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Financial Aid & FAFSA
Financial Aid & FAFSA
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What do these financial aid terms mean and FAFSA Acronyms stand for?
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Answers
1
What are the 4 main sources of financial aid?
Scholarships, loans, grants, work study
Federal, state, school based aid, & private scholarships
Federal grants, loans, work study, stipends
Grants, loans, work study, stipends
2
What information is NOT required to fill out your FAFSA?
School codes for each of the schools you are applying to
Your GPA
You & Your parent's 2016 W-2 & tax forms
SSN & FSA ID
3
What is FAFSA?
the application for free and reduced lunches
opens doors to grants, loans, and federal work study
the application used to apply for all scholarships
app. determines eligibility for fed./state/school fin. aid
4
What is the first step in filing your FAFSA?
Contacting your employer for your W-2
Gathering your parents tax info
Go to fafsa.gov and begin your FAFSA
Creating an FSA ID
5
What does COA stand for?
Cost of Attendance
Cost of Admission
Cost of Acceptance
Cost of Applying
6
What types of financial aid do you NOT have to pay back?
Scholarships
Grants
Stipends
Loans
7
What are the five different types of financial aid?
grants, loans, pell grant, work study, part time job
grants, loans, scholarships, part time job, stipends
family contribution, scholarships, grants, loans, job
grants, loans, scholarships, work study, and stipends
8
Who is FAFSA for?
U.S. citizens with a SSN and high school diploma
everyone
students who have been found guilty of illegal drugs
students who have defaulted on their loans
9
Where do you apply for FAFSA?
www.fafsa.com
www.fasfa.gov
www.fafsa.ed.gov
www.fafsa.gov
10
What is the amount family is expected to contribute towards a student's college costs called?
ECC
Expected contributions
EFC
COA
11
What is a financial aid award package?
COA- EFC= financial aid award
A colleges best efforts to meet your financial need.
The amount and types of financial aid awarded to a student
Money a student must take to go to school.
12
What does EFC stand for?
Especially Fun College
Estimated Family Contribution
Equal Family Contribution
Expected Family Contribution
13
Small amount of money paid in exchange for a service which you don't pay back, covers liv. exp.
work study
scholarship
stipend
grant
14
What does FAFSA determine?
It helps determine your EFC- Expected Family Contribution.
Your cost of attendance.
How much aid you will receive from each school.
Your tax return.
15
What is a way for students to work part-time and earn money from the federal government to help finance their education?
stipend
work study
internship
part time job
16
What do you call an institution where a student obtains a postsecondary education?
high school
collage
college
military
17
When do you apply for FAFSA?
Starting October 1st until whenever for MD
Starting October 1st every year and before March 1st for MD
Starting January 1st and before March 1st for MD
Starting now until whenever for MD
18
What do you need to get a FSA ID?
Driver's licence number & email
CC number & email
Phone number & email
SSN & email
19
Money given by school/priv. org. for a spec. req. (merit/need based) that you don't pay back
scholarships
grant
work study
loan
20
What type of financial aid do you have to pay back?
loans
grants
scholarships
stipends
21
What is needed for students and parents to "sign" the FAFSA electronically?
PIN
FAFSA ID
FSA ID
FAFSA PIN
22
What does FSA ID stand for?
Federal Student Aid Identification
Funding Student Aid Information Data
Finally Some Assurance I Do matter
Federal Student Assistance Intergovernmental Determination
23
Money that is given or loaned to help pay for your education
Borrowing money
Grants
Loan
Financial Aid
24
What are benefits to filing your FAFSA?
Without it you're not eligible for Fed./State/School Aid
It opens doors to all categories of financial aid.
Having it on file can help make future hardships easier.
It's a free application that could get you free money.
25
What happens after you file your FAFSA?
Schools you're accepted to will send a financial aid award
Your work is done.
Your SAR is sent to the colleges you listed on your FAFSA
You'll receive your SAR, which includes your EFC.
26
FAFSA stands for...
Free Application for Federal Student Aid
Free Application for Financial Student Aid
Federal Application for Free Student Aid
Federal Annoyance for Student Applicants
27
What is the summary of the information submitted in the FAFSA and includes the EFC called?
SRI
SAR
SRA
FAFSA Summary
28
What does SAR stand for?
Student Admissions Report
Student Aid Report
Student Assistance Report
Student Admissions Receipt
29
A type of loan for which a student does not have to pay the interest accrued while in school
subsidized
unfair
fair
unsubsidized
30
A type of loan for which a student has to pay back the interest accrued while in school
fair
unfair
subsidized
unsubsidized
