Financial Aid Basics

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What are the different types of financial aid?

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Scholarships, grants, loans, and work-study programs.

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What are the eligibility requirements for financial aid?

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The eligibility requirements for financial aid vary depending on the specific program or institution.

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How can you apply for financial aid?

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Complete the FAFSA form.

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What are some common mistakes to avoid when applying for financial aid?

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Some common mistakes to avoid when applying for financial aid include: not submitting the application on time, providing incorrect or incomplete information, not exploring all available options, and not following up on the application status.

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What are the repayment options for financial aid? Options: Principal-only repayment, interest-only repayment, partial repayment, and full repayment. Deferred repayment, forbearance repayment, delinquent repayment, and default repayment. Standard repayment, income-driven repayment, graduated repayment, and extended repayment. Fixed repayment, variable repayment, interest-only repayment, and balloon repayment.

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Standard repayment, income-driven repayment, graduated repayment, and extended repayment.

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Which type of financial aid does not need to be repaid? Options: Scholarships and grants, Student loans, Work-study programs, Tuition reimbursement

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Scholarships and grants

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What is the Free Application for Federal Student Aid (FAFSA)?

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The FAFSA is a form to apply for federal financial aid for college.

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What is the maximum income limit to qualify for need-based financial aid?

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There is no fixed maximum income limit for need-based financial aid.

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What is the difference between subsidized and unsubsidized student loans?

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Subsidized student loans are based on financial need, and the government pays the interest while the borrower is in school. Unsubsidized student loans are not based on financial need, and the borrower is responsible for paying all interest.

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What happens if you miss a student loan payment?

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Negative consequences such as late fees, damage to credit score, and potential legal action.