FAFSA
What does FAFSA stand for?
Free Application for Federal Student Aid
A scholarship is financial support awarded to a student, based on academic achievement or other criteria that may include financial need, for the purpose of schooling. There are various types of scholarships – the two most common being merit-based and need-based.
Describe college tuition and fees.
Tuition and fees are the price you pay for taking classes at your college. This amount can change based on your academic program, the number of credit hours you take and whether you're an in-state or out-of-state student.
Define College Financial Aid
Financial aid is money to help pay for college or career school.
What type of financial aid is need-based, but must be earned through a job?
Federal-Work Study
What does EFC stand for on a FAFSA Application?
Expected Family Contribution
When can students start applying for scholarships?
Senior in high school
What are the different types of financial aid?
grants, scholarships, student loans and work-study options
Define Lender
A lender is the organization that made the loan (borrower’s school, bank, credit union, etc.).
What type of financial aid is based on financial need and does not need to be paid back?
Grant
When does FAFSA open?
October 1st
What is a type of financial aid that is usually based on merit and awarded for academic, athletic, or extracurricular accomplishments?
Merit-Based Scholarships
What is the difference between the “net price” and the “ sticker price” of college?
Sticker price:
The college’s published cost of attendance
Net price:
The real amount your family pays (after you subtract grants and scholarships)
Define Unsubsidized Loan
An unsubsidized loan borrowed through the Direct Loan Program offers students a low, fixed interest rate and flexible repayment terms.
What is a type of financial aid that must be paid back?
Loan
What is SAR and when do you receive it?
The Student Aid Report (SAR) is a document you’ll receive after filling out the FAFSA. It sums up all your answers on the FAFSA application. Look over the SAR to confirm all your information is correct, and notify the FSA if there are any errors. If everything looks good, simply keep the SAR for your personal records.
Where do scholarships come from?
Scholarships come from a variety of different sources, including clubs, organizations, charities, foundations, businesses, colleges and universities, the government and individuals.
Name three things included in cost of attendance for college?
Direct Costs:Tuition/Fees; Room/Board
Indirect Costs: Books/Supplies/Transportation/Living Expenses
Define Master Promissory Note (MPN)
An MPN is a legal document that contains the Borrower’s Rights and Responsibilities and Terms and Conditions for repayment.
What is a financial award letter?
An official document issued by a school’s financial aid office that lists all of the financial aid awarded to the student. This letter provides details on their analysis of your financial need and the breakdown of your financial aid package according to amount, source and type of aid. The award letter will include the terms and conditions for the financial aid and information about the cost of attendance. You are required to sign a copy of the letter, indicating whether you accept or decline each source of aid, and return it to the financial aid office.
How is a student’s financial need determined?
By taking a college’s cost of attendance and subtracting it from your expected family contribution to get your financial need.
What is required for submission when prospective college students apply for an academic scholarship?
When students apply to academic scholarships, they often have to show proof of their achievement in the classroom. Sometimes, this may require a transcript or test scores. Other times, students my need to include an essay in their scholarship application.
Which of these sources awards financial aid to students?
Federal government
State government
College
Private businesses and organizations
All of the above!
Define Direct Subsidized Loan
A Direct Subsidized Loan is a federal student loan for which a borrower isn’t generally responsible for paying the interest while in an in-school, grace, or deferment period.
Describe "cost of attendance".
The total amount it should cost the student to go to school, including tuition and fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses.