EPF: Careers, College and Income, Taxes

When does the FAFSA filing period open every year?

• January 1st

• June 1st

• October 1st

• December 1st

Why should you file the FAFSA as early as possible?

• It can help your chances of being accepted into schools

• Aid is given out on a first-come, first-serve basis

• You're guaranteed to get more merit-based scholarships

• You'll get a lower interest rate on federal student loans

When filing the FAFSA, you are eligible for all of the following EXCEPT:

• Grants and Scholarships

• Private Student Loans

• Work-Study

• Federal Student Loans

How do scholarships and grants differ?

• Scholarships are need-based; grants are merit-based

• Grants are private forms of aid; scholarships are federal

• Grants are need-based; scholarships are merit-based

• They're not different; they are one and the same

Which is TRUE about the FAFSA?

• You only need to file the FAFSA 1x in your college career

• Your parents must earn below a set amount for you to apply

• You need to file it at the start of every quarter/semester

• There is no cost to file the FAFSA

Which is TRUE about the Student Aid Index (SAI)?

• It's the cost of filing the FAFSA

• It's how much you & your family are expected to pay for college

• It's another term for "net price"

• It's how much your parents must contribute towards college

Which of the following is the correct flow of submitting/receiving these documents?

• FAFSA Submission Summary > FAFSA > Financial Aid Package

• Financial Aid Package > FAFSA Submission Summary > FAFSA

• FAFSA > Financial Aid Package > FAFSA Submission Summary

• FAFSA > FAFSA Submission Summary > Financial Aid Package

What must you do if you accept a Federal student loan?

• Agree to an official credit check by the government

• Pay off all credit card debt

• Pay a refundable deposit to secure your loan

• Sign a Master Promissory Note

In what order should you accept different types of financial aid?

• Work-study, scholarships, federal loans, private loans

• Private loans, scholarships, work-study, federal loans

• Scholarships, work-study, federal loans, private loans

• Scholarships, work-study, private loans, federal loans

When looking at a financial aid award letter, which type(s) of aid would you have to pay BACK?

• Federal Pell Grant

• Direct Subsidized Loan

• Merit Scholarship

• Federal Work-Study