T or F 1. The only financial aid is gift aid, such as scholarships and grants.
T or F 2. If you accept the Subsidized Stafford Student Loan, the government pays the interest while you are in college.
T or F 3. There is a limit on the number of colleges to which you can apply.
T or F 4. The Expected Family Contribution (EFC) is the amount you will be billed and pay for any college.
T or F 5. It is not a good idea to mark that you want to be considered for Work Study when doing the FAFSA, because if it is offered, you will never get out of it.
T or F 6. Don’t worry about keeping track of your Federal Student Aid (FSA) ID. You can easily create a new one if you lose it.
T or F 7. If you have a special circumstance that you cannot show on your FAFSA, you can apply to the college directly for the special circumstance, and they may adjust your family’s financial need.
T or F 8. The new FAFSA opens up on October 1 each year, and you will have to do a new FAFSA every year the student is in college.
T or F 9. After submitting the FAFSA, if you get verified, PANIC! You must have messed up big time!
T or F 10. Some of the best resources for help with questions about college planning and financial aid are school counselors, ICAN advisors, and the college admissions and financial aid people.
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How did you do? Here are the answers with a short explanation:
1. False. Loans and Work Study (self-help aid) are also considered part of financial aid.
2. True. The government “subsidizes” this loan by paying the interest while the student is in college.
3. False. You can apply to as many colleges as you want. You can only put 10 colleges at a time on the FAFSA.
4. False. The EFC is an index colleges use to determine whether or not your family qualifies for need-based aid. It is not what you will necessarily pay or be billed.
5. False. I would advise saying you DO want to be considered. If it’s offered, you can always decline it. They will not force you to do work study.
6. FALSE. I capitalize that, because you can only have one FSA ID; it is tied to your social security number. If you lose it and/or forget it, you have to try to retrieve it, which is sometimes tricky!
7. True. If you have a special circumstance that affects your family financially, definitely talk to the college and apply for and document the circumstance. It might change your family’s need.
8. True. Period.
9. False. Don’t panic. It is usually a random verification. Just do whatever you are told to do, which will usually involve some forms and possible documentation.
10. True. Period. If you have questions for an ICAN advisor, you can call 877-272-4692 or visit our website (www.icansucceed.org) and ask via our new chat system.
Thanks for “playing!”
Mary Joan - NW Iowa ICAN Student Success Advisor
1. False. Loans and Work Study (self-help aid) are also considered part of financial aid.
2. True. The government “subsidizes” this loan by paying the interest while the student is in college.
3. False. You can apply to as many colleges as you want. You can only put 10 colleges at a time on the FAFSA.
4. False. The EFC is an index colleges use to determine whether or not your family qualifies for need-based aid. It is not what you will necessarily pay or be billed.
5. False. I would advise saying you DO want to be considered. If it’s offered, you can always decline it. They will not force you to do work study.
6. FALSE. I capitalize that, because you can only have one FSA ID; it is tied to your social security number. If you lose it and/or forget it, you have to try to retrieve it, which is sometimes tricky!
7. True. If you have a special circumstance that affects your family financially, definitely talk to the college and apply for and document the circumstance. It might change your family’s need.
8. True. Period.
9. False. Don’t panic. It is usually a random verification. Just do whatever you are told to do, which will usually involve some forms and possible documentation.
10. True. Period. If you have questions for an ICAN advisor, you can call 877-272-4692 or visit our website (www.icansucceed.org) and ask via our new chat system.
Thanks for “playing!”
