Financial Aid Study Quiz

A person or office who manages the financial affairs of a college or university.

• Bursar

• Purser

• Chancellor

• Admissions clerk

A designation that is based on a student's financial need.

• A) Merit-Based

• B) Need-Based

• C) Scholarship

• D) Student Loan

A term meaning that something is based on a student's skill or ability. For example, this type of scholarship might be awarded based on a student's high grades, or ACT score.

• EFC

• COA

• Merit-based

• Need-based

The money that is owed to a person or business and is to be paid back, usually with interest.

• Debt

• Scholarship

• Grant

• Tuition

A type of financial aid in which students are hired for part-time jobs, usually by their college, and often for work on campus.

• Merit-based

• Work-study

• Demonstrated need

• Grant

A financial product that allows students and their families to pay for college in installments over time, instead of paying the full amount at once.

• Tuition payment plan

• Cost of Attendance

• Subsidized loan

• Balloon note

Refers to a college admission policy that does not take into account an applicant's financial status when deciding whether to accept them.

• A) Front-loading

• B) Grant

• C) Selective service

• D) Need blind

A sum of money or other aid granted to a student, because of merit, need, etc., to pursue their studies.

• Scholarship

• Loan

• Debt

• Gift

A form of bait-and-switch, where a college gives a better financial aid offer to freshmen than to sophomores, juniors and seniors.

• Need blind

• Demonstrated need

• Front-loading

• Grant

What is a financial award given by a government entity, foundation, corporation, or other organization to an individual or organization for a specific purpose, which does not need to be repaid?

• Grant

• Loan

• Scholarship

• Gift