Financial Aid Basics

Front

Also known as gift aid, this is money from the federal and state governments and individual colleges that does not need to be paid back.

Back

grant

Front

Monetary gifts based on need/ merit that don't have to be paid back

Back

scholarship

Front

Federally sponsored campus-based program that provides employment opportunities for students with demonstrated need

Back

work-study

Front

Money available to be borrowed that is guaranteed by federal govt. and are available to students to fund education

Back

loan

Front

Need-based loan in which the interest is paid by the government while you are in school

Back

Subsidized loan

Front

Government sponsored loan that is not need-based. The student is responsible for paying the interest on the loan

Back

Unsubsidized Loan

Front

The cost of borrowing money, typically expressed as an annual percentage rate (APR)

Back

interest

Front

Free Application for Federal Student Aid

Back

FAFSA

Front

Notification of the terms and requirements of the financial aid package offered by a college

Back

award letter

Front

How often do you have to fill out a FAFSA form?

Back

Every year you attend college