Financial Aid Basics

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What are the different types of financial aid?

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Scholarships, grants, loans, and work-study programs.

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What are the eligibility requirements for financial aid?

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The eligibility requirements for financial aid vary depending on the specific program or institution.

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What are some common mistakes to avoid when applying for financial aid?

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Some common mistakes to avoid when applying for financial aid include: not submitting the application on time, providing incorrect or incomplete information, not exploring all available options, and not following up on the application status.

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What are the repayment options for financial aid? Options: Standard repayment, income-driven repayment, graduated repayment, and extended repayment.

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Standard repayment, income-driven repayment, graduated repayment, and extended repayment.

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Which type of financial aid does not need to be repaid? Options: Scholarships and grants, Student loans, Work-study programs, Tuition reimbursement

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Scholarships and grants

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What is the maximum income limit to qualify for need-based financial aid?

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There is no fixed maximum income limit for need-based financial aid.

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What is the difference between subsidized and unsubsidized student loans?

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Subsidized student loans are based on financial need, and the government pays the interest while the borrower is in school. Unsubsidized student loans are not based on financial need, and the borrower is responsible for paying all interest.

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What happens if you miss a student loan payment?

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Negative consequences such as late fees, damage to credit score, and potential legal action.

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How does work-study financial aid work?

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Students work part-time jobs to earn money for educational expenses.

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What is the purpose of a financial aid package?

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To combine different types of financial aid to meet a student's needs.