Paying for College Quiz

Scholarships are the only way to receive financial aid.

• True
• False

Which of the following types of loans are considered the “best” loans?

• Private lender loans
• Unsecured loans
• Subsidized federal loans
• Unsubsidized loans

What should you do once you receive financial aid packages from colleges?

• Accept the one with the largest total dollar offer
• Compare all offers, consider how much you will have to repay while in college and repayment schedule after graduation
• Accept whichever aid package your dream school offers
• Compare all offers and choose the offer with the fewest subsidized loans

All of the following are costs of going to college EXCEPT...

• Tuition and fees

• Room and board

• Textbooks and school supplies

• Scholarships and grants

When does the FAFSA filing period open every year?

• January 1st

• June 1st

• October 1st

• December 1st

Why should you file the FAFSA as early as possible?

• It can help your chances of being accepted into schools

• Aid is given out on a first-come, first-serve basis

• You're guaranteed to get more merit-based scholarships

• You'll get a lower interest rate on federal student loans

What kinds of aid are you eligible for by filing the FAFSA? (hint: choose 3 correct answers)

• Grants and Scholarships

• Private Student Loans

• Work-Study

• Federal Student Loans

How do scholarships and grants differ?

• Scholarships are need-based; grants are merit-based

• Grants are private forms of aid; scholarships are federal

• Grants are need-based; scholarships are merit-based

• They're not different; they are one and the same

Which is TRUE about the FAFSA?

• You only need to file the FAFSA 1x in your college career

• Your parents must earn below a set amount for you to apply

• You need to file it at the start of every quarter/semester

• There is no cost to file the FAFSA

You are an education major, and part of your financial aid money is the money you earn as a tutor.

• scholarship

• grant

• work study

• loan