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FAFSA Financial Aid Latest Updates 2024
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FAFSA Financial Aid Latest Updates 2024
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FAFSA Financial Aid Latest Updates2024
Award Letter ANS✔✔ Official notification of the type and amount of financial
aid a college is offering you
Demonstrated Need ANS✔✔ The difference between the actual cost of
attending college and what your family can contribute toward college
expenses.
Expected Family Contribution (EFC) ANS✔✔ The amount of money you and
your family are expected to contribute toward college expenses. It is based
on your FAFSA and a calculation by the federal governement.
FAFSA ANS✔✔ The Free Application for Federal Student Aid. Every student
must submit this in order to be eligible for financial aid from the federal
government.
Grants ANS✔✔ Money for college that does not have to be repaid. Most are
need-based and are awarded by the state or federal government
Loans ANS✔✔ Money given to a student that must be paid back. There are
several types of loans, but the ones that are okay to accept are low interest
student loans through the federal government such as the Stafford or Perkins
loans.
Work Study ANS✔✔ Financial aid given for work on campus. You must
complete the FAFSA to qualify.
, Unsubsidized Loans ANS✔✔ Federal loans that start accruing interest while
you are in college.
Subsidized Loans ANS✔✔ Federal loans that don't accrue interest until after
you graduate from college.
Cost of Attendance (COA) ANS✔✔ The total cost to attend a particular
university. Includes tuition, fees, room and board, books, and miscellaneous
expenses.
Out of Pocket Expenses ANS✔✔ Money you owe for college that is not
covered by grants, loans, or scholarships. You may have to earn this money
through a summer job!
MAP Grant ANS✔✔ A grant from the Illinois state government that is
available to students from Illinois who go to a college or university in Illinois.
You must complete the FAFSA to qualify.
Scholarships ANS✔✔ Money for college that does not have to be paid back.
They are merit-based and usually awarded based on specific criteria
(academic performance, extracurriculars, ethnic heritage).
Merit Aid ANS✔✔ Financial aid awarded to you from a college based on your
individual achievements and talents.
Need-based Aid ANS✔✔ Financial aid given based on your family's ability to
pay for college.
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