FB 12 - Paying for College

Michelle is attending a university where tuition for one year costs $17,300. She has a scholarship worth $5,000 per year. She earns $2,700 per year at her part-time job. She plans to take out a loan to cover the remaining tuition costs. Tuition will increase by $500 each year. If she completes college in 4 years, how much money will Michelle need to borrow?

• $25,500
• $39,900
• $38,400
• $41,400

jobs on campus or at local organizations that pay toward tuition is which of the following?

• Work-Study
• Grants
• Scholarship 
• Loan

money borrowed that has to be paid back with interest is which of the following? 

• Grant
• Loan
• Scholarship
• Work-study

Angela is attending the University of Texas, where the tuition is $12,000 a year. She has a scholarship that pays $6,000 and a grant for $1,000. She also has a job at the campus bookstore. If her job pays her $50 every day that she works, how many days would she need to work to pay for 50% of the remaining amount?

• 100 days
• 25 days
• 50 days
• 75 days 

A   ________ is often based on grade point average or other accomplishments 

• Grant
• Scholarship
• Savings 
• Loan

All of the following are costs of going to college EXCEPT...

• Tuition and fees

• Room and board

• Textbooks and school supplies

• Scholarships and grants

Which is TRUE about sticker price and net price?

• Net price is the sticker price minus loans

• Sticker Price is the published cost of going to a school

• Net price is the sticker price minus loans

• Sticker price is the net price minus scholarships & grants

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