Unit 4 Test - Paying for College

FAFSA

Financial Aid Letter

EFC

SAR

Don't sign up, because you shouldn't pay money to win scholarships, and you shouldn't enter your SSN into unknown websites

Sign up, because at $40 per month, it will be a bargain if you win thousands in scholarships

Sign up, but use a fake email address in case it's spam

Don't sign up unless your parent says it's OK to use their credit card for the payments

Grants/Scholarships, Work-study, Federal loans, Private loans

Federal loans, Grants/Scholarships, Work-study, Private loans

Grants/Scholarships, Private loans, Federal loans, Work-study

Private loans, Federal loans, Work-study, Grants/Scholarships

Every college graduate can expect to have a starting salary over $60,000 right after college.

A high school graduate can expect to earn about the same as a college graduate.

A college graduate can expect to earn, on average, about a $1,000,000 more than a high school graduate over a career.

Pursuing a college degree only has quantitative benefits, such as a higher salary.

Sticker price + grants and scholarships = net price

Sticker price minus grants and scholarships = net price

Grants and scholarships + student loans = net price

Sticker price minus student loans = net price

Subsidized federal loan

Unsubsidized federal loan

Grant

Work-Study

Books for her classes

Meal plan for the semester

Tuition for the semester

Monthly on-campus parking permit

“Your parents should take out a Direct PLUS Loan for the other $6000.”

“You should apply for additional scholarships or grants that are being offered from other organizations.”

“You should start the semester, hope the college doesn't notice the shortage, and then deal with the consequences later if they catch you.”

“You should call the financial aid office, explain the situation, and ask them to review your materials again.”

You should borrow as much as your college says you should borrow as laid out in your financial aid award letter

You should borrow as much money as you can through private loans and then take out federal loans

You should generally limit your borrowing to what you expect to earn as a starting salary when you leave college

You should never borrow money to go to college because it is unlikely that you will be able to pay it back

$50

Nothing; it is free

It is 2% of your total loan amount

It is free the first time you file, but costs $9.99/year thereafter

October of your last year of high school

After you finish freshman year of high school

After you receive your Student Aid Report

Once you are ready to start repaying your student loans

If you cannot handle the time commitment of academics and the work-study job, your grades might suffer.

The amount you earn through work-study will eventually need to be repaid in your student loan debt, with interest, making it a bad deal.

Once you accept a work-study job, you are not legally allowed to accept any other part-time work.

Work-study jobs pay less than minimum wage, so it’s usually not worth the time.

Frank should talk to the guidance counselor at his high school to get the most updated information for each college.

Frank should contact the financial aid office at each school to ask for the missing information.

Frank should do research online to find the missing information.

Nothing - Frank can assume that he will receive the information he needs in future mail/email from the college.

You should not have to pay money or provide sensitive information, such as your SSN, when applying for scholarships

Colleges often offer merit-based (rewarding your accomplishments) scholarships

While the FAFSA is required for college loans or grants, you don't need to complete it for federal, community, or professionally sponsored funds

While some grants and scholarships are guaranteed for all four years of attendance, others expire every year and must be reapplied for

He should only apply to schools that cost $6,000 or less

The government expects that his family can contribute about $6,000 to the cost of his education

He can expect to receive $6,000 in loans from the federal government to pay for college

He can expect to receive $6,000 in grants from the federal government to pay for college

colleges.

the federal government.

private companies.

FAFSA.

Financial Aid Package and Acceptance Letter

Financial Aid Award Letter and Financial Aid Package

FAFSA and Student Aid Report

Student Aid Report and Financial Aid Package

Avoiding socializing and spending any money, and focus entirely on your studies to maximize your GPA

Having fun, because you’re only in college once

Maximizing your student loan debt

Balancing your academic, social, and financial decisions to make the most out of the entire experience while setting yourself up for success post-college

Only report your own earnings and savings on the FAFSA, not those of your parents, even if you live with them full-time.

See how much you can borrow in loans before applying for scholarships.

Spend the money that you earn from your summer job so you can get more financial aid.

Save your earnings from your summer job so that you can reduce the amount of loans you need to take.

graduate and undergraduate students

high school students

parents of college students and graduate students

everyone

After your freshman year

After you get a fulltime job

After you graduate or leave college

Immediately after the loan is disbursed

October ; It is recommended to fill it out as early as possible.

October ; It is recommended to fill it out after you take out private loans.

January ; It is recommended to fill it out as early as possible.

October ; It is recommended to fill it out during your junior year of high school.

Pell Grants are offered based on a student's academic performance.

Colleges only offer merit-based (based on your accomplishments) scholarships and grants.

While the FAFSA is required for college loans or grants, you don't need to complete it for federal, community, or professionally sponsored scholarships.

While some grants and scholarships are guaranteed for all four years of attendance, others expire every year and must be reapplied for.

You submit a SAR to determine if you are eligible to file the FAFSA. If you are, you submit the FAFSA and then receive a Financial Aid Package.

You receive a Financial Aid Package first. Then, you file the FAFSA and get your SAR.

The answers you submitted in your FAFSA are reported in your SAR. Schools then use your SAR to create a Financial Aid Package for you.

Schools use the answers you submitted in the FAFSA to create a Financial Aid Package for you, which is then sent to you in a SAR.