College and Career Test Financial Aid
What is the Pell Grant?
A federal grant for students with high financial needs.
What is a grant?
A financial award that is usually dispensed by the financial aid office of a college or university. They can be need and merit-based.
What is the FASFA4Caster?
A free online estimator tool that helps prospective students and their family members determine eligibility for federal student aid.
What is a scholarship?
A sum of money that is used to pay educational expenses and is awarded to a student on the basis of academic merit. The student is not require to repay the money.
How do students find work-study jobs?
By going to the financial aid and employment offices at their school. Award letters may also contain instructions on finding a job.
Who should receive PROFILE reports?
Colleges and Scholarship Programs
What is the best way to complete the FAFSA?
Complete it and file it online. It tallows you to take advantage of on screen prompts that help you answer each question as well as flag any missing or inconsistent information.
What does EFC stand for?
Expected Family Contribution
What is FWS?
Federal Work-Study Program
What does FASFA stand for?
Free Application for Federal Student Aid
What issues do you need to keep in mind when you take out loans?
If you have trouble making loan payments after your six-month grace period ends, contact your student loan servicer.
What is deferment?
It allows you to temporarily stop making payments. Your loan can be put in this status for specific situations such as re enrollment in school, unemployment, or economic hardship.
What are the benefits of completing the FASFA4caster?
It can help you figure out where you stand in terms of federal financial aid right now.
How is the CSS/Financial Aid PROFILE used?
It is used by some colleges and scholarships to determine awards for non federal student aid.
What is a loan?
Money you borrow and must pay back with interest
What types of financial aid does the FAFSA determine eligibility for?
Need-based Financial Aid
What types of federal student grants exist?
Pell Grant, Federal Supplemental Educational Opportunity Grant, Teacher Education Assistance for College and Higher Education (TEACH), and Iraq and Afghanistan Service Grant.
What types of scholarships exist?
Scholarships can have to do with a student's chosen field of study or scholastic, artistic or athletic talent. They can also be awarded for community achievements, participation in groups or clubs or for having a specific heritage.
What information do you need to complete the FAFSA?
Social security number, drivers license, w-2 forms, federal income tax return from the previous year, any untaxed income records from last year, most recent bank statements, current business and investment mortgage information, alien registration or permanent resident card, and your parents income records.
What are the different types of Direct Stafford Loans?
Subsidized and unsubsidized
What determines the awarded amount students get on a Pell Grant?
The amount awarded depends on a student's expected family contribution and the cost of attendance.
What is Expected Family Contribution?
The amount the student and his or her parents are expected to contribute toward college bills.
What is the FAFSA?
The application required by the federal government for calculating need-based college financial aid.
What is a financial aid package?
The combination of all the aid a school offers you.
What is the purpose of the CSS/Financial Aid PROFILE and how is it used?
The financial aid application, devised by the College Board, that many private colleges use to determine eligibility for institutional financial aid.
What are the benefits of Direct Stafford Loans?
They have low interest rates and are therefore less expensive to repay than other kinds of loans.
What are Direct Stafford loans repayment terms?
They have no repayment until graduation.
How much can students earn through the Federal Work Study Program?
They pay at least the current federal minimum wage; some positions will pay more.
How can you identify scholarship scams?
They pose as government agencies and make claims such as "Guaranteed or your money back!"
What is Forbearance?
This will temporarily stop or reduce your loan payments.
How do you apply for a Pell Grant?
To apply all you have to do is file a FAFSA.
How is money from work-study jobs paid?
Undergraduate positions are paid hourly and paychecks are issued monthly by the college even if you work off campus.
How can you find scholarships to apply for?
You can find them at churches, parents places of employment, agencies, and businesses.
How is eligibility for the Federal Work-Study Program determined?
You must file the FAFSA each year to continue to receive work-study.
When and how often should you submit the profile?
You must submit the profile every year. You should file no later than two weeks before the earliest priority filing date for your college.
How and when should you complete the FAFSA?
You should file as early as possible between October 1 and June 30.
What information will you need to complete the FAFSA4caster?
Your federal tax information or tax returns and W-2s, your parents federal tax information or tax returns and W-2s, your assets, and you parents assets.
What determines whether or not students get a Pell Grant?
Your need, the cost of your school, if you are a part time or fulltime student, or if you will be attending school for the full academic year.
What information and documents do you need in order to complete the PROFILE?
Your social security number and other personal information, the type of tax return your parents will file this year, documentation for any self-employment or business or farm your parents own, and information regarding whether your parents rent or own their home. Parents and students may need to provide w-2s, tax information, last years return, ban statements, mortgage information, and Temporary Assistance for Needy families (TANF) documentation.
