FAFSA
Free Application for Federal Student Aid
What is the FAFSA?
True or False: You have to apply for scholarships
True
This loan does not accrue interest while you are attending school.
What is a subsidized loan?
One way to keep track of your budget on your phone
What is a budgeting app?
A monetary award to a student to support their education and is based on their achievements
What is a scholarship?
October 1st
When does the FAFSA become available each year?
Four types of financial aid
What are loans, grants, work study, and scholarships?
The amount of federal loans the Department of Education will award you during your first year of college
What is $5500?
In addition to financial aid, this helps pay for college
What is working and saving money?
A program in which students are able to work at jobs on campus to make money to pay for college tuition
What is work study?
This is the federal government uses as your electronic signature
What is the FSA ID?
Places to look for scholarships
1. College you will be attending
2. Local businesses
3. Churches
4. Guidance counselor's office
5. Local organizations
6. Scholarship websites
True or False: You must start paying back your student loans right after you graduate
False
Expenses that do not change (you have to pay them every month)
What are fixed expenses?
True or False: Grades don't matter in college
False. The Department of Education will only give federal funds to students who are successfully completing their courses.
You need to do this every year as soon as possible after October 1st
What is complete the FAFSA?
This should be treated like a part time job
What is applying for scholarships?
Four types of student loans
What are subsidized, unsubsidized, Parent PLUS, and private loans?
When you break even with your budget for a given month
What is a zero balance budget?
The amount that the federal government, through the FAFSA, figures a family may be able to contribute to a student's education
What is Expected Family Contribution (EFC)?
The amount that the federal government, through the FAFSA, figures a family may be able to contribute to a student's education
What is Expected Family Contribution (EFC)?
Your college is going to cost $15,000 per year. You have a scholarship worth $5000 and you earn $2000 per year at your job. How much will you need to borrow to cover the remaining cost?
$8000
Expenses that will change month to month
What are variable expenses?
Spending more money than you earn
What is debt?