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 work-study program?
Answer: A federal program that provides part-time jobs for students with financial need
Federal Work-Study provides part-time employment opportunities for undergraduate and graduate students with demonstrated financial need to help pay education expenses.
When is the FAFSA available for students to complete each year?
Answer: October 1
The FAFSA opens on October 1 each year for the following academic year, allowing students to apply for aid early.
What is a financial aid award letter?
Answer: A document from a college detailing the types and amounts of aid offered
A financial aid award letter outlines all the aid a college is offering, broken down by grants, scholarships, work-study, and loans.
What does 'unmet need' mean in college financial aid?
Answer: The gap between financial need and the aid package offered
Unmet need is the difference between a student's demonstrated financial need and the total aid the college actually provides.
What is the Lifetime Learning Credit?
Answer: A federal tax credit for tuition paid for post-secondary education
The Lifetime Learning Credit is a federal tax credit worth up to $2,000 per tax return for qualified tuition and education expenses paid for eligible students.
What is income-driven repayment (IDR) for student loans?
Answer: A repayment plan where monthly payments are based on income and family size
IDR plans cap monthly federal student loan payments at a percentage of discretionary income and can lead to loan forgiveness after 20–25 years of payments.