Chapter 7 Lesson 4 Reduce Your Cost

What is the primary purpose of filling out the FAFSA?

• To apply for student loans

• To qualify for federal and some private financial aid

• To get admitted to college

• To receive a scholarship automatically

Which of the following is NOT considered free money for college?

• Scholarships

• Grants

• Work-study

• Student loans

When can you start filling out the FAFSA each year?

• January 1

• October 1

• July 1

• December 1

What is a key quality that can help you succeed in earning scholarships, according to Kristina Ellis?

• Intelligence

• Fearlessness

• Athletic ability

• Popularity

What is the main difference between scholarships and grants?

• Scholarships are based on financial need, while grants are based on achievement.

• Grants are based on financial need, while scholarships are based on achievement.

• Scholarships must be repaid, while grants do not.

• Grants are only available to athletes.

What should you do if you see student loans listed in your financial aid award letter?

• Accept them immediately

• Ignore them

• Decline them to avoid debt

• Ask for more loans

Which of the following is a potential consequence of not completing the FAFSA early?

• Missing out on federal aid

• Not being admitted to college

• Receiving fewer scholarship offers

• Having to pay back grants

What is the Federal Work-Study Program?

• A loan program for students

• A scholarship for athletes

• A program that allows students to earn money by working part-time

• A grant for students with high grades

Which of the following is a common requirement for both scholarships and grants?

• Writing an essay

• Demonstrating financial need

• Being a full-time student

• Completing the FAFSA

What is one reason students might miss out on scholarship opportunities?

• They don't have high grades

• They don't want to write an essay

• They don't play sports

• They don't have financial need