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GeneralInfo
FAFSA LoansWork-Studyand more
Grants
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OPA
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Y
2
Name three types of financial aid?
100
3
Loans, grants, and scholarships
(also work-study and educational savings plans)
4
200
Who should you contact to talk about your
financial aid package?
5
The Financial Aid Officeat the school to which you
applied
6
What’s the difference between a loan and a
grant?
300
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Loans have to be repaid.Grants are “free” money.
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TRUE or FALSE:Enrolling as a part-time student will affect your financial aid package.
400
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TRUEYour status as a full-time or part-time student determines
your eligibility for aid. Generally, more aid is available for full-time
students.
10
Name three sources of financial aid.
500
11
•The federal government•The state government•The school you plan on attending•Employers•Banks•Scholarship organizations•Family•Faith-based organizations
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What is the “net price” of a college?
600
13
The amount of money a family must secure through loans, work-study, or cash deposits to attend a
given school.
advertised cost of school– grants, scholarships, & discounts
net price
14
Other than tuition, name 2 expenses associated with the
cost of college.
700
15
•Room & Board•Textbooks
•Transportation•Meals
16
TRUE or FALSE:The FAFSA is free to
complete.
100
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TRUEYou should not pay any fee to
complete the FAFSA. It is FREE and free assistance is
available.
18
What is the earliest you can complete the FAFSA for the
upcoming school year?
200
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January 1st
ex. For the 2012-2013 school year, you can start the
FAFSA on January 1, 2012.
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What are the age requirements for the FAFSA?
300
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There are none.The FAFSA is open to students of any age.
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How often should you complete the FAFSA?
400
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Every year you plan on attending
school.
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What does EFC stand for?
500
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Expected Family Contribution
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What is the best time to complete your FAFSA?
600
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The sooner, the better.
You can fill it out as early as Jan. 1st but you will need your tax
information.
28
What two types of assets do you NOT need to include in
your FAFSA?
700
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Retirement and business assets
30
TRUE or FALSE:The federal government only gives
out loans to students.
100
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FALSEThe Free Application for
Federal Student Aid (FAFSA) can qualify BOTH
students and their parents for loans to help pay for
college.
32
What is the name of the federal loan given to parents
of college students?
200
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The PLUS loan
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What is the name of the federal loan given to most
students?
300
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The Stafford loanSome students also qualify for a
Perkins loan.
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What does it mean if you get a loan that is “subsidized”?
400
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The government will pay the interest on your
loan while you are in school.
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When do you have to start repaying your federal loans?
500
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Six months after you have completed school or stopped
enrolling.
40
What is the difference between a federal loan
and a private loan?
600
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Federal• serviced by the gov’t• 6-month grace period• deferral & forgiveness
options• different repayment
plans
Private• serviced by a bank•may not have a grace
period•may not have deferral
or forgiveness options•may not have flexible
repayment options
42
Name one instance when a loan payment
can be deferred?
700
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•Enrollment in school•Economic hardship•Unemployment•Military Service
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How do you qualify for work-study?
100
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Check the work-study option when you file
the FAFSA.(Your FAFSA information will
determine your eligibility for work-study.)
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How do I find awork-study job?
200
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The Financial Aid Office at your college can tell you where to find work-study job listings both on and off
campus.
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When do I get the money I earn through
work-study?
300
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Work-study money is given in the form of a
paycheck.Depending on your job, you may get
a weekly, bi-weekly, or monthly check.
50
Is there a limit to the amount of money you
can earn through a work-study job?
400
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YesThe amount of work-study
money you can earn per year is determined by your
FAFSA and shown on your Student Aid Report.
52
TRUE or FALSE:Individual colleges
offer their own grants and scholarships
500
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TRUE!Financial aid is available from
colleges themselves as well as the federal and
state government.
54
What is the difference between financial aid
given by colleges and aid given by the government?
600
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Aid from Colleges•Contingent on your
enrollment to that particular school•May take more
factors into consideration than
just the FAFSA
Aid from Gov’t•Not linked to a particular school
•Determined by FAFSA/PHEAA
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How do I qualify for financial aid from
individual colleges?
700
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1. Complete the FAFSA
2. Meet all school-based deadlines (which tend to be much earlier than FAFSA deadlines)
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TRUE or FALSE:Grants are “free”
money and do not need to be repaid.
100
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TRUE
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What is a Pell grant?
200
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A Pell grant is a grant given by the
federal government for post-secondary
education.
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What factors determine if you
get a grant?
300
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• Financial Need(determined by your FAFSA)
• Timeliness(grant money is given on a“first come-first serve” basis. The earlieryou complete your FAFSA, the better)
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Other than the federal government, who else
gives out grants for college?
400
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The state of Pennsylvania
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How do you get a state grant?
500
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1. Complete the FAFSA.2. Complete the state
grant form. In Pennsylvania, it is called the PHEAA.
(Pennsylvania Higher Education Assistance Agency)
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Do I have to be a resident of Pennsylvania
to get a Pennsylvania state grant?
600
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Where can I find the PHEAA application?
700
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When you complete the FAFSA, there will be a link to the PHEAA
application on the confirmation page.
*Remember to download the signature page, sign it, and mail it in!