FAFSA Changes Quiz

What is the new name for Expected Family Contribution (EFC)?

• Financial Aid Eligibility (FAE)

• Student Aid Index (SAI)

• Family Contribution Index (FCI)

• Student Aid Report (SAR)

What is the new name for the Student Aid Report (SAR)?

• Financial Aid Summary (FAS)

• FAFSA Submission Summary

• Pell Grant Eligibility Report (PGER)

• Student Aid Index Report (SAIR)

What additional factor is used to determine eligibility for Pell Grant money?

• Student Aid Index (SAI)

• Parental Contribution (PC)

• Total Family Income (TFI)

• Adjusted Gross Income (AGI)

What happens to the 'discount' for families with more than one child in college?

• It is no longer provided

• It is increased

• It is decreased

• It remains the same

Who fills out the FAFSA form if parents are divorced or separated?

• The parent who gave more financial support two years ago

• The parent that the student lives with

• Both parents need to fill out separate forms

• The parent with the higher income

How does receiving money gifts for college affect a student's ability to receive aid?

• It does not affect their ability to receive aid

• It increases their ability to receive aid

• It decreases their ability to receive aid

• It depends on the amount of money received

What is the purpose of the FAFSA income protection allowance?

• To determine the repayment plan for student loans

• To calculate the interest rate on student loans

• To determine the maximum amount of financial aid a student can receive

• To exclude a portion of parent and student income from the financial aid eligibility formula

What is the new income driven repayment plan replacing REPAYE?

• SAVE

• IDR

• SAI

• FAFSA

What is the new percentage of a borrower's discretionary income owed under the SAVE plan?

• 15%

• 10%

• 20%

• 5%

What is the new timeline for loan forgiveness under the SAVE plan?

• 10 years

• 15 years

• 20 years

• 25 years