3.05 Paying for Higher Education Note Taking Guide

What are grants?

• Provides part-time jobs to students with financial need

• Award based on academic performance or extracurricular activities

• Tax-exempt financial aid

How often does the FAFSA need to be completed?

• The first year you attend college

• Each academic year

• Every six months you attend college

How do you know if it has been successfully submitted?

• Additional information if requested

• All questions are answered completely and accurately

• A confirmation page will appear

How do you apply for a Federal Student Loan?

• Complete a Student Aid Report

• Complete a FAFSA application

• Contact the school you want to attend

Which type of federal aid has the highest interest rates?

• Federal Perkins Loan

• Direct Subsidized Stafford Loan

• Direct Unsubsidized Stafford Loan

• PLUS Loan

Which type of federal aid has the lowest interest rates?

• Federal Perkins Loan

• Direct Subsidized Stafford Loan

• Direct Unsubsidized Stafford Loan

• PLUS Loan

Cost of Attendance - ____________ = Financial Need

• Emergency Funds

• Expected Cost to Attend

• Expected Family Contribution

Why is it important to review your Student Aid Report?

• To identify any errors that should be reported

• Send additional information if requested

• To evaluate which school is the most affordable

What are you responsible for doing if your post-secondary institution sends you an award letter?

• To identify any errors that should be reported

• Send additional information if requested

• To evaluate which school is the most affordable

What is need-based aid?

• Estimate of the parents’and/or student's ability to contribute to post-secondary expenses

• Aid that is awarded if you have financial need and meet other criteria