Types of Financial Aids Flashcards
What are the three types of Financial Aids?
- Grant(Free Money)
- Loans(Barrowed Money)
- work Study(Earned Money)
what are Grants?
Free money based on financial need help that don’t have to be bacK
What are loans?
Loans are borrowed money that needs to be repaid with interest rate? They could be an investment to the future
What is work Study?
Work study allows you to earn money while in school. It’s earned money
what are some direct cost?
- Tuition
- Mandatory fees
- Room and Board
- Health service fees
- Room and Board
What are some Indirect Cost?
- Travel
- Book/supplies
- Personal expenses
what could be 4 types of grants?
- Pell Grant
- TAP
- FSEOG
- Institution Grants
what qualifies you for TAP?
- New York State Residents
- Be full time students(earning 12 credits)
- qualify for need based
why did my Tap get taken away?
-took less than 12 credits
what are 4 types of student loans
- Federal Subsidized Loans
- Federal Unsubsidized Loans
- Federal Parent Plus loans
- Private loans
True or False: Work study is “free money”?
False. Work study is “earned money”. Only grants are free money
which student loans tend to have lower interest rates?
- Federal subsidize loans
2. Federal Unsubsdized
The federal government pays the interest while you’re enrolled in school for which of the following loans?
Federal Subsidize loans
How long is the grace period for the repayment of your student loans
6 months from the time you cease to be enrolled at least part-time
