dorm room, and other personal expenses).
What day does the FAFSA officially open each year?
October 1st
Why is it best to file the FAFSA as early as possible?
It's first come, first serve
Explain how grants are different from scholarships.
Grants are usually based on financial need and scholarships are usually based on merit/achievement.
What are some other factors that would make you consider attending a college even if it doesn’t offer the most financial aid?
Fields of study offered
Distance from home/family/friends
Athletics
Geographic location/outdoor opportunities
Which formula is used to calculate the net price of a college?
Sticker price – grants and scholarships = net price
Why is it important that you review your FAFSA Submission Summary in detail and make sure all the information is accurate?
So you don't miss out on any money
How often do you need to file the FAFSA?
Every year you are in school
Your friend is an exceptional softball player who’s broken records at your school. What type of financial aid would be most applicable to those achievements?
Scholarships
You’ve learned that you have the most control over indirect costs of attending college (like transportation and personal expenses). Briefly describe what actions you could take to lower those costs
Walk, bike, or take public transportation
Plan meals for the week so you don’t make purchases on food you don’t need
Create a budget so you don’t spend more than you can afford
Your friend has chosen what college they’re going to attend and says they want to lower the total amount of money they’ll have to budget for while in school. What should you tell them to focus on?
Their indirect costs
What is the chance that a FAFSA applicant will get some type of financial aid for college?
85%
Complete the following statement: The LOWER your SAI, the ______________ need-based financial aid you’ll be eligible to receive.
More
What percent of students receive scholarships or grants for college?
80%
List the types of financial aid from MOST attractive to LEAST attractive?
Grants/Scholarships, Work-Study, Loans
How much more per week does a college grad earn compared to someone with some college?
$516
Who uses the FAFSA once you have submitted it?
The schools you apply to
In order to qualify for financial aid, which application must you submit?
A FASFA
Why should you accept scholarships and grants before other types of financial aid (like student loans).
Scholarships and grants are money you don’t have to pay back
Which of the following ways to pay for college is MOST likely to be based on someone’s financial need?
Grants