Fin Aid 1
A federal form known by an acronym that students complete to see their eligibility for financial aid
FAFSA
This letter is sent to accepted students and lists the costs of the college and the financial aid being offered
Financial Aid Award Letter
These are the costs that are actually charged to a student by the college
Direct Costs
Name of tax document most people need to fill out your FASFA
1040 Tax Return
The amount that a student pays to attend an institution in a single academic year AFTER subtracting scholarships and grants = ?
NET PRICE
What is one type of of financial aid that does not have to be repaid?
GRANTS OR SCHOLARSHIPS
What student loans do we never recommend?
Private loans
These costs are estimated educational expenses but are not directly charged to the student
Indirect costs
What does full ride mean?
Student doesn't need to pay for college, financial aid covers the full costs
Not necessarily!
This type of aid is an opportunity for students to work part-time while attending college.
Federal Work-Study
A type of Financial aid that does not need to be paid back
Grant or Scholarship
If a student is undocumented, what is the name of the application they can complete in Illinois?
The Alternative Application
What happens if your financial aid is higher than the direct costs of the college?
You get a refund
True or False: In-state colleges are always cheaper
FALSE! In-state PUBLIC schools can have lower tuition than out of state PUBLIC schools
How often should you fill out the FAFSA?
Every year of college!
What does SAI Stand for?
Student Aid Index
When can you start to fill out your FAFSA senior year?
Starting October 1st
What kind of colleges have many trade programs?
Community Colleges
By what date will you be making a postsecondary/college decision next year?
May 1st!