Unit 4 Test

What does FAFSA stand for?

• Free American Financial Student Aid

• First Application of Financial School Aid

• Federal Application for Student Aid

• Free Application for Federal Student Aid

What is the purpose of FAFSA?

• Approves you to apply for scholarships

• Free Application for Educational Funding Based on Ones Needs

• Form that MUST be Filled Out Prior to Applying to College

• Application for Federal Student Loans

Scholarships are often awarded for which of the following?

• Food you Like

• To repay you for out of pocket costs related to your education

• Need-Based, Athletics, Merit-based, Military Affiliation, Ethnicity

• Funding to start a business

A Financial Aid Package is the collection of what?

• All aid (federal and non federal) a student receives to attend college or career school

• Aid offered by your school

• Aid you receive from private lenders

• Aid you receive from federal funding

What types of Financial Aid are you required to pay back?

• Scholarships and Grants

• Scholarships, Grants, Student Loans

• Student Loans (private and federal)

• Student Loans and Grants

Student Loans are....

• Money offered by a federal or private lender with the expectation you pay it back

• Money earned while working in college

• Money from Scholarships that you do not have to pay back

• Free Money

What are the three main types of Federal Student Loans?

• Direct Subsidy, Direct Minimal Subsidy, Direct Minus

• Direct Subsidized, Direct Unsubsidized, Direct Plus

• Direct Subsidized, Direct Unsubsidized, Direct Minus

• Direct Subsidy, Direct Unsubsidized, Direct Plus

A Direct Subsidized Loan is defined as .....

• Loans Based on the University you are Attending

• Loans Based on Your Credit Score

• Loans Based on Financial Need

• Loans Based on the Financial Standing of Ones Parents

Direct Unsubsidized Student Loans are defined as....

• Loan amounts determined by your school based on other financial aid you have accepted

• Loans determined by the Government

• Loans determined by your credit score

• Loans determined by financial need

What are the Three main types of income?

• Each, Picked, Disposable

• Earned, Picked, Demand

• Earned, Passive, Disposable

• Earned, Direct, Passive