FAFSA Quiz

What is the purpose of the FAFSA?

• a. It provides access to financial aid from the Federal government, such as grants, loans, and work-study.

• b. 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.

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

• d. 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.

• a. True

• b. False

Which of the following statements is TRUE about filing the FAFSA?

• a. You should file the FAFSA for each year you will be in school.

• b. You only need to file the FAFSA if you received a tax refund.

• c. You only need to file the FAFSA if your parent/guardian's financial situation has changed.

• d. You only need to file the FAFSA if your financial situation has changed.

Why is it best to file the FAFSA as early as possible?

• a. You have to pay to file the FAFSA once the Federal government receives a certain number of applications.

• b. Every college or university has its own FAFSA deadline. Filing early will help you meet all the deadlines.

• c. The longer you wait, the Federal government adds additional steps to the FAFSA filing process, such as writing essays.

• d. Financial aid is awarded on a first come, first served basis.

Which of the following does a college/university use to determine how much to award you in financial aid?

• a. Cost of attendance

• b. Expected income after graduation

• c. Financial need

What information does the FAFSA Submission Summary include?

• a. Student Aid Index (SAI)

• b. Expected Family Contribution (EFC)

• c. Financial aid eligibility

• d. All of the above

How long will it take to receive your FAFSA Submission Summary once you submit your FAFSA?

• a. 1-2 business days

• b. 1-2 weeks

• c. 1-2 months

• d. 1-2 years

Your friend Ally makes the following statement after receiving her FAFSA Submission Summary: 'My SAI is so high and I don't think my family can afford to pay that much out of pocket!' What can you tell her about the difference between her SAI and the amount she will likely pay for college?

• a. The SAI represents the maximum amount her family is expected to contribute, but the actual amount may be lower depending on the college's financial aid policies.

• b. The SAI represents the minimum amount her family is expected to contribute, but the actual amount may be higher depending on the college's financial aid policies.

• c. The SAI is the exact amount her family is expected to contribute, and there is no possibility of it being lower or higher.

• d. The SAI is not related to the amount her family is expected to contribute for college.

What is the role of the FAFSA in the financial aid process?

• a. It determines the eligibility of current and prospective college students for financial aid.

• b. It provides scholarships to students based on their academic achievements.

• c. It helps colleges and universities determine their tuition fees.

• d. It provides access to loan programs from private lenders.

When does the FAFSA become available for the following year and when is the best time to submit it?

• a. It becomes available in January and the best time to submit it is in February.

• b. It becomes available in October and the best time to submit it is as soon as possible.

• c. It becomes available in April and the best time to submit it is in May.

• d. It becomes available in July and the best time to submit it is in August.