| A | B |
|---|
| scholarships/savings/states are | good preparation for the financial aid process |
| FAFSA | Free Application for Federal Student Aid--only way to apply for federal student aid |
| The FAFSA can be completed att | fafsa.gov |
| SAR | Student Aid Report---it summarizes the information in your FAFSA |
| grants | free money that does not have to be repaid |
| student loans | real loans--like a car or loan--that need to be repaid with interest |
| work study | gives you the opportunity to earn money to help pay your educational expenses |
| award letter | explains the combination of federal grants, loans, and work-study a college is offering you |
| sticker price of college | the college's published cost of attendance |
| net price | the differences between the sticker price and grants and scholarships--the real amount your family pays |
| The percentage of families that have a plan for all years of college | 44% |
| The percentage of parents that believe education is an investment in their student's future | 92% |
| The average amount that families spend on college | $26,226 |
| On average, students apply to | four schools and are accepted to three |
| The percentage of families that fill out the FAFSA | 77% |
| EFC | Expected Family Contribution--an estimate of the amount of money that your family can contribute toward your college education. |
| The higher your EFC | the less financial aid you will likely receive |
| subsidized direct loan | fixed interest loan--the federal government pays the interest on your loan while you are still in school at least 1/2 time |
| unsubsidized direct loan | fixed interest loan--the interest starts building up right away--it's a good idea to make your interest payments while you are still in school |
| direct plus loan | fixed interest loan--similar to unsubsidized direct loan--available to graduate students and parents of undergraduate students |
| promissory note | ageement to repay your loan |
| loan servicer | a company that handles billing and other services for a federal student loan |
| The amount of student loan debt should not | exceed your first-year salary after graduating college |
| The best advice about student loans is to be sure | to borrow wisely |
