Personal Financial Literacy: FAFSA

What is the chance that a FAFSA applicant will get some type of financial aid for college?

• 35%

• 55%

• 85%

• 100%

How much does it cost to file the FAFSA each year?

• FREE

• $85.00

• It depends on your family's income

• It depends on what college you go to

When does the FAFSA officially open each year?

• October 1

• October 15

• November 1

• November 15

Which of the following people does NOT need to file a FAFSA?

• Adam, a senior in high school applying to community college.

• Sarah, a senior in college applying to grad school.

• Gina, a senior in college taking a gap year before joining the military. 

• Yunior, a part-time student enrolling as a full-time student next year. 

Why should you avoid giving your personal information over the phone if you didn't initiate the call?

• To protect yourself from getting too much aid

• To protect yourself from identity theft

• To ensure the public can access your information

• You actually can give your information over the phone without any concerns.

Who uses the FAFSA once you have submitted it?

• The schools you’ve indicated that you’ve applied to and possibly your state government.

• The IRS

• Insurance Companies

• Credit Card Companies like Mastercard, Visa, American Express, and Discover

What do you receive after you submit the FAFSA?

• Your EFC

• Your Student Aid Report (SAR), which summarizes the information you submitted through the FAFSA application.

• A 1099 Form

• W-2

What Does EFC Mean?

• Expected Feasible Contribution as determined by the FAFSA

• Expected Family Casualties as determined by the FAFSA

• Expected Family Contribution as determined by the FAFSA

• Unexpected Family Contribution as determined by the FAFSA

What is the purpose of the FAFSA, or Free Application for Federal Student Aid? (Select 2 answers)

• 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.

• Colleges and universities use the information you submit on the FAFSA to determine how much financial aid to offer you.

• It provides access to loan programs from private lenders

True or False: Your parent/guardian can use your FSA ID to submit any information for your FAFSA application.

• True

• False