Financial Aid Offer Flashcard

Front

After reviewing Financial Aid Offer #1, what question should you ask the financial aid representative regarding important information that is not available in the offer? Options: What calendar year is this financial aid offer for?, What is the school’s cost of attendance?, How much will I receive in college grants?, How do I accept or decline this aid offer?

Back

What is the school’s cost of attendance?

Front

How much annual aid are you being offered in Offer #1 that you do not have to pay back or earn through work? Options: $73,332 (Federal Loans + Work Study + Grant + Family Financing Option), $44,562 (Family Financing Option), $25,770 (Federal Loans + Grant), $20,270 (Grant)

Back

$20,270 (Grant)

Front

Financial Aid Offer #1 includes a “Family Financing Option”? Which statement best describes this type of aid? Options: This option is gift aid and does not need to be repaid. It is a reflection of options available to finance the remaining cost of attendance. It is a loan available through the federal government which requires a family member to cosign. It is a type of scholarship available to students who have another family member also attending the university.

Back

It is a reflection of options available to finance the remaining cost of attendance.

Front

What is the estimated annual Cost of Attendance in Offer #2?

Back

$28,013

Front

How much annual aid are you being offered in Offer #2 that you do not have to pay back?

Back

$4,645

Front

In Financial Aid Offer #2, which of the financial aid package options would be reduced by fees (deducted from each loan distribution)? Options: UW Engineering Alumni Fund, UW Madison Grant, Federal Pell Grant, Direct Subsidized Federal Loan

Back

Direct Subsidized Federal Loan

Front

Fill in the blanks of this sentence: The ________________ minus financial aid awarded equals ________________.

Back

cost of attendance; net price

Front

What is the capital of France?

Back

Paris

Front

Assume that the college in Offer #1 has a Cost of Attendance of $73,332. Which of the statements below comparing Offer #1 to Offer #2 is TRUE? College #1 has a lower “cost of attendance” than College #2, College #1 has a lower “net price” than College #2, College #1 has a higher “net price” than College #2, Both College #1 and College #2 have the same “net price”

Back

College #1 has a higher “net price” than College #2

Front

Which sentence is TRUE? Options: 1. You must accept ALL the aid in a financial aid offer. 2. All of the aid listed in Offer #2 is free, meaning it does not need to be paid back. 3. All universities use the same format for their financial aid offer. 4. You can choose to accept some of the aid listed in the financial aid offer and decline some aid.

Back

You can choose to accept some of the aid listed in the financial aid offer and decline some aid.