Financial Aid

Work Study

A program that assists with the costs of college that is granted to students after filing their FASFA. This type of program allows students to earn money by completing various jobs on campus.

What two things are used to determine how much financial aid a student can receive?

Expected Family Contribution and Cost of Attendance

EFC

Expected Family Contribution: This is the amount of money that your family is expected to contribute to your college education. It is determined by the government based on your family or guardian's tax information.

FAFSA

Free Application for Federal Student Aid: This is the application that a student fills out in order to request financial aid, student loans, certain scholarships, or a work study program.

True or False: Each state has its own deadlines for completing the FAFSA.

True: Each state follows their own deadlines for the financial aid information. It is suggested that you complete the FAFSA by March 1st in Michigan. If you plan to attend college in a different state, make sure to check out their deadline.

True or False: You must apply and be accepted to college in order to receive federal student aid.

True: You must be accepted into a college and be enrolled, before you receive any aid from the government for college.

Who should you contact with questions about the financial aid process?

You need to discuss options at the financial aid office of the college you have been accepted to, and you plan to attend.

What happens after the FAFSA is submitted?

You receive a Student Aid Report or SAR.

Merit Scholarship

A scholarship based on a students positive qualities connected to academics, athletics or extra-curricular activities.

True or False: A student should consider private loans first, because they have lower interest rates and other benefits to assist a student.

FALSE: A student should apply for a federal loan first, because they often have lower interest rates or no interest rate. These loans will be cheaper for a student to repay.

True or False: Male students do not have to apply for Selective Service in order to receive federal aid.

False: Male students must comply with Selective Service obligations in order to receive aid from the government.

True or False: If a student begins to fail their classes, they are still able to receive federal student aid.

False: Students need exemplify a high performing status (to the best of their ability) in order to continue receiving aid from the government.

SAR

Is the report that contains the information reported on your FAFSA, includes you Expected Family Contribution (EFC). The EFC determines the your eligibility for federal student aid. The schools you list you list on your FAFSA will get your SAR data.

Interest Rate

The amount charged by the lender on a specific loan or use of an asset. This is typically expressed as a percentage of the loan or asset.

What does a student need in order to complete the FAFSA?

Their parent's tax information

Types off Student AID

There are 3 main categories: grants, work study and loans.