graves test

1. All of the following are good ways to prepare for paying for college EXCEPT…

• 1. Contributing to a 529 plan

• 1. Building a savings

• 1. Pursuing grants and scholarships

• 1. Taking out student loans

1. our friend has chosen what college they’re going to attend and says they want to lower the total amount of money they’ll have to budget for while in school. Which of the following should you tell them to focus on?

• 1. Indirect costs

• 1. Tuition

• 1. Direct costs

• 1. Room and board

Which formula is used to calculate the net price of a college?

• 1. Sticker price + grants and scholarships = net price

• 1. Sticker price + value = net price

• Sticker price – grants and scholarships = net price

• 1. Sticker price - value = net price

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

• • 35%

• 55%

• 
  85%

• 100%

When does the FAFSA officially open each year?

• October 1

• October 15

• • November 1

• November 15

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

• $85.00

• 
  It depends on your family's income

• It depends on what college you go to

• its free

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.

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.

1. Your friend tells you they’ve submitted their FAFSA and they’re ready to start accepting financial aid. What type of aid should they accept first?

• 1. Federal student loans

• 1. Private student loans

• 1. Work study

• 1. Grants and scholarships

1. All of the following are possible sources of grants and scholarships EXCEPT…

• 1. Government

• 1. Non-profit organizations

• 1. Your parents

• 1. Private businesses