CCR (12th)- Financial Aid

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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


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