1. No Warm-up
Get out your study guide for unit 7. We’ll review for tomorrow’s test today.

2. Paying for College

3. Award Letters FAFSA Award letter based on need
Lists financial aid for which you qualify
May appear that your education is covered in full—pay close attention to types of aid
You DO NOT have to accept loans, but will have to fill in the gaps

4. Types of Financial Aid Lingo
Outside scholarships—money received via scholarships from other organizations
Expected family contribution (EFC)—amounts parents and students are expected to pay (based on the FAFSA details; tax info)
Grants
Federal Pell Grant- for families of high need; $ that is not repaid
Federal Supplemental Educational Opportunity Grant (SEOG)- high need, $ runs out quickly
State Grant- state need-based grant, may be based on merit or merit/need
University/College Grants and Scholarships- directly from the school

5. Federal Work-Study- guaranteed part-time job, usually on campus (income from work-study does not count against next year’s award like outside jobs)
Federal Perkins Loan- need-based, fixed interest rate; interest does not accrue until repayment
Federal Direct Subsidized Loan**- undergraduate, need-based, with a fixed interest rate; interest is subsidized (paid) by the US Department of Education until repayment
Current rate 4.45%
Federal Direct Unsubsidized Loan- available to all students who apply for financial aid (undergraduate and graduate); fixed interest rate, you are responsible for paying the interest (may let it accrue while you are in school)
Current undergraduate rate 4.45 %
Current graduate rate 6%
Parent PLUS Loan eligibility- fixed interest through the federal loan program; credit check required

6. Work on study guide for 15 minutes
Or vocabulary or reading the textbook.