FAFSA
The online application you need to complete each year to apply for college financial aid from the federal government:
What is the FAFSA?
A tax-advantaged savings plan designed to help pay for education
What is a 529 Plan
A nine-digit identification number unique to each individual
What is a social security number
Be sure to correctly enter your SSN on the FAFSA and use your address exactly as used on your tax form
the maximum annual direct loan amount for first-year dependent college students
What is $5,500
A period of six months after graduation, during which you are not required to make payments on federal student loans
What is a grace period
The FAFSA Application can be submitted starting on this date
What is October 1st
Allows students and their families to divide the cost of college into equal monthly installments
What is a Tuition Payment Plan
Used to electronically sign the FAFSA, and also used to electronically sign promissory notes for federal student loans.
What is a FSA ID
The interest rate remains the same throughout the term of the loan.
What is a fixed interest rate loan.
Federal student loans offer fixed rates. Current direct loan interest rate is 4.99% (thru June 30, 2023).
Federal Parent Loan with a 7.54% interest rate and a fee of 4.228%
What is a Parent PLUS Loan
What are Assets that are NOT reported on the FAFSA?
Free resources available to pay for college
What are Scholarships and Grants
an online tool that calculates your out-of-pocket cost of college
What is a Net Price Calculator?
Every college is required to provide a net price calculator to help you determine your out of pocket expenses
The addition of unpaid interest to the principal balance of a loan.
What is interest capitalization
Money that you may borrow to pay for college from sources other than the government, such as banks, credit unions, and other financial institutions.
What are Private Student Loans?
the most influential factor on the FAFSA in determining your Expected Family Contribution (EFC) or Student Aid Index (SAI)
What is your annual income?
A part-time job on-campus where earnings are often used to help pay for college
What is Work-Study
something a student needs to do (in addition to completing the FAFSA) before they will receive a financial aid offer from a college
What is applying for Admission and being accepted
Available only to undergraduate students who have financial need (as determined by the college financial aid office)
What is a Direct SUBSIDIZED Loan
a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.
What is a Master Promissory Note
FAFSA stands for...
What is the Free Application for Federal Student Aid?
A federal loan available to nearly ALL college students regardless of family income
What is a Direct UNSUBSIDIZED Student Loan
Through this (a performance-based organization), the U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and low-interest loans to approximately 13 million students.
What is Federal Student Aid
A repayment plan for my federal student loans which considers my income
What are income driven repayment plans
If you are employed by a government or not-for-profit organization, you may be able to receive loan reductions under this
What is Public Service Loan Forgiveness (PSLF)