The Fine Print - Ms. Cecy De La O - Home



The Fine Print Paying for College #1Learning ObjectivesStudents will be able toUnderstand the various types of financial aid described in a financial aid award letterCompare two financial aid award letters to identify which one offers the best packageRecommended NGPF Lesson: 5.1 Paying for College BasicsApproximate TimeLesson length: 7 minsComprehension questions:10 minsAlignment to Jump$tart Credit and Debt Standards1f: Differentiate among various types of student loans and alternatives as a means of paying for post-secondary educationAlignment to Jump$tart Financial Decision Making Standards6b: Summarize the terms of a credit card or other loan agreement Financial Aid PackageResourcesUse the space below to take notes on the two resources in this mini-lesson. ResourcesApprox Time1ARTICLEWhat’s In a Financial Aid Award?Publisher: COLLEGEdata5 mins2VIDEO (1:50)How to Read Your Financial Aid Award LetterPublisher: Sallie Mae2 minsNOTES: FormsFinancial Aid Award Letter #1:Source: College Board Aid Award Letter #2:Source: College Board QuestionsThe Fine PrintPaying for College #1Comprehension QuestionsNameFinancial Aid Package True or False?: If you are concerned about cost, you should always choose the school with the lower "sticker price” (cost of attendance).TrueFalseWhich of the following types of aid will you have to pay back after you leave college? YesNoStatementUniversity grantFederal student loansWork StudyScholarshipsGiftsAfter reviewing Award Letter #1, what TWO questions would you ask the financial aid representative to fill in information that you don't currently have? StatementWhat is the total amount of financial aid awards that I will receive? What is the school's total cost of attendance?How much will I receive in college grants? What will be my "out of pocket" costs or "net price" for your school? If you accept Award #2, how much of the FINANCIAL AID awarded to you will you have to pay back or earn through work?$43,735 (Federal Subsidized Direct Loan + Federal Pell grant + College Grant + Federal Work Study) $5,682 (Federal Subsidized Direct Loan + Federal Work Study) $3,482 (Federal Subsidized Direct Loan)$2,200 (Federal Work Study) Fill in the blanks using the terms COST OF ATTENDANCE or NET PRICE. The ___________________________minus financial aid awarded = _______________________ Assume that the college in Award Letter #1 has a Cost of Attendance of $70,000. Which of the statements below comparing Award Letter #1 to Award Letter #2 is/are TRUE?YesNoStatementCollege #2 has a higher "cost of attendance" than College #1College #1 has a lower "net price" than College #2College #1 has a "net price" of $31,000College #2 has a “net price” of around $14,000Which of the following steps are recommended BEFORE you accept your aid offer? SelectStatementCheck the terms and conditions of any loans you may be accepting. Ask what happens to your financial aid package after the first year. Accept the financial aid package within 24 hours so that you do not miss out on any awards. If your parent's or guardian's financial position has changed, you can ask to have your financial aid package reviewed again. True or False?: You must accept ALL of the aid listed in a financial award letter. TrueFalseWhat is a federal work study award?An internship in a federal government office that you receive after your junior year.An example of "free money", like a grant, scholarship, or gift.A type of loan that you have to pay back later with interest.An estimate of how much you are expected to contribute to your college expenses from an on-campus job that you will have while you are a student at that school. Assume that the college in Award Letter #1 has a cost of attendance of $53,000. What would be the "net price" (or out-of-pocket costs) for the college?$0$19,500$14,000$39,000 ................
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