FAFSA Basics
What does FAFSA stand for?
What is Free Application for Federal Student Aid
When does the FAFSA usually open each year?
What is October 1st
What’s a budget?
What is a plan for how you’ll spend and save your money
What’s the main difference between a loan and a grant?
What is Loans must be repaid; grants do not
True or False: FAFSA is only for low-income students.
What is False
What do you need to create before filling out the FAFSA online?
What is an FSA ID
What’s the 50/30/20 rule?
What is 50% needs, 30% wants, 20% savings or debt repayment
Name one type of federal student loan.
What is Direct Subsidized, Direct Unsubsidized, or PLUS Loan
True or False: You only fill out the FAFSA once for your entire college career.
What is False - You must fill it out each year
True or False: You must complete the FAFSA every year you’re in college.
What is true
What’s the priority deadline for FAFSA at most colleges?
What is it varies, but usually between January and March — the earlier, the better
Name one example of a “need” expense.
What is rent, groceries, transportation, utilities, etc.
What’s the advantage of a subsidized loan?
What is The government pays the interest while you’re in school
True or False: You can’t get aid if your parents make too much money.
What is False — aid also includes loans and some merit-based grants
What type of information does the FAFSA ask for from students and parents?
What is financial and tax information (income, assets, etc.)
Whose information do dependent students have to include on their FAFSA?
What is their parents’ information
What’s one way to track your spending?
What is using a budget app, spreadsheet, or bank statements
What is a Pell Grant?
What is A federal grant for students with exceptional financial need
True or False: FAFSA costs money to complete.
False — it’s completely free!
What is the purpose of the FAFSA?
What is to determine your eligibility for federal, state, and school-based financial aid
If you miss your school’s FAFSA deadline, what happens?
What is you may lose eligibility for certain types of aid like state or school grants
You make $1,200 a month. Your rent is $600, food is $200, and transportation is $100. How much can you budget for savings or fun money?
What is $300
What happens if you don’t pay your student loans?
What is They can go into default, affecting your credit and eligibility for future aid
True or False: FAFSA affects your chances of getting scholarships.
True — some scholarships require FAFSA completion to confirm eligibility