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personal finance > FAFSA > Flashcards

FAFSA Flashcards

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1
Q

Free Application for Federal Student Aid: This is the free application suite students log on to in order to apply for financial aid from the government

A

FAFSA

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2
Q

Student Aid Report: This is the given document that is submitted to the student after completing the FAFSA in order to confirm a student’s submission. Some eligibility information is listed on this report.

A

SAR

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3
Q

Expected Family Contribution: This is the amount of money the government expects a student’s family to contribute to the student’s education. It is based on the family’s tax information.

A

EFC

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4
Q

Cost of Attendance: The estimated amount of money that is required in order to attend a college or university. It includes the overall fees for room and board, tuition, and books.

A

COA

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5
Q

This is the given form mailed by the university or college the student is interested in that breakdowns how much financial aid a student has received.

A

Award letter

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6
Q

Only available to undergraduate students
-The school in which a student attends determines the amount of money that can be borrowed.
-U.S. Department of Education pays the interest on this loan, while a student is in school, during the loan’s grace period, and during deferment

A

Subsidized loan

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7
Q

-Available to both undergraduate and graduate students
-The school in which a student attends determines the amount of money that can be borrowed.
-Interest is not paid for at any point by the government or any other outside source

A

unsubsidized loan

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8
Q

An amount of money awarded to students that does not have to be paid back. This is given to students who have outstanding athletic abilities, academic abilities, or other worthy trait, like attendance or volunteerism.

A

merit scholarship

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9
Q

The amount of money given to a student after applying for the FAFSA that does not have to be paid back at anytime by the student. The amount can be up to $5,775.

A

pell grant

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10
Q

An amount of money a student or person takes out in order to pay for a certain item. This money is typically provided by a bank or the government, because the student or person does not have this money readily available. This money does have to be paid back in the future and could possibly have interest added to the amount.

A

loan

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11
Q

A program that a student applies for on their FAFSA in order to participate in a job on campus to earn extra money to pay for tuition or other school related purposes.

A

work study

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12
Q

the failure to meet the requirements of a loan. Typically, when a person forgets to pay their loan back, or they do not pay the required amount of money.

A

default

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13
Q

This refers to when a person or student is overdue on a payment of the loan. If this exceeds a certain amount of time (grace period) the borrower may receive some type of punishment, which could include an increase in the loan or jail time.

A

delinquent

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14
Q

period which loan doesn’t have to be paid off

A

grace period

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15
Q

A pause in having to pay for a loan

A

deferment

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16
Q

Qualified tuition plan that provides families a federal tax-free way to save money for college.

A

529 plan

17
Q

the middle income when a group of incomes is ranked from lowest to highest

A

median income

18
Q

Borrowed and repaid by a parent on behalf of a dependent student

A

parent plus loan

19
Q

like a grant, but it is only if a person does well enough to deserve these

A

scholarship

20
Q

office for financial aid

A

financial aid office

21
Q

minor not 18 but has rights of 18 year old

A

emancipated minor

22
Q

Provides low-interest loans to help needy students finance the costs of post secondary education

A

federal perkins loan

23
Q

The largest form of student aid in the country, federal aid programs come in the form of government grants, loans, and work-study assistance

A

federal student aid

24
Q

Federal Supplemental Educational Opportunity Grant. Doesn’t need to be repaid. It is administered directly by the financial aid office at each participating school and is called “campus-based” aid.

A

FSEOG

25
Q

Your or your family’s wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return.

A

adjusted gross income

26
Q

year of school

A

academic year

27
Q

money owed from student loans

A

student loan debt

28
Q

It requires you to take certain kinds of classes to get the grant, provides up to $4,000 a year to students who are planning to complete course work to begin a career in teaching.

A

TEACH grant

29
Q

Amount of aid a school expects to pay a student based on the student’s current grant and loan eligibility, enrollment, Expected Family Contribution (EFC), and the school’s cost of attendance.

A

award amount

30
Q

four digit number from FAFSA

A

DRN

31
Q

counseling needed before taking out a student loan

A

entrance counseling

32
Q

A period during which your monthly loan payments are temporarily suspended or reduced. Your lender may grant you a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships.

A

forbearance

33
Q

username and password for FAFSA

A

FSA ID

34
Q

cost of housing and food while attending college

A

room and board

personal finance (2 decks)

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