3.1 -
What is the difference between Sticker Price & Net Price
Sticker Price is the published cost of tuition, and Net Price is what you actually pay after getting scholarships & grants
A free online application that current or prospective college students can submit each year to determine their eligibility for financial aid
FAFSA (Free Application for Federal Student Aid)
A type of aid primarily awarded for academic merit or for something you have accomplished that does not need to be repaid
Scholarship
Borrowed money that a student pays back with interest to cover the costs of college
Student Loan
A mandatory information session which takes place before a student receives their first federal student loan.
Entrance Counseling
Costs paid directly to the college and include tuition and fees, housing, and meal plan.
Direct Costs
What does FAFSA stand for?
Free Application for Federal Student Aid
Student aid coming from the state or federal government, the school, or from private sources that does not need to be repaid
Grant
A federal student loan available to undergraduate students; the federal government pays interest on the loan as long as the student is in school at least part-time
A mandatory information session which takes place when a student graduates, leaves school, or attends school less than half-time.
Exit Counseling
Educational costs not paid directly to the college. They can include textbooks, transportation, dorm furnishings, and other personal expenses.
Indirect Costs
When filling out the FAFSA you need what 3 things?
A federal program that provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses
Work Study
A federal student loan available to undergraduate and graduate students; the student is responsible for paying the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into the principal amount of their loan
Direct Unsubsidized Loan
A plan that outlines your monthly loan payment, repayment period, and how much interest you will pay over the life of the loan
Repayment Plan
What is the difference between a grant and a loan?
Loans must be paid back, grants do not
A report you receive with the information you submitted in your FAFSA.
It contains your SAI and other information that colleges will use to determine your financial aid package.
FAFSA Submission Summary
In which order do you want to accept aid in?
1. Free Money
- Scholarship & Grants
2. Earned Money
-Work Study
3. Borrowed Money
-Federal Student Loans
-Loans from College or State
-Private Loans
A legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder
Promissory Note
A process that allows a borrower to COMBINE multiple federal loans into one, allowing the borrower to make one monthly payment. The new interest rate of the loan is a weighted average of the prior loans' rates.
Loan Consolidation
The total amount of financial aid a student is offered by a college
Financial Aid Offer
A numerical value that colleges use to determine a student's financial need for federal aid
Student Aid Index (SAI)
A process that allows a borrower to pause their federal student loan payments; interest continues to accrue during this time period and may be capitalized
Forbearance
A process that allows a borrower to pause their federal student loan payments; interest does NOT accrue during this time period on subsidized loans
Deferment
The organization that collects payments on a loan, and is the contact for all questions and concerns about your loan