Paying for College: 5.1 & 5.2 Lesson Quiz

1. School 1 has a sticker price of $50,000 and offers $40,000 in grants and scholarships. School 2 has a sticker price of $15,000 and offers $3,000 in grants and scholarships. School 3 has a sticker price of $80,000 and offers $60,000 in grants and scholarships. School 4 has a sticker price of $10,000 and offers $1,000 in grants and scholarships. Which school has the lowest Net Price?

• School 1

• School 2

• School 3

• School 4

2. As a freshman living on campus, you can expect to have the following costs EXCEPT

• Room and Board

• Tuition

• Fees

• Rent

3. When talking to a parent/guardian about paying for college, it is helpful to do all of the following EXCEPT

• Pick a time that is convenient for you and your parent/guardian to have the conversation

• Assume that your parent/guardian has a detailed plan set up for you

• Take notes during the conversation

• Have a few questions prepared to ask and discuss

4. Which of the following statements is/are TRUE about financial aid? Choose ALL that apply

• Financial aid is money that is given to you - you never need to pay it back.

• Financial aid may be awarded to you based on factors such as your financial need, academic performance, or athletic ability.

• Financial aid may include money that you have to pay back later.

• Most full-time students receive some form of financial aid.

5. Which of the following is TRUE about your Student Aid Report (SAR)?

• You receive your SAR and Expected Family Contribution (EFC) separately.

• You should carefully review your SAR for any errors, because schools use the information on it to create your financial aid package.

• You should wait until you accept an offer of admission from a college before reporting any errors you find on your SAR.

• You usually receive your SAR about 6 weeks after submitting the FAFSA.

6. Which statement is TRUE?

• You can only submit FAFSA once. Most students do it in the last year of high school.

• You can only submit FAFSA once. Most students do it before the first year they will attend college.

• You must submit the FAFSA annually as you/your family's financial situation may change and therefore impact your aid.

7 . The FAFSA is used to determine your eligibility for all of the following types of financial aid EXCEPT

• Private Loans

• School Scholarships & Grants

• Work-Study

• Federal Loans

8. After completing the FAFSA, your SAR (Student Aid Report) indicates that your Expected Family Contribution is $5,700. If your college's cost of attendance (COA) is $45,000, what is your financial need?

• $0

• $5,700

• $39,300

• $45,000

9. Arrange the steps in the financial aid process in the proper order from first step to last step.

I) Review Student Aid Report

II) Get tax information from two years prior

III) File FAFSA

IV) Receive Financial Aid AWard letter from colleges where you have been accepted

• III > I > II > IV

• II > III > I > IV

• II > I > III > IV

• I > III > II > IV