AGLS Exam 2 - FLASHCARDS - Paying for College
How can the estimated cost of attendance (COA) change?
Differs based on residency, degree, hours enrolled, and studying abroad
What are scholarships awarded by at A&M?
Sholarships and financial aid, Corps of Cadets, Texas A&M Foundation, Colleges and Departments, and outside orgs and businesses
What are scholarships awarded based on at A&M?
Academic merit, financial need, talent, association, and leadership and participation
When does FAFSA open and close?
Opens October 1st and the priority deadline is January 15th
What does FAFSA apply students for?
Grants, work studies, and student loans
What does FAFSA require?
Social security number, 220 income tax figures, and asset information for students and parents
What do you need to be eligible for a student loan?
2.0 minimum GPAc, 75% minimum completion rate, and less than 134% maximum hours completed
What type of student loans are need-based?
Subsidized student loans
What type of student loans accrue interest after college?
Subsidized student loans
What type of student loans are non-need based?
Unsubsidized student loans
What type of student loans accrue interest during college?
Unsubsidized student loans
Who lends you (borrower) money?
Lender (Department of education)
Who must repay the money borrowed, to the servicer?
You (borrower)
Who collects the money from you and returns it to the lender?
Servicer (3rd party)
When is deferment (no payment)?
During college (Must be enrolled half time)
When is the grace period (no payment)?
Last 6 months after graduation (or falling below half time)
When is repayment (monthly payments)
Lat 10 years after grace period
What are emergency tuition and fee loans?
Pays up to 100% tuition and fees. Due in 3 months. 5% interest (annually)
What are short term loans?
Pays $1000 to $1500. Due in 1 year. 8% interest (annually)
What is an alternative loan?
Has fixed or variable interest rate. Offered by banks and credit unions. Borrower must have credit approved or have a cosigner who is credit worthy. Cosigner does not have to be a family member
What is a parent PLUS loan?
Parent must apply (not student). Parent is responsible for repaying. Non need based. Accrues intrest during college at 6.28%. If denied, will be offered additional unsub loans
What lengths do study abroad programs range from?
One week to one year
What do university wide scholarship awards range from?
$500 to $2000
When is financial aid disbursed?
Before the start of the term
When are payments for most programs due?
The term before your program departure
When do you get a job and start budgeting/saving. Consider opening a separate savings account?
12 months prior to studying abroad
When do you apply for program; budget for pre-trip expenses; apply for financial aid?
9 months prior to studying abroad
When do you plan for program fees and out-of-pocket expenses; research airfare?
6 months prior to studying abroad
When do you research new city; come up with a spending plan for your time there?
3 months prior to studying abroad
When do you confirm all payments have been made; set aside money in an emergency fund?
1 month prior to studying abroad
When do you track your expenses; stick to your budget; make adjustments as needed?
First week of studying abroad
