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Name:

Oscar Wu

Date: 11/19/15

Period:

Directions: Click in the box and type your answer to the question.
What is FAFSA?
1. What does FAFSA stand for?
Free Application for Student Aid
2. Who administers FAFSA? How much student aid is awarded per year?
US Dept. of Education; ~$150 billion/year
3. Explain the difference between federal grants and federal loans.
Grant do not need to be paid back. Loans do need to be paid back along with interest.
4. What is the earliest I can complete my FAFSA? When does it HAVE to be completed?
January; April 15
FAFSA Tips: What To Do Before the End of 2015 To Boost Your Odds
5. Why is it important to complete your FAFSA or TASFA as soon as possible?
First come first serve policy
6. Why is 2015 tax information doubly important?
It counts twice-2016-2017 year and 2017-2018 year
7. Generally, what is the formula for decreasing financial aid?
Every $10k increase in income= $3k decrease in financial aid
8. Is it a good idea to increase your savings before college? Why or why not?
No as it will decrease your financial aid package.