Financial Aid & Scholarships Flashcards
6 cards from real Colleges practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Financial Aid & Scholarships flashcards as text
What is a merit scholarship?
Answer: Financial aid awarded based on academic or extracurricular achievement
Merit scholarships reward students for academic excellence, athletic ability, artistic talent, or other achievements regardless of financial need.
What does COA stand for in college financial aid?
Answer: Cost of Attendance
Cost of Attendance (COA) is the total estimated cost to attend a college for one year, including tuition, room, board, books, and personal expenses.
What is the difference between a grant and a loan in financial aid?
Answer: Grants do not need to be repaid; loans must be repaid
Grants are a form of gift aid that students keep without repayment, while loans are borrowed funds that must be repaid with interest.
What is a Direct PLUS Loan?
Answer: A federal loan available to parents of dependent undergraduates
Parent PLUS Loans are federal loans that parents of dependent undergraduate students can borrow to help pay education expenses, with repayment starting after funds are disbursed.
What is verification in the FAFSA process?
Answer: A process where the college confirms the accuracy of FAFSA information
Verification is a federally required process in which selected students must provide documentation to confirm the information reported on their FAFSA.
What is the National Merit Scholarship Program?
Answer: A scholarship competition based on PSAT/NMSQT scores
The National Merit Scholarship Program is a nationwide academic competition where students qualify based on their PSAT/NMSQT scores, with finalists competing for scholarships.