Ways to Pay for College

What is merit-based financial aid?

• Financial assistance based on financial need.

• Financial assistance awarded based on a student's academic, artistic, athletic, or other achievements.

• Financial assistance that is given to all students regardless of their performance.

• Financial assistance that requires repayment after graduation.

What is the significance of the Expected Family Contribution (EFC)?

• It determines the amount of student loans a student can take.

• It is a measure of a family's financial strength and is used to determine a student's eligibility for federal student aid.

• It calculates the total cost of attendance for a college.

• It is used to assess a student's academic performance.

What is a loan?

• A loan is money borrowed that must be paid back with interest.

• A loan is a gift given without any expectation of repayment.

• A loan is an investment made to earn interest over time.

• A loan is a type of savings account that earns interest.

What is a scholarship?

• A financial award given to students that must be repaid.

• A financial award given to students based on academic or other achievements that does not need to be repaid.

• A type of loan for students to pay for their education.

• A grant that is awarded to students for extracurricular activities.

What types of financial aid are available for college students?

• Grants, scholarships, and work-study programs only

• Loans, scholarships, and grants

• Grants, scholarships, loans, and work-study programs

• Only scholarships and grants

What is the difference between federal and private loans?

• Federal loans are funded by the government and often have lower interest rates and more flexible repayment options than private loans.

• Private loans are always interest-free and do not require repayment until after graduation.

• Federal loans are only available to students enrolled in public universities, while private loans can be used for any educational institution.

• Private loans are funded by the government and have more flexible repayment options than federal loans.

What is need-based financial aid?

• Financial assistance awarded based on academic performance.

• Financial assistance awarded based on the financial need of the student and their family.

• Financial assistance that is available to all students regardless of their financial situation.

• Financial assistance provided only to students from low-income families.

What is a grant?

• A financial award given to students that does not need to be repaid, often based on financial need.

• A type of loan that must be repaid with interest.

• A scholarship that is awarded based on academic performance.

• A payment made to a company for services rendered.

What is the FAFSA?

• FAFSA stands for Free Application for Federal Student Aid, which is the form students must fill out to apply for federal financial aid.

• FAFSA is a financial literacy program for high school students.

• FAFSA is a scholarship awarded to students based on academic performance.

• FAFSA is a government loan program for college students.

What is the main difference between a scholarship and a loan?

• A scholarship must be repaid with interest, while a loan does not have to be repaid.

• A scholarship is awarded based on financial need, while a loan is awarded based on academic performance.

• A scholarship does not have to be repaid, while a loan must be repaid with interest.

• A scholarship is only available to undergraduate students, while a loan is available to all students.