Financial Aid Review

In order to receive Financial Aid from your prospective colleges, you must fill out the (a)_____, which can be found on your College Board account.

• CSS Profile

• FAFSA

• Common App

• Expected Family Contribution

Answer explanation

The CSS Profile is a form available through your College Board account that needs to be submitted in order to get financial aid directly from the college you will attend (institutional aid).  The deadline is typically the same as the admission deadline.  This form is more detailed than the FAFSA.

Determined by the FAFSA, ______ is the measure of a family's ability to pay for college.

• Gap

• Demonstrated Need

• Pell Grant

• Student Aid index

Thinking about heading to the University of Rochester or Cornell University next fall? You could be eligible for _____, offered for students in New York State who attend college in the state.

• TAP Grant

• Pell Grant

• National Merit Scholarship

• Federal Loan

Answer explanation

A TAP Grant is an income based grant that is offered by New York State for students who attend college in the state.  There is a separate TAP application that needs to be completed once you know that you are matriculating to a college within NY State (Public OR Private).

If a prospective college DOES NOT consider whether or not you are applying for Financial Aid when applying, that college is considered to be ______.

• Mega Rich

• Need Blind

• Need Aware

• Affordable

Answer explanation

Need Blind is a Financial Aid policy through which the college to which you are applying does not consider whether or not you are applying for financial aid when making their admission decision.

If a college DOES consider whether you are applying for financial aid when making their admissions decision, they are said to be Need Aware.

Completion of the FAFSA is required to receive these loans, which are offered by the federal government and have a lower interest rate than private loans.

• Pell Grants

• Federal Student Loans

• Unsubsidized Loans

• Municipal Credit Loans

Thinking of how much it would cost to attend a specific college? You should head to their website and use their ______.

• Financial Aid FAQ Page

• Crystal Ball

• College Cost Estimator

• Net Price Calculator

Answer explanation

The Net Price Calculator is a tool available on every college’s website that will enable you to get an estimate of how much your family would have to pay and how much money in loans you would be packages with should you choose to enroll there.

Claudia gets a job as a receptionist in her college's library to pay for day-to-day expenses. This is considered to be a ______.

• Public Interest Job

• Part-Time Job

• Work Study Job

• Full-Time Job

Answer explanation

A work study is a job that you obtain when you get to college that enables you to earn money toward expenses such as books, supplies and travel.

Most loans will be offered directly to you, as the student, but a _____ is offered directly to your parent.

• Subsidized Loan

• Parent PLUS Loan

• Bank Loan

• Parent Grant

Also known as the "sticker price" of a college or university, the ____ is considered the total cost of attending that institution for one year.

• Total Expenses

• Cost of Attendance

• Endowment

• Tuition

Answer explanation

The Cost of Attendance (COA) is the total cost of attending an institution for one year, and this includes both Billable (Tuition/Fees/Room + Board) and Non-Billable (Personal/Travel/Expenses) costs.

Upon completion of the FAFSA, the Federal Government may offer you a ______, an income based grant whose maximum cap in 2022 was $6,895.

• Education Grant

• NYS Student Scholarship

• TAP Grant

• Pell Grant

Answer explanation

Pell Grants are awarded to undergraduates who display financial need and have not yet earned a bachelor's, graduate, or professional degree.