FAFSA Test Review

What is the purpose of the FAFSA?

• It provides access to financial aid from the Federal government, such as grants, loans and work-study

• It is a scholarship application that is offered by the Federal government. If you win, you are awarded free tuition to the college you attend

• It provides access to loan programs from private lenders

• The FAFSA does not really have any purpose

Which of the following is TRUE about filing the FAFSA?

• You need to file the FAFSA for every year you will be in school no matter what

• You only need to file the FAFSA if you received a tax refund

• You only need to file the FAFSA if your parents/guardian's financial situation has changed

• You only need to file the FAFSA if your financial situation has changed

Why is it best to file the FAFSA as early as possible?

• You have to pay to file the FAFSA once the Federal government receives a certain number of applications

• The longer you wait, the Federal government adds additional steps to the FAFSA filing process, such as writing essays

• Financial aid is awarded on a first come, first served basis

• None of these is correct

Which of the following statements about applying for grants and scholarships is TRUE?

• Colleges only offer merit-based (based on your accomplishments) scholarships and grants

• While some grants and scholarships are guaranteed for all four years of attendance, others expire every year and must be reapplied for

• Pell Grants are offered based on a student's academic performance

• While the FAFSA is required for federal loans and grants, you don't need to complete it for university, community, or professionally sponsored scholarships

Which of the following statements is TRUE about the value of a college education?

• A high school graduate can expect to earn about the same as a college graduate

• A college graduate can expect to earn, on average, about $40,000 more that a high school graduate over a career

• If you start college but don't finish, your pay will be closer to the level of a high school graduate that the level of a college graduate

• College is only valuable if you want to increase how much you earn