Financial Aid and Student Loans

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The FAFSA is used to determine eligibility for...

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Scholarships, grants, work study, and federal loans

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2. All of the following are potential benefits of attending college EXCEPT…

3. A.College graduates are more likely to get a higher paying job

4. B.Your employer is required to help you pay back your student loans

5. C. A majority of jobs require some college education

6. D. College graduates are more likely to work for an employer that offers health insurance

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B. Your employer is required to help you pay back your student loans

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Difference between federal subsidized and unsubsidized loans...

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Subsidized loans are interest-free until graduation, while unsubsidized loans are charged interest throughout the whole term of the loan

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4. Scout has each of the following options available to her for paying for her first year of college. Which should she choose first?

5. 
   A. A work-study job worth $500

6. B. A $1,500 scholarship from her father’s employer

7. C. A $2,000 subsidized federal loan

8. D. A $14,000 private student loan

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B. A $1,500 scholarship from her father’s employer

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5. Which of the following equations is true about college costs?

6. Sticker Price = Net Price - Scholarships - Loans - Grants

7. Sticker Price = Net Price - Scholarships - Grants

8. Net Price = Sticker Price - Grants - Scholarships

9. Net Price = Sticker Price - Loans - Grants

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C. Net Price = Sticker Price - Grants - Scholarships

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6. Horace is going to college and wants to be sure he has enough aid to cover the total cost of attending. All of the following are additional expenses that you should make him aware of, EXCEPT…

7. Fees associated with filling out the FAFSA

8. Costs of a living in a dorm room or renting off campus

9. An on-campus meal plan

10. Textbooks and supplies

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Fees associated with filling out the FAFSA

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Difference between a Student Aid Report (SAR) and a financial aid offer

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Student aid report is based solely on FAFSA responses, while financial aid offer is customized by each college

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Meaning of merit-based student aid

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The aid is based on academic success or other accomplishments

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9. Which of the following is true about how frequently you should file the FAFSA?

10. You need to file the FAFSA once, before you start college

11. You need to file the FAFSA if you receive a tax refund

12. You need to file the FAFSA once, after graduation from college

13. You need to file the FAFSA every year that you attend college

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1. You need to file the FAFSA every year that you attend college

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Pipo receives a financial aid package from Bigtown University. What does she need to do next?

1. Accept the entire offer or risk losing her acceptance at Bigtown University

2. Register for classes so she will know the exact cost of her tuition, books, and supplies

3. Complete the FAFSA for next year

4. Decide which parts of the offer to formally accept and sign any promissory notes

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1. Decide which parts of the offer to formally accept and sign any promissory notes