Federal Student Aid

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? Federal government, state government, college
you attend, nonprofit or private organization
2. Define the three types of federal student aid:
a. Grants financial aid that doesnt have to be repaid (unless, for example, you
withdraw from school and owe a refund)
b. Loans borrowed money for college or career school; you must repay your
loans, with interest
c. Work-Study a work 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? Federal student aid and financial aid from your state
4. What does federal student aid cover? Tuition and fees, room and board, books and
supplies, and transportation
5. How do you contact the NJ state grant agency? http://www.state.nj.us/education/
6. What are 3 things you must do to get aid from your college? Visit your schools financial
aid page on its website, or ask someone in the financial aid office. Ask at the
department that offers your course of study; they might have a scholarship for
students in your major. Fill out any applications the school requires for its own
aid, and meet the deadlines.
7. What types of aid are offered from nonprofits or private organizations? Scholarships or
grants
Do I Qualify For Aid?
1. View the graphic What are the 7 things you must do to qualify for federal student aid? GED
or a high school diploma, accepted or enrolled in a degree program, be part of the
military, sign FAFSA, maintain a satisfying GPA, have a social security number,
federal student aid pin
2.
What is required to stay eligible for student aid? demonstrate financial need (for most
programs);be a U.S. citizen or an eligible noncitizen; have a valid Social Security
number (with the exception of students from the Republic of the Marshall Islands,
Federated States of Micronesia, or the Republic of Palau);be registered
with Selective Service, if youre a male (you must register between the ages of 18
and 25);be enrolled or accepted for enrollment as a regular student tin an eligible
degree or certificate program; be enrolled at least half-time to be eligible
for Direct Loan Program funds; maintain satisfactory academic progress in college
or career school; sign statements on the Free Application for Federal Student
Aid (FAFSA) stating that show youre qualified to obtain a college or career
school education by
How Do I Apply for Aid?
1. What does FAFSA stand for? Complete the FAFSA or Free Application for Federal
Student Aid
2. Where do you fill out the FAFSA form? www.fafsa.gov

3. Where can you get an early estimate of your aid? FAFSA4caster
4. What happens after you fill out the FAFSA? you get an Expected Family Contribution
(EFC), which your college or career school uses to figure out how much aid you can
get
How Do I Manage My Loans?
1. Define the following:
a. Loan Servicer a company that handles the billing and other services on
your federal student loan
b. Repayment Plan the act of paying back money previously borrowed from a
lender
c. Loan Consolidation allows you to consolidate (combine) multiple federal
education loans into one loan
d. Deferment allows you to temporarily postpone or reduce your federal
student loan payments
e. Loan Forgiveness Under certain circumstances, federally backed
student loans such as Direct, Stafford and Perkins loans can be discharged
or forgiven
f. Default you failed to make your payments on your student loan as scheduled
according to the terms of your promissory note, the binding legal document
you signed at the time you took out your loan.
2. How can you avoid defaulting on your student loans? Take the time to fully understand
your loan agreement and the types of loans you are receiving and its important
that you not borrow more than you need or more than you expect to be able to
repay.
3. What can you do if you cannot make your monthly payment? contact your loan service

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2. Where do you fill out the FAFSA form? www.fafsa.gov

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