Financial Aid Literacy Practice Quiz

1. What is tuition?

• Money paid to FAFSA?
• Money earned through work study
• Money paid to college for classes
• Money earned based on merit

2. FAFSA makes you eligible to receive?

• Grants
• Loans
• Work-study
• All of the above

3. The type of financial aid that needs to be repaid?

• Scholarships
• Loans
• Work-study
• Grants

4. Grants are usually awarded based on ____________.

• Merit
• Grade point average
• Extra-curricular activities
• Financial need

5. What is the name of the username and password needed to begin and submit the FAFSA?

(a)  

6. Need based aid considers your ____________ to be eligible?

• Income
• GPA
• Extra-curricular activities
• College

7. What information do you need to complete the FAFSA

• FSA ID
• Parents 2022 income tax forms
• Your list of colleges
• All of the above

8. How do interest rates affect student loans?

• A lower interest rate means less debt
• A higher interest rate means less debt
• A lower interest rate means more debt
• Interest rate don't affect loans

9. What is the difference between a subsidized and unsubsidized loans.

• Subsidized loans have a higher interest rate
• The government pays the interest on subsidized loans
• The government pays the interest on unsubsidized loans
• Unsubsidized are only for undergraduate degrees

10. When a student cannot pay their student loans, they have the option to:

• Stop payment
• Negotiate payment
• Defer payment
• Apply to eliminate student debt