Paying for College + Saving

To start the process of applying for Federal Financial Aid, you first fill out the:

• EFC

• FAFSA

• SAR

• All of the above

It is recommended to fill out the FAFSA (October!!)as early as possible in your senior year bc:

• That's the only time you can apply

• Money is allotted on a first-come, first-served basis

• Some schools have earlier deadlines than others

• B & C

The EFC is:

• Expected Financial COntribution

• Expected Family COntribution

• Economic Family Consensus

• Expected fiscal commitment

The Student Aid Report is:

• something you fill out, along with the FAFSA

• Something sent to you based on your FAFSA

• The announcement of how much grant/loan money you are rewarded with

• None of the above

the Financial Aid package is different from the SAR in that:

• the FAP details how much $$ you are awarded & in what forms

• the SAR details how much $$ you are awarded & in what forms

• they are different forms saying the same thing

• None of the above

The TN Promise is:

• an opportunity to go to any college/technical school in TN for free* for 2 years

• an opportunity to go to any TN community college/technical school for free* for 2 years

• an opportunity to go to any college/technical school in TN for free* for 2 years IF your hs gpa is over 3.0

• an opportunity to go to any TN community college/tech school for free* for 2 years IF your hs gpa is over 3.0

A federally subsidized loan (Stafford Loan) is one that:

• the Federal gov't pays the interest on until it's paid off

• the Federal gov't pays the interest on until you finish college+a grace period

• the federal gov't pays the interest on as long as your gpa is > 3.0 in college

• the federal gov't does not pay the interest at all.

Your financial aid package may include:

• Grants (Pell Grant)

• Loans

• Work-Study

• All of the above

What does it mean to sign a promissory note?

• YOu are notifying the college that you have read the financial aid offer

• You are acknowledging that are accepting a loan

• You are agreeing to pay back your loans under the conditions stated

• You are promising to attend the school in question

Most students who graduate with 4 year degrees:

• paid for college without taking out loans

• took out some amount of loans to pay for college