FAFSA & Financial Aid Review

Compared with a private loan, interest on a federal student loan will likely be

• higher

• lower

• about the same

This type of federal aid sets up a job for the prospective student

• Subsidized Loan

• Unsubsidized Loan

• Pell Grant

• Work-Study Program

 This type of financial aid usually does not have to be repaid.

• Scholarships and Grants

• Direct Unsubsidized Loan

• Direct Subsidized Loan

• Private Loan

 This is when you borrow money for school, and you must pay it back with interest.

• Loan

• Grant

• Work-Study

• Scholarship

What is the purpose of the FAFSA?

• to access need-based financial aid, including federal loans

• to access loans from your local bank and the federal government

• to apply to an institute of higher education and access aid from that school

• to apply for community-based scholarships and local bank loans

When paying for higher education, scholarships and grants can be considered _____.

• Free money

• sound investments

• easy money

• liquid assets

Which of the following should you consider FIRST when trying to pay for higher education?

• grants and scholarships

• loans

• work study programs

• military service programs

Filling out the FAFSA qualifies you for all of the following EXCEPT?

• Federal Grants

• Federal Loans

• Work Study Opportunities

• Private Loans

Which kind of student loan has a lower interest rate?

• Federal student loan

• Private student loan

Jose receives payment for his tuition after filling out an application. To decide if he qualified for this program, his grades and test scores were evaluated. Jose does not have to pay this money back.

• Grant

• Loan

• Work Study

• Scholarship