Financial Aid Flashcards
1
Q
What is a merit based scholarship?
A
A scholarship based on your grades or accomplishments.
2
Q
What is Institutional aid?
A
A scholarship from the college you are attending.
3
Q
What are some examples of free aid?
A
Pell Grant, Cal Grant, Institutional Aid, Scholarships
4
Q
What is borrowed aid?
A
Loans
5
Q
What is earned aid?
A
Work study or a job
6
Q
What does ‘free aid’ mean?
A
You don’t have to pay it back.
7
Q
What is a need based scholarship?
A
A scholarship based on your income.
8
Q
Once your need bucket has been filled, anything you still owe is called what?
A
Unmet need
