EverFi: Understanding Financial Aid

Why is it necessary to include your family's income and tax information on a FAFSA application?

They are used to calculate your Expected Family Contribution (EFC) which determines your need-based aid.

What is the purpose of the FAFSA?

To access need-based federal aid, including federal loans

Merit scholarships can be awarded for high GPAs or test scores, honors recognition, leadership roles and _____.

community service

The FAFSA is unlike other financial aid applications because ____.

each state has its own deadline and you need to apply every year

When paying for higher education, scholarships and grants can be considered _____.

free money

The FAFSA asks you to list the higher education institutions you will apply to because the federal government will _____.

send your student aid report directly to them

Why is it important to consider loans last when paying for higher education?

Loans need to be paid back but scholarships and grants are free money.

Which financial aid program may require you to serve in the military after earning a degree?

Reserve Officer Training Corps (ROTC)

Which person at your school would most likely have up-to-date information about scholarship opportunities?

School counselors

When paying for higher education, money that you borrow and must pay back later comes from _____.

loans