Financial Aid Flashcard

Front

What is the purpose of the FAFSA?

Back

The FAFSA (Free Application for Federal Student Aid) is used to determine a student's eligibility for financial aid from the federal government, state governments, and colleges.

Front

Who is considered a dependent student for financial aid purposes?

Back

A dependent student is one who relies on their parent or guardian for financial support and must provide their parent's financial information on the FAFSA.

Front

What is the significance of a Federal Tax Return in the financial aid process?

Back

A Federal Tax Return provides necessary financial information that helps determine a student's eligibility for financial aid.

Front

What is the maximum amount of financial aid the US Department of Education provides annually?

Back

The US Department of Education provides approximately $150 billion in financial aid each year.

Front

Which financial assets must be reported on the FAFSA?

Back

Financial assets that must be reported include savings accounts, investment accounts, and farm assets, but not the primary residence.

Front

When does the FAFSA application open each year?

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The FAFSA application becomes available online each year on October 1.

Front

What information is required if you have a driver's license when filling out the FAFSA?

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You will need to provide your driver's license information.

Front

What is the difference between a dependent and an independent student?

Back

A dependent student relies on their parents for financial support, while an independent student does not and must provide their own financial information.

Front

What types of financial aid are available through the FAFSA?

Back

Types of financial aid include federal grants, work-study programs, and federal student loans.

Front

What is a financial aid package?

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A financial aid package is a combination of financial aid offered to a student, which may include grants, loans, and work-study opportunities.