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Federal Student Aid

DIRECTIONS: Use the Federal Student Aid website along with an estimate of your college tuition
(see College Board or school websites) to answer these questions.
What Types of Aid Can I Get?
1. What are four sources of financial aid? U.S. Government, State, College, or nonprofit
organization
2. Define the three types of federal student aid:
a. Grants financial aid that doesnt have to be repaid
b. Loans borrowed money for college or career school; must be repaid with
interest
c. Work-Study program through which you earn money to help you pay for
school
3. What are two other federal financial aid programs offered besides aid from the Department of
Education? AmeriCorps, National Health Service Corps.
4. What does federal student aid cover? Expenses such as tuition, room & board, books,
supplies, and transportation
5. How do you contact the NJ state grant agency? (609)-777-4099 or
www.state.nj.us/education/
6. What are 3 things you must do to get aid from your college? Visit the schools financial
aid page, ask the department that offers your course study, and fill out all
applications the school requires by the deadline date
7. What types of aid are offered from nonprofits or private organizations? Scholarships or
grants, which dont have to be repaid
Do I Qualify For Aid?
1. View the graphic What are the 7 things you must do to qualify for federal student aid?
Basic Eligibility
Students w/ parent whom was killed in Iraq or Afghanistan
Non-U.S. Citizens
Students w/ Criminal Convictions
Students w/ Intellectual Disabilities
Staying Eligible
Regaining Eligibility
2. What is required to stay eligible for student aid?
Continue to meet Basic Eligibility Criteria
Make Satisfactory Academic Progress
Fill out FAFSA each year
How Do I Apply for Aid?
1.
2.
3.
4.

What does FAFSA stand for? Free Application for Federal Student Aid
Where do you fill out the FAFSA form? Online at www.fafsa.gov
Where can you get an early estimate of your aid? FAFSA4caster
What happens after you fill out the FAFSA? You receive a EFC which your school will use
to determine the amount of aid you can receive

How Do I Manage My Loans?


1. Define the following:
a. Loan Servicer people who handle the billing of loans
b. Repayment Plan amount you repay on your loans, different plans have
different costs

c. Loan Consolidation combine multiple education loans into one giant loan
d. Deferment grace period or temporary way to postpone your loan payment
for a certain time length
e. Loan Forgiveness cancellation or discharge that allows you not to pay your
loans any further
f. Default result of not repaying loans, can be very consequential
2. How can you avoid defaulting on your student loans?
Understand your Loan/Loan Agreement
Manage Your Borrowing
Track Your Loans Online
Keep Good Records
Notify Your Loan Servicer
3. What can you do if you cannot make your monthly payment? You can consider simplifying
repayment with consolidation by combining all/multiple loans into one loan