University:
University of the People
Course:
BUS 2204 | Personal Finance
Academic year:

2020
Views:

498

Pages:

2
Author:

Nesbyenvkk

 BUILDING BLOCKS STUDENT WORKSHEET Reading about federal financial aid The Free Application for Federal Student Aid (FAFSA) is an important tool for finding financial aid. Exploring the FAFSA and answering questions about it can help you understand how it helps you secure financial aid to help pay for your education after high school. Instructions  Read the “All about the Free Application for Federal Student Aid (FAFSA)” handout.  Answer the reading response questions.  Answer the “Digging deeper” questions. Reading response questions Part A. Define the following terms: 1. Cost of attendance (COA): COA is the amount it will cost you to go to school 2. Expected family contribution (EFC): Your total family income, assets, and beneÞts, as well as your family size and the number of family members enrolled in higher education 3. FAFSA: Free Application for Federal Student Aid 4. Federal student loans: These loans are funded by the federal government and have terms and conditions that are set by law 5. Federal Work-Study: A program that provides part-time jobs to help you earn money to pay for college expenses. 6. Financial aid: Money to help pay for college or career school. 7. Grant: A type of Þnancial aid that does not have to be repaid, unless you drop out of school. 8. Loan: A type of Þnancial aid that needs to be paid back, and over the years the amount you have to pay back grows because of interests. 9. Student aid report: SARS paper document that helps students have basic information of whether they are eligible for federal student aid. Part B. Fill in the blanks using the above terms: 10. A college will determine whether you have financial need by using a simple formula: COA - EFC 11. Loans made by the United States government are referred to as Federal Student Loans Digging deeper 12. Why do you think students must meet some basic criteria in order to be eligible for federal student aid? Because, if not then everyone would be able to go to college for free or with help from the government. So, there needs to be information to support that you need that money. 13. What types of things can financial aid pay for? Aid covers such expenses as tuition and fees, room and board, books, and supplies. Aid also can help pay for other related expenses, such as a computer, transportation, or dependent care.