ACA Chapter 5: Financial Aid
Unlock all answers in this set
Unlock answersquestion
Service loans...
answer
given as a grant
question
Its good if financial aid is monthly or annually?
answer
Monthly
question
Pell grant maximum usually..
answer
5580
question
Main pay at university is...
answer
tuition
question
Best sites about Financial aid are:
answer
CollegeBoard, CNFC.org
question
At WSSU,FSU, ECU they are excluded from act to lower tuition in NC. This doesnt include...
answer
UNCP, WCU
question
Primary factor in choosing the right college is
answer
cost
question
According to the college board, the national average cost for attending college during 2011-2012 academic year was:
answer
2 yr public(in state)- 3,231. 4 Yr public in state- 8,655. 2 Yr public out- of-state- 21,706. 4 Yr out-of-state-close to 30,000. 4 Yr private- 29,056
question
Associated expenses= ....
answer
Fee cost.
question
Fee cost to attend a new college includes more than just tuition. T/F?
answer
True. It is room and hoard, books and supplies, personal expenses, transportation.
question
This is based on credit hours per semester, miscellaneous expenses- lab and student activity fees.
answer
Tuition fees
question
Varies dep. On where student lives( on or off campus)
answer
room and board
question
Depends on how many classes are taken, materials 4 each- books, supplies
answer
Books and supplies
question
2011-2012 national av. cost for books and supplies at 4 yr college is:
answer
$800-1100
question
2011-12 national av. Cost for 4 year college student living on campus...
answer
$2066
question
Usually includes cost-of-living, recreation, personal supplies
answer
Personal Expenses
question
Colleges \" published price\" is sometimes called
answer
sticker price
question
The published sticker price includes the cost of
answer
tuition and fees, room and board before grants, scholarships, and financial aid awards factoring.
question
Sticker price is less than student willing to pay T/F
answer
False. Its more.
question
The Net price is before get financial aid T/F
answer
False. Its after student awarded federal, state, college aid. Net price= total cost fin. Tuition, room and b., books and supplies
question
Ways to pay for college:
answer
financial aid, scholarships, loans, work study, FAFSA, CSS, SAR, EFC, COA, family
question
....plays pivotal role in providing access to college and degree completion.
answer
Financial aid
question
This is based on difference btw what college costs and family can pay. Also premise that all students equal opportunity.
answer
Financial aid
question
Approximately...of undergraduates receive financial aid
answer
2/3
question
In 2012, average amount fa a full time undergrad received was...
answer
13,200
question
Financial Aid includes
answer
FAFSA, SAR, CSS, Net price calculator, COA, pell grant, FSEOG, rtc.
question
This is Free Application for Federal Student Aid. Must be filed Jan 1. In 1-2 weeks student receives a SAR that tells student if eligible for Pell Grant and family cost.
answer
FAFSA
question
This is a supplemental fin. aid application by CSS( College Scholarship Service). Some require to calculate own instiyutional financial aif awards.
answer
CSS Profile
question
This summarizes info on FAFSA & EFC(expected family contribution) and eligibility for Pell Grant.
answer
SAR-Student Aid Report
question
This is exp. Fam. Contribution. Student+ family pay towards cost of attendance
answer
EFC
question
This is total amount of college expenses before financial aid. THIS INCLUDES money spent on: tuition and fees, room and b., books and su., living exp.
answer
COA- Cost of Attendance
question
An online tool gives personalized estimate of cost to attend a specific college. Colleges required by law to post on websites.
answer
-Net Price Calculator
question
According to Department of Ed. And FAFsA guidelines, students need these eligibility requirements for financial help:
answer
enrolled in eligible program, have GED or HS diploma, US citizen, not a Christian school, Selective service, no title IV default or excess limits, no repayment owed, good GPA, not in elem. or secondary school enrollm. Have social sec.
question
Are financial aid, based on no repayment and is free. Given from fed. Gvmnt, state g. , colleges and univ., public & private inst.
answer
Grants
question
The most well- known fed.aid grant in US. Began 1972 & one of key funding areas for low- income students. Determined by family contribution, full or part time, cost of attendance, and length of study. Grant is $602-5550 for full time undergrads and available 12 full semester hours.
answer
Pell grant
question
Federal grant that helps students with exceptional need, $100-400 per yr. Must have pell grant to receive this.
answer
FSEOG- federal supplemental Educ. Opportunity Grant
question
Key to getting a grant is...
answer
Research options and apply early
question
The grant NC offers is...
answer
NC Student Incentive Grant
question
To be eligible for NCSIG..
answer
Legal resident NC, full time student NC, proof need financial help
question
Grant used to finance cost of college and given to undergrads that have awards that are not needed to pay back
answer
scholarships
question
Types of scholarships include:
answer
Merit based, need based, combination both and competitive
question
Merit based scholarship awarded for...
answer
Outstanding academic and/ or civic achievements
question
Need based scholarship awarded for...
answer
Financial need and requires FAFSA
question
Combination merit and needs+ competitive scholarships awarded for:
answer
Academic excellence, civic achievement, leadership, athletic quality
question
General scholarships have a ...nature and offered by individual or organizations at v. Amounts
answer
Broad
question
... are program or major specific and sometimes sponsored by businesses in community
answer
Scholarships
question
... Are specific to a students skills and interests and some of most important scholarships
answer
local scholsrships
question
Ways to find scholarships are through:
answer
colleges and univ. Libraries, advisors & counselors, online, organiz. And foundations com., companies/employers, FEDAiD, college financial aid office
question
.....DisburseS the majority of scholarships available to students. Best place to look is deptmnt of major in career field.
answer
Colleges and universities
question
Have financial aid and scholarship guides
answer
Libraries
question
Have current collection of books and brochures on scholars. and grants. Help with effective application strategies.
answer
Advisors and counselors
question
Websites with sch, Grants, loans that match interests, talents, fin. Background.
answer
Online
question
Have scholrships for students with outstanding scholastic acievem., leadership, civic e.
answer
Community org. And foundations
question
Offer scholsrships, partial or full tuition reimbursement to employees and their kids
answer
Companies/ employers
question
Has list of all scholsrships offered to students attending institution..
answer
College/ Univ. Fin Aid Office
question
...reports that over 3 billion dollars in scholrships is available for college students.
answer
Collegeboard.org
question
Many 2 yr colleges target transfer students for scholarships. T/f?
answer
False. 4 year
question
These are what students and families depend more on than any other financial aid source.
answer
Federal College loans. More than $100 billion in federal ed loans & 10 billion private loans each yr.
question
Educ. Loans are like other loans becuz you dont have to repay $ you borrow with interest.
answer
False. Do have to repay. How both same.
question
Difference btw educ. Loans and other loans are:
answer
Dont make payments while in college. Repay 6-9 months after graduation. Have lower interest rates and dobt need credit history to qualify.
question
3 general types of loans offered:
answer
Federal Direct Subsidized Stafford Loans, Federal Direct Unsubsidized StFf. Loans, Federal Direct Plus Loans( parent loans)
question
Loans given for financial need
answer
Federal Direct Sub. Stafford loan
question
Subsidized means gvmnt wont pay for interest on loan while student in school. T/f
answer
False. Gvmnt WILL pay.
question
Get these loans regardless of need, but pay ALL interest charges
answer
Federal Direct Unsubsidized Staff Loan
question
Parents borrow this loan to help pay students college
answer
Fed Direct PLUS loan
question
Is an investment
answer
college education
question
In short term ... Are necessary option to help pay 4 college
answer
loans
question
The majority of students will need... To help meet their educ. Expenses
answer
student loans
question
The average 4 yr graduate has more than ... in student loan debt
answer
25,000
question
This has a significant impact on lifestyle after college
answer
loan debt
question
According to Central Piedmont Community College manage student loan debt by:
answer
1.)Not overborrowing- only current, if exp. Go up than second loan app for max eligibility. 2.) Calculate Final Student Loan Debt Total FSLDT- how much need to borrow to mert all goals- bach. Mast. Etc. 3.) Calculate monthly totals- Is it doable and how much when repay. 4.) Estimate other expenses after graduation- housing, food, transportation, insurance, credit cards, car payments, etc. 5.) Find average starting salary is for career- comfy with loan debt, job outlook, best place 2 live. 6.) Resist temptation to use fin. Loan for non- educational expenses
question
Great way to subsidize cost of college is to...
answer
obtain employment
question
Employment includes work programs conducive to needs and leadership stipends. T/F?
answer
True.
question
...are conducive to student needs regardless of financial status.
answer
Work programs on campus
question
... hire students as lab assistants, researchers, and etc.
answer
University and departments
question
Experience area in research and around campus will...
answer
increase knowledge base, expand network, and polish soft skills.
question
The wages for on campus work is competitive with...
answer
minimum wage
question
Federal Work Study Program and Student Employment that are competitive with minimum wage includes:
answer
The Federal Work Study Program, Student Work Programs, Leadership stipends
question
This is a federally funded employm. Prog. That has on-campus part time employm. Must be eligible for financial aid. Universities administers this program. Awards sre based on student need and institution funding level.
answer
The Federal Work Study Program
question
This offers a part-time employment positions to college students on univ. Campus. Offers competitive wsge and cond. To needs. Dont have to be receiving financisl aid.
answer
Student Work Programs
question
This is provided to students that hold leadership positions at college. These include Student Gvmnt Association, Residence life/ housing, New Student Orientatiin, and Greek life.
answer
Leadership Stipends
question
These contribute to rich college experience and help develop valuable skills to transfer after complete graduation:
answer
FWSP, SWP, LS
question
The amount family has to pay towards college education.
answer
EFC- Expected Family Contribution
question
This is money usually determined by government or college that uses a formula thst uses FAFSA to analyze and compare your family's financisl cond. With other families financial conditions.
answer
EFC
question
EFC formula calculates depending on:
answer
income, asset, and family size evaluation
question
This will help family to meet the EFC in universities:
answer
Combination of savings, current income, and borrowing
question
This helps determine your eligibility for financial aid by taking EFC number to determine financisl need of student.
answer
Financial Aid Office
question
Formula by Financial Aid Office to determine financial need is:
answer
COA(cost to attend college) - EFC
question
Considering family's role in paying college education means:
answer
Having conversation with parents about cost, affordable for self to pay
question
Great way to get \" College Expense Talk\" started is to:
answer
Inform parents ready to go to college,discuss options, ask their opinion
question
Money conversation starters for parents:
answer
Can we afford college? Is there fund and savings for my ed? Can you pay EFC and how much commit yearly? Pay PLUS loan for me to pay for college? Employers give scholarships for kids? Should I choose private or public? Can I go out of state(enough $)?Any scholarships from civic comm organiz. Heard of?
question
...have primary responsibility of paying for college students education on and is what fed. Aid programs base student's dependent or independent classification on.
answer
Parents
question
If dependent on parent student has to report..
answer
parents income + own info on FAFsA
question
Independent or self-supporting status is granted to a student living outside of parent's home, and parents who: refuses to contribute to child's needs and provide required information, lives out of state, has exhausted his/ her income. Also if student: doesn' t live with parents or relatives, no communication with parents, and demonstrates self-sufficiency. T/F
answer
False. Independent status not awarded to these students
question
Independent or self-supporting status is given when student is:
answer
severely estranged from parents due to extrenuating circumstance like physical or emotional abuse, severe estrangement or abandonment, etc.
question
A student that goes through abuse or abandonment from parents can get \"Dependency Override\". T/F
answer
True. Dep.Override is appeal of dep. status.
question
If a student seeks to be called a independent from parents they need:
answer
3 letters confirming validity of claim and dependency override.
question
According to Department of Education and FAFsA Guidelines, in order to be independent, the student must provide...
answer
specific documentation supporting request change of status.
question
One of strongest financial investments that u will make in your lifetime is type of college you choose. T/F
answer
False. The cost of college education.
question
To generate best return in investment... is the best choice
answer
careful planning
question
Ways to reduce costs in college are:
answer
1.) Attend community college 2.) Take maximum number courses can handle and graduate on time 3.) Attend local univ. & commute at home 4.) Buy used books & online 5.) Create budget for personal expenses and spending limits 6.) Campus employment and leadership
question
...pay stipends and offer remissions
answer
Campus employment and leadership opportunities
question
Many scholarships require FAFsA as part of appication process. T/F
answer
True.
question
Date to submit FAFSA
answer
Jan 1
question
... shows exact dates, including priority deadlines, for grants and schokarships.
answer
College
question
If not sure about dates or FAFsA, grants, or scholarships meet with ...
answer
a financial advisor at college or www. Collegeboard.org
question
To find out exactly how much the college costs that you want to attend and totals use a...
answer
Collegeboard.com site College Cost Calculator. Get amount by totaling all costs and subtract by expected financial aid.
question
Financial aid has a ....semester limit
answer
12
