Financial Aid Basics

What are the different types of financial aid?

• Subsidized loans, work-study programs, grants, and fellowships.

• Merit-based awards, financial aid packages, stipends, and scholarships.

• Tuition reimbursement, fellowships, internships, and bursaries.

• Scholarships, grants, loans, and work-study programs.

What are the eligibility requirements for financial aid?

• Financial aid is only available to students with perfect academic records.

• The eligibility requirements for financial aid are the same for all programs and institutions.

• The eligibility requirements for financial aid vary depending on the specific program or institution.

• Financial aid is only available to students who come from low-income families.

How can you apply for financial aid?

• Contact your bank for a loan.

• Ask your employer for a raise.

• Submit a scholarship application.

• Complete the FAFSA form.

What are some common mistakes to avoid when applying for financial aid?

• Some common mistakes to avoid when applying for financial aid include: not submitting the application on time, providing incorrect or incomplete information, not exploring all available options, and not following up on the application status.

• Relying solely on scholarships instead of financial aid.

• Not reading the eligibility requirements carefully.

• Neglecting to gather all necessary documents before applying.

What are the repayment options for financial aid?

• Principal-only repayment, interest-only repayment, partial repayment, and full repayment.

• Deferred repayment, forbearance repayment, delinquent repayment, and default repayment.

• Standard repayment, income-driven repayment, graduated repayment, and extended repayment.

• Fixed repayment, variable repayment, interest-only repayment, and balloon repayment.

Which type of financial aid does not need to be repaid?

• Scholarships and grants

• Student loans

• Work-study programs

• Tuition reimbursement

What is the Free Application for Federal Student Aid (FAFSA)?

• The FAFSA is a loan program for graduate students.

• The FAFSA is a form to apply for federal financial aid for college.

• The FAFSA is a tax form for parents of college students.

• The FAFSA is a scholarship program for high school students.

What is the maximum income limit to qualify for need-based financial aid?

• There is no fixed maximum income limit for need-based financial aid.

• $100,000

• $50,000

• $200,000

What is the difference between subsidized and unsubsidized student loans?

• Subsidized student loans are based on financial need, and the government pays the interest while the borrower is in school. Unsubsidized student loans are not based on financial need, and the borrower is responsible for paying all interest.

• Subsidized student loans are not based on financial need, and the government pays the interest while the borrower is in school.

• Unsubsidized student loans are based on financial need, and the borrower is responsible for paying all interest.

• Subsidized student loans have higher interest rates compared to unsubsidized student loans.

What happens if you miss a student loan payment?

• Loss of eligibility for future loans, increased interest rates, and negative impact on credit history.

• Limited access to financial aid, increased interest rates, and potential wage garnishment.

• Increased interest rates, collection calls, and suspension of loan privileges.

• Negative consequences such as late fees, damage to credit score, and potential legal action.