College Funding

Question 1

Pell Grants

Answer 1

Undergrad students with exceptional financial need

Question 2

Federal Supplemental Educational Opportunity

Answer 2

Undergraduate students with exceptional financial needs
Does NOT need to be paid back
Priority to students who receive Federal Pell Grants and (lowest EFC)

Question 3

Direct Subsidized Loans

Answer 3

Loans have better terms to help students with financial needs
U.S Dept. of Education pays interest

NEED Based
UNDERGRAD ONLY

“I NEED a SUB”

Question 4

Direct Unsubsidized Loans

Answer 4

NON NEED BASED
Undergrad, Grad, Professional Student
No requirement to demonstrate financial need
Students responsible for paying interest

Question 5

Direct Plus Loan

Answer 5

NON need based - undergrad, grad, professional student
“Parent Plus Loans”
U.S Dept of Education is lender
Cannot have adverse credit history
MAX Plus Loan: (Cost of attendance - any other financial aid received)

Question 6

FAFSA Lookback

Answer 6

2 Year lookback for reported income

Question 7

EFC Formula

Answer 7

Income (parent & student) + Assets (parent & student)

Question 8

EFC Parent Income Amount Counted

Answer 8

22% - 47%

Question 9

Financial Need Formula

Answer 9

Cost of Attendance - EFC = Financial Need

Question 10

EFC Student Income Counted

Answer 10

50%

Question 11

EFC Parents Assets Counted

Answer 11

5.64%

Question 12

EFC Student Assets

Answer 12

20%