Financial Aid Key Terms (NJ)

What does FAFSA stand for?

• Federal Aid for Student Assistance

• Federal Aid for School Application

• Free Aid for Student Authority

• Free Application for Federal Student Aid

What does EFC stand for?

• Estimated Family Contribution

• Estimated Family Cost

• Expected Family Contribution

• Expected Financial Cost

What does EFC tell you?

• The amount of money that the college gives you

• The amount of money the gov't expects you can pay

• The amount of money that the college expects you to pay

• The amount of money the gov't is giving you

Which one is NOT a NJ State Grant?

• EOF

• NJ Stars

• TAG

• Pell

_ is money that needs to be paid back with interest.

_ is money that does not need to be repaid

• Private loans

• Subsidized loans

• Grants

• Unsubsidized loans

_ is awarded so that you're eligible for a student job to offset the cost of education, but is not always guaranteed.

Loans administered by the college/ university with low interest rates and favorable repayment.

• Federal

• Private

• Institutional

• State

Loans administered by the federal gov't that are subsidized or unsubsidized with low/fixed rates.

• Federal

• Private

• Institutional

• State

Loans that are administered by banks or credit unions that have high variable interest rates

• Federal

• Private

• Institutional

• State