Financial Aid Vocabulary Quiz

What does FAFSA stand for?

• Free Application for Federal Student Aid

• Financial Aid for Students and Families

• Federal Assistance for Student Applications

• Financial Aid Form for Student Applicants

What is the purpose of EFC in the FAFSA application?

• To measure the expected family contribution

• To determine the eligibility for subsidized loans

• To calculate the total cost of attendance

• To assess the academic success of the student

What is an unsubsidized loan?

• A loan where the government pays the interest

• A loan that does not require repayment

• A loan with low interest rates

• A loan where the borrower is responsible for interest payments

What is the purpose of a merit scholarship?

• To provide financial aid based on academic success

• To offer work experience opportunities

• To cover the cost of textbooks and supplies

• To assist students in finding internships

What is the Cost of Attendance (COA)?

• The total price of tuition, fees, room, board, textbooks, supplies, and personal expenses

• The amount of financial aid awarded to a student

• The interest rate on student loans

• The period after graduation before loan repayment begins

What is a Pell Grant?

• A type of loan that must be repaid

• A federal grant for low-income students

• A scholarship based on athletic ability

• A work-study program for students

What is the main difference between a grant and a loan?

• Grants must be repaid, loans do not

• Loans are based on financial need, grants are not

• Grants do not need to be repaid, loans do

• Loans are only for graduate students, grants are for undergraduates

What is the purpose of a work-study program?

• To provide students with part-time jobs to help pay for education expenses

• To offer students full-time employment after graduation

• To cover the cost of tuition and fees

• To provide students with scholarships based on academic performance

What is a subsidized loan?

• A loan where the borrower is responsible for interest payments

• A loan where the government pays the interest while the student is in school

• A loan that does not require repayment

• A loan with a fixed interest rate

What is the grace period in student loans?

• The time during which a student must start repaying the loan

• The period after graduation before loan repayment begins

• The duration of the loan repayment term

• The time when interest rates are highest