Financial Aid Types, Uses, and Eligibility Quiz

TRUE/FALSE: Money from family is financial aid.

• True

• False

What is financial aid?

• Money to pay for post-secondary options

• Money only for college

• Free money for college/other post-secondary options

Which of the following can grants cover?

• Tuition and Fees

• Room and Board

• Neither

• Both

Which of the following is true about student loans?

• You do not have to pay interest until after graduation

• Subsidized Loans are more expensive

• Unsubsidized loans are only need based

• Your parents are responsible for the money borrowed, not you

What is work-study?

• A small amount paid to you by the government in exchange for a service

• A salaried job by the federal government

• A guaranteed on-campus job paid for by the US government for an hourly wage

What is one advantage of a work-study job over other jobs?

How does a stipend differ from a scholarship?

• A scholarship does not need to be paid back whereas a stipend always does.

• Stipends are more flexible in terms of what they can cover

• Scholarships are much more standardized than stipends

How do you qualify for a grant?

• You have to come from a low-income family

• You have to have perfect grades

• Some are need based others are merit based

• Applications that are available to everyone

What factor qualifies you for a student loan?

• Credit History

• Family's Income

• Cost of the school

• All of the answers stated are correct

What is the worst type of financial aid you can take? Why?