CCR (12th)- Financial Aid
What might happen if you don't make payments toward your student loans?
wages can be garnished or you don't receive a tax fund
What does FAFSA stand for?
Free Application for Federal Student Aid
Anna's EFC is 8472. What does this number mean?
Her family is expected to be able to contribute $8,472 to her education
What does HELP stand for?
Higher Education Legislative Plan
List and describe the 2 different types of Federal Student Loans
Subsidized- government pays the interest Unsubsidized- borrower must pay the interest
Once you complete the Free Application for Federal Student Aid (FAFSA), you will receive a Student Aid Report (SAR). What information does this report contain?
-financial aid eligibility -EFC -other aid you may be eligible for
What are NOT costs of going to college?
-grants -scholarships
What are the 4 sources of financial aid?
-private scholarships -money from college -federal aid -state aid
What is the difference between quantitative and qualitative benefits?
-quantitative- monetary (salary) -qualitative- non monetary (social, educational)
How do scholarships and grants differ?
-scholarships are merit based -grants are based on financial need
What are costs of going to college?
-school supplies -room and board -textbooks -transportation
What is the difference between sticker price and net price?
-sticker- advertised or published price of college -net- actual cost *sticker-aid=net
What are some types of aid that are determined by filling out the FAFSA?
-work study -scholarships -federal loans
Put these documents in the correct order: Financial Aid Package, FAFSA, SAR
1. FAFSA 2. SAR 3. Financial Aid Package
How many credit hours are needed per semester to be considered a full-time student in Mississippi?
15
What is typically needed in order to receive a private loan?
Co-signer
What is the meaning of EFC?
Estimated amount that your family can contribute to you college education
What is the benefit of going to college and having a college degree?
Expanded professional and social network
What does EFC stand for?
Expected Family Contribution
True or False: You need to file the FAFSA form only for your first year of college
False
True or False: you can get college scholarships only during your senior year of high school.
False
True or False: your parent/guardian can use your FSA ID to submit any information for your FAFSA application
False
What is another name for a Financial Aid Offer?
Financial Aid Statement or Financial Aid Package
Why should you file the FAFSA as early as possible?
Financial aid is on a first come, first serve basis
What does MESG stand for?
Mississippi Eminent Scholars Grant
What does MTAG stand for?
Mississippi Tuition Assistance Grant
When does the FAFSA filing period open every year?
October 1st
What is the purpose of the FAFSA, or Free Application for Federal Student Aid?
Provides access to financial aid from the federal governments. Colleges use the information to determine how much financial aid to offer you
Scholarships and grants are also known as "gift aid". Why do you think that these are the types of aid you want to accept first?
This is free money that does not have to be repaid
In a few words, explain who offers each type of grant AND any forms (if applicable) you need to submit to get that type of grant: a.) Federal Grants- b.) College Grants- c.) Private Grants-
a.) government (FAFSA) b.) colleges/universities (application) c.) outside companies/organizations
Define promissory note
agreement to repay your loans
What does it mean to consolidate your loans?
combine all loans into one single loan
Who qualifies for a Direct Plus Loan?
graduate student or the parent of a dependent, undergraduate student
When looking at a financial aid award letter, what type(s) of aid is not free money?
loans and work study
Define Delinquency
missing a payment
Define deferment
postponing your payments for a certain period of time
What are NOT some types of aid that are determined by filling out the FAFSA?
private loans
In what order should you accept different types of financial?
scholarships/grants, work-study, federal loans, private loans
Why is it important to review all pages of this document carefully?
the information could be wrong and affect the amount of money you receive
What does it mean if an if an interest rate is fixed?
the interest rate stays the same
