College Funding Quiz

What is the average amount spent by families for college in the year 2023-2024?

• $20,000

• $28,026

• $30,000

• $25,500

Which source of college funding is utilized by the highest percentage of Americans?

• Grants

• Scholarships

• Student borrowing

• Relatives and friends

What is the primary purpose of the FAFSA4caster tool?

According to the document, which of the following is NOT a recommended step for completing scholarships?

• Complete FAFSA

• Get a work study job

• Borrow private loans as a first option

• Search for scholarships and use grants if you qualify

When is the FAFSA typically available each year?

• January

• December

• September

• April

What is primarily compared to a college's Cost of Attendance (COA) to determine financial aid eligibility?

• Student Academic Index

• Parental Income

• Student Athletic Performance

• High School GPA

Which of the following is true about grants for college funding?

• They are mostly based on merit.

• They need to be repaid after graduation.

• They are offered by federal government and require completing FAFSA.

• They are awarded for athletic abilities.

What is a key difference between scholarships and grants?

• Scholarships are always need-based.

• Grants are mostly based on merit.

• Scholarships can be awarded based on merit or special talents.

• Grants are awarded for specific academic subjects only.

When is the financial aid award letter typically sent to students?

• In early spring

• At the start of the semester

• After graduation

• Before the application deadline

What should students accept first according to the financial aid award letter?

• Loans

• Work-study programs

• Scholarships and grants

• Private funding