Personal Financial Literacy Progress Check

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What does FAFSA stand for?

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FAFSA stands for Free Application for Federal Student Aid. It is the form that students fill out to apply for financial aid for college.

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What is a grant?

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A grant is a type of financial aid that does not need to be repaid. It is often awarded based on financial need.

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What is a scholarship?

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A scholarship is a financial award given to a student to help pay for their education, often based on academic or athletic merit.

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What is a debit card?

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A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.

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What is a withdrawal in a checking account?

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A withdrawal is when money is taken out of a checking account, such as when you use an ATM to get cash.

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What is the difference between a loan and a grant?

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A loan is money borrowed that must be repaid with interest, while a grant is money given that does not need to be repaid.

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What is the purpose of the FAFSA?

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The purpose of the FAFSA is to determine a student's eligibility for financial aid, including grants, loans, and work-study.

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What is financial literacy?

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Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

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What is the role of a scholarship in paying for college?

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A scholarship helps cover the cost of college tuition and does not need to be repaid, making it a valuable form of financial aid.

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What does it mean to qualify for a grant?

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To qualify for a grant means to meet specific criteria set by the grant provider, often related to financial need or academic achievement.