Financial Literacy Quiz

What does FAFSA stand for?

• Free Application for Federal Student Aid

• Federal Application for Student Aid

• Federal Aid for Students Application

• Free Aid for Students Application

Which of the following is not a type of financial aid?

• Credit Cards

• Loans

• Scholarships

• Grants

Which of the following factors is not considered in determining federal financial aid

• family income

• academic performance

• number of siblings in college

• financial assets

What is a subsidized loan

• A loan that has a lower interest rate than others

• A loan where interest is paid by the government while you are in school

• A loan that doesn't need to be repaid

• A loan with that doesn't gain interest

What type of financial aid is awarded based on academic or other achievements

• Loans

• Work-study

• Scholarships

• Grants

When do you typically have to start repaying federal student loans?

• The semester after you take out the loan

• One year after graduation

• Immediately after the loan is disbursed

• Six month after graduating or dropping below half-time enrollment

What is federal work study?

• A program for students to study abroad

• A part-time job program for students with financial need

• A grant program for high achieving students

• A loan program for graduate students

How is the amount of work study aid you can earn determined?

• By your financial need

• By your GPA

• By availability of jobs

• By how much you borrow in loans

Which is not a form of income

• Salary

• Loan proceeds

• Tips

• Commission

If you are paid bi-weekly how many paychecks do you typically receive a year?

• 12

• 24

• 26

• 52