Financial Aid Quiz Name 4 of the 5 charges that factor in to the total cost of a year away at college. a. tuition b. room c. board d. books e. fees =COA (Cost of Attendance) 1. 2. What is the FAFSA form and why should everyone fill it out? -Free application for federal student aid. -In order to get any financial aid. 3. When is the first day a senior can fill out the FAFSA? -January 1st of their senior year. 4. What month will a senior find out EXACTLY how much college will cost him/her to attend college the following year? -April 5. What is the maximum amount of PELL Grant money a student can receive? -$5,550 6. What is the maximum amount of federal stafford loans a student can take out as a freshman? -$5,500 7. What does EFC stand for in the college financial aid process? -estimated family contribution 5. What is the CSS Profile? - an additional financial aid application required by some private colleges/universities. Available on www.collegeboard.com. How to find your financial “need” - = COA (cost of attendance= tuition/room and board/books/fees) EFC (estimated family contribution) Financial Need (grants/loans-parent & student/work study) ***Find a practice FAFSA at www.fafsa4caster.gov. This will give you your EFC. Financial Aid Timeline College A FAFSA (Jan/Feb) College B Student via Financial Aid Letter (April) College C (March) Sources of Financial Aid  1. Need Based Aid: Grants received from state, federal, and colleges based on family’s EFC determined by the FAFSA  2. Merit Based Aid: From either the university or community scholarships based on student success in  ACT/GPA  Athletics  Arts (vocal/instrumental/theater/fine arts)  Community Service Sources of Financial Aid  3. Gift Aid: Money received from a university in the form of a grant or scholarship based on need or merit.  4. Self Help:  Loans   Student either subsidized (government pays interest while student is in college) or unsubsidized (student pays interest while in college). Loan repayment begins 6 months after graduation or if student drops out of college Student loans are not eliminated by declaring bankruptcy Sources of Financial Aid  5. Parent PLUS Loan  Parent begins repayment 60 days after final dispursement. This is typically March of freshmen year. There will be another loan each year for the next three years.  6. Student Employment  The student works on campus up to ten hours each week and it typically paid weekly. This amounts cannot usually be used to pay for COA Scholarships  Directly from Colleges    Merit based and usually are determined by GPA and test scores. Check for a separate application. Pay attention to deadlines!  Private Entities    Check with your parent’s employer Conduct a national college search (online) Pay attention to local scholarships (posted on FC) Student Loan Information Student Loan Information Helpful websites  www.fafsa.gov  www.fafsa4caster.gov  www.finaid.org  www.fastweb.com