Types of Aid
This kind of financial assistance does not need to be repaid and is often based on merit or need.
What is a grant?
FAFSA stands for this.
What is the Free Application for Federal Student Aid?
The largest federal grant for low-income students.
What is a Pell Grant?
Loans backed by the government.
What are federal loans?
Colleges provide this document explaining your financial aid award.
What is an award letter?
Earned by working a part-time campus or community job funded by the government.
What is federal work study?
Students must submit this form to qualify for federal grants, loans, and work-study.
What is the FAFSA?
This scholarship is often given for musical, athletic, or academic ability.
What is a merit scholarship?
Parent-only federal loans used to help pay college costs.
What are parent-plus loans?
The official cost including tuition, fees, room, and meals is called this.
What is cost of attendance? (COA)
This type of aid must be paid back with interest.
What is a loan?
This number tells colleges how much your family is expected to contribute.
What is the Student Aid Index or SAI? (Also sometimes referred to as the EFC.)
Some states offer these awards to students who stay and attend college in-state.
When loans are grouped into one single loan with a new interest rate.
What is loan consolidation?
This option allows families to talk with a college about adjusting their aid due to financial changes.
What is an appeal?
A financial award given for talent, merit, academics, or athletics that doesn’t require repayment.
What is a scholarship?
The FAFSA becomes available on this approximate date every year.
What is October 1st?
A scholarship that covers tuition, room, board, and books completely is called this.
What is a full-ride scholarship?
When graduates spend 10 years working in public service, they may qualify for this program.
What is public service loan forgiveness?
Students can cut room and board costs by doing this.
What is living off campus or commuting?
Federal loans where the government pays the interest while the student is in school.
What are subsidized loans?
Students need this government ID to sign the FAFSA electronically.
What is the FSA ID?
Grants from this type of institution are often tied to financial need and can vary greatly by school.
What are college/institutional grants?
This term describes payments adjusted based on how much money a borrower earns.
What is income-driven repayment?
A way to earn credits inexpensively before attending a 4-year college.
What is taking early college credits?