Financial Aid

What does FAFSA Stand For? Free Application for Federal Student Aid Probably most important application after college application FAFSA determines how much money you will need to pay for college Money awarded on first-come, first-serve basis File between February 1 and March 1

Terminology … Assets—the amount of money a family has in savings and investments EFC—Expected Family Contribution. An amount the government figures a family should have available for college education. Award Letter—A college’s answer to your request for financial aid. It will detail how much you can get in grants, scholarships, federal loans, and how much you will pay out of pocket.

More Terms … Grant—money given to you that does NOT need to be repaid. Scholarship—money awarded to you that does NOT need to be repaid. Loan—money given to you that MUST be repaid.

Subsidized Loan A Federal loan that gives you money to pay for school that MUST be paid back Principal is the amount of the loan You will be charged Interest on the money borrowed that must also be paid back If there is financial need, government will pay interest while you are in college Federal Loan interest typically lower than private loans; click HERE for current interest rates (still true?)

Unsubsidized Loan A federal loan that MUST be paid back Student does NOT show financial need Student must pay all the interest, even while in school; government will not pay any

Merit Based Aid Any financial aid awarded on the basis of personal achievement Scholarships (academic and sports) Do not have to pay this back Some scholarships are tied to a student maintaining a minimum GPA; fall below the GPA and lose your scholarship

Work Study Campus-based part-time jobs for students with financial need School will provide work hours based on your award amount, class schedule, and academic standing

FAFSA 101

www.fafsa.ed.gov