College Costs
The cost of your dorm and meal plan.
Room and board?
This is how much it costs to file the FAFSA.
It's free
This type of aid is awarded based on merit and does not need to be repaid.
Scholarship
With this federal loan, the government pays the interest while you're in school at least half-time.
Direct Subsidized Loan
Federal student loans have a 6-month ______ after graduation before payments begin.
Grace period
The full cost of attendance advertised by a college before any financial aid is applied.
Sticker price
What does FAFSA stand for?
Free Application for Federal Student Aid
This type of aid is given based on financial need and does not need to be repaid.
Grant
With this federal loan, the borrower is responsible for the interest, which accrues starting from the date of disbursement.
Direct Unsubsidized Loan
Under the Repayment Assistance Plan (RAP), your monthly payment is based on this, rather than on how much you borrowed.
Adjusted Gross Income
The amount students actually pay after scholarships and grants are applied (Cost of Attendance minus scholarships and grants).
Net price
The FAFSA becomes available in this month each year.
October
After the college processes your FAFSA and offers you admission, it sends this document detailing the types and amounts of aid you're eligible for.
Financial aid offer
These federal loans are available to parents of undergraduate students.
Direct PLUS Loans
This lets you combine all of your individual federal student loans into one, which simplifies payments but may cost you more in interest.
Loan consolidation
Transportation and personal expenses are this type of cost, the kind students have more control over than tuition.
Indirect costs
After submitting the FAFSA, you receive this document, which records the information you submitted and includes your SAI.
FAFSA Submission Summary
True or false: All financial aid offers from different schools follow a template format, so they're easy to compare.
False
Issued by banks or other private lenders, this type of loan often has higher interest rates and stricter repayment conditions than a federal loan.
Private student loan
This option temporarily postpones or reduces federal loan payments, and interest does not accrue on some types of Direct Loans while you're in it.
Deferment
Name any three ways to lower your tuition costs.
Complete core credits at a community college then transfer; challenge for credits by taking a proficiency test; apply for scholarships and grants; use money you've saved; use work-study; only borrow what you actually need
Colleges use this number to determine your aid eligibility; the lower it is, the more need-based aid you can receive.
Student Aid Index (SAI)
In the recommended order of accepting aid, scholarships and grants come first, then this, then federal loans, then private loans.
Federal work-study
How much can a FIRST year undergrad student borrow in federal student loans?
$5,500
This investment account offers tax-free withdrawals when used for qualified education expenses such as college, K-12 tuition, or apprenticeship programs.
529 plan