College Funding Flashcards

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1
Q

Pell Grants

A

Undergrad students with exceptional financial need

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2
Q

Federal Supplemental Educational Opportunity

A

Undergraduate students with exceptional financial needs
Does NOT need to be paid back
Priority to students who receive Federal Pell Grants and (lowest EFC)

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3
Q

Direct Subsidized Loans

A

Loans have better terms to help students with financial needs
U.S Dept. of Education pays interest

NEED Based
UNDERGRAD ONLY

“I NEED a SUB”

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4
Q

Direct Unsubsidized Loans

A

NON NEED BASED
Undergrad, Grad, Professional Student
No requirement to demonstrate financial need
Students responsible for paying interest

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5
Q

Direct Plus Loan

A

NON need based - undergrad, grad, professional student
“Parent Plus Loans”
U.S Dept of Education is lender
Cannot have adverse credit history
MAX Plus Loan: (Cost of attendance - any other financial aid received)

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6
Q

FAFSA Lookback

A

2 Year lookback for reported income

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7
Q

EFC Formula

A

Income (parent & student) + Assets (parent & student)

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8
Q

EFC Parent Income Amount Counted

A

22% - 47%

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9
Q

Financial Need Formula

A

Cost of Attendance - EFC = Financial Need

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10
Q

EFC Student Income Counted

A

50%

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11
Q

EFC Parents Assets Counted

A

5.64%

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12
Q

EFC Student Assets

A

20%

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