AGLS Exam 2 - FLASHCARDS - Paying for College

Question 1

How can the estimated cost of attendance (COA) change?

Answer 1

Differs based on residency, degree, hours enrolled, and studying abroad

Question 2

What are scholarships awarded by at A&M?

Answer 2

Sholarships and financial aid, Corps of Cadets, Texas A&M Foundation, Colleges and Departments, and outside orgs and businesses

Question 3

What are scholarships awarded based on at A&M?

Answer 3

Academic merit, financial need, talent, association, and leadership and participation

Question 4

When does FAFSA open and close?

Answer 4

Opens October 1st and the priority deadline is January 15th

Question 5

What does FAFSA apply students for?

Answer 5

Grants, work studies, and student loans

Question 6

What does FAFSA require?

Answer 6

Social security number, 220 income tax figures, and asset information for students and parents

Question 7

What do you need to be eligible for a student loan?

Answer 7

2.0 minimum GPAc, 75% minimum completion rate, and less than 134% maximum hours completed

Question 8

What type of student loans are need-based?

Answer 8

Subsidized student loans

Question 9

What type of student loans accrue interest after college?

Answer 9

Subsidized student loans

Question 10

What type of student loans are non-need based?

Answer 10

Unsubsidized student loans

Question 11

What type of student loans accrue interest during college?

Answer 11

Unsubsidized student loans

Question 12

Who lends you (borrower) money?

Answer 12

Lender (Department of education)

Question 13

Who must repay the money borrowed, to the servicer?

Answer 13

You (borrower)

Question 14

Who collects the money from you and returns it to the lender?

Answer 14

Servicer (3rd party)

Question 15

When is deferment (no payment)?

Answer 15

During college (Must be enrolled half time)

Question 16

When is the grace period (no payment)?

Answer 16

Last 6 months after graduation (or falling below half time)

Question 17

When is repayment (monthly payments)

Answer 17

Lat 10 years after grace period

Question 18

What are emergency tuition and fee loans?

Answer 18

Pays up to 100% tuition and fees. Due in 3 months. 5% interest (annually)

Question 19

What are short term loans?

Answer 19

Pays $1000 to $1500. Due in 1 year. 8% interest (annually)

Question 20

What is an alternative loan?

Answer 20

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

Question 21

What is a parent PLUS loan?

Answer 21

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

Question 22

What lengths do study abroad programs range from?

Answer 22

One week to one year

Question 23

What do university wide scholarship awards range from?

Answer 23

$500 to $2000

Question 24

When is financial aid disbursed?

Answer 24

Before the start of the term

Question 25

When are payments for most programs due?

Answer 25

The term before your program departure

Question 26

When do you get a job and start budgeting/saving. Consider opening a separate savings account?

Answer 26

12 months prior to studying abroad

Question 27

When do you apply for program; budget for pre-trip expenses; apply for financial aid?

Answer 27

9 months prior to studying abroad

Question 28

When do you plan for program fees and out-of-pocket expenses; research airfare?

Answer 28

6 months prior to studying abroad

Question 29

When do you research new city; come up with a spending plan for your time there?

Answer 29

3 months prior to studying abroad

Question 30

When do you confirm all payments have been made; set aside money in an emergency fund?

Answer 30

1 month prior to studying abroad

Question 31

When do you track your expenses; stick to your budget; make adjustments as needed?

Answer 31

First week of studying abroad