8. How much does it cost to file the FAFSA?

It is free the first time you file, but costs $9.99/year thereafter

It is 2% of your total loan amount

9. Typically, when should you first file the FAFSA?

October or November of your last year of high school

After you finish freshman year of high school

After you receive your Student Aid Index

Once you are ready to start repaying your student loans

10. Which of the following is TRUE about the Student Aid Index (SAI)?

The LOWER your SAI the MORE financial aid you are eligible for

The HIGHER your SAI the MORE financial aid you are eligible for

The LOWER your SAI the LESS financial aid you are eligible for

Your SAI does not impact how much financial aid you are eligible for

11. Keith's tuition, room & board, and fees for freshman year total $26,000. Including scholarships, grants, and federal student loans, his financial aid package is $25,500. Which option below is both realistic and the most financially responsible?

Keith should pick up a part-time job to cover his remaining costs and personal expenses

Keith’s financial aid package covers all of his necessary costs, so there is no need for him to do anything else

Keith should take out a private loan and limit himself to $8000 in other expenses freshman year

Keith should not attend this college because he cannot afford it

14. You will find each of the following pieces of information on your FAFSA Submission Summary EXCEPT…

a record of all scholarships you have applied for

a record of the answers you submitted on your FAFSA

your eligibility for federal student aid

15. Which of the following is a benefit of an income-driven repayment plan?

Theoretically, your payment should never be more than you can afford

You will pay the least amount of interest over the life of the loan when compared to other loans

They’re structured to be paid off in 5-10 years

Even if you start to make more money, your monthly payments won’t change

What is the primary benefit of a federal work-study program?

It helps students earn money to pay for education expenses

It provides a guaranteed job after graduation

It offers a higher salary than other part-time jobs

It allows students to defer loan payments

What is the main advantage of applying for scholarships?

They cover all college expenses

They are easier to obtain than loans

What ls a scholarship

A scholarship is something you get awarded based on talent of any sort

when you love college and homework

When you donate money to a charity

amount if money that's is given for college but you have to fill out a form

What is a major advantage of receiving Financial Aid?

It can make education more accessible.

It increases the national debt.

It has to be repaid by everyone, regardless of circumstances.

It guarantees a high-paying job after graduation.

A guest speaker has given a talk about financial aid opportunities at a local college. What would be an appropriate question to ask the speaker?

Do outside scholarships affect the money available to be given by the college?

What is the minimum GPA to get into the college?

What types of clubs or Greek life are on campus?

What courses should I take to complete my AA degree in two years?

Paying for College - Unit Quiz

Authored by Farrah Tuttle

Business

9th - 12th Grade

Used 4+ times

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22 questions

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MULTIPLE CHOICE QUESTION

30 sec • 2 pts

1. Which of these options lists the types of financial aid from MOST attractive to LEAST attractive?

Private loans, Federal loans, Work-study, Grants/Scholarships

Grants/Scholarships, Work-study, Federal loans, Private loans

Work-study, Grants/Scholarships, Federal loans, Private loans

Federal loans, Grants/Scholarships, Work-study, Private loans

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

2. The federal government makes interest payments on __________ while you’re enrolled in school at least half-time, for the first six months after you leave school, and during any period of deferment.

Work-Study

Subsidized federal loans

Unsubsidized federal loans

Grants

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

3. What types of money are used in paying for college and in what order should you use them?

Your money, borrowed money, free money

Borrowed money, your money, free money

Your money, free money, borrowed money

Free money, your money, borrowed money

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

4. Although it’s not a type of financial aid, how can transferring credits from a community college help save you money on college costs?

It reduces amount of credits you’ll have to pay for at your 4-year college

Colleges will pay you for any credits transferred from a community college

The cost of community college credits can be deducted on your taxes

Transferring credits from a community college makes you eligible for lower interest rates when taking out federal student loans

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

5. Janelle's family earns about $60,000 per year. She has been accepted to College A and College B and is comparing their financial aid packages. College A has a sticker price of $28,000 and net price of $12,000. College B has a sticker price of $60,000 and net price of $9,000. Which statement below is FALSE?

It will cost less to attend College A

College B is providing Janelle more grants and scholarships

College A has a lower sticker price than College B

It will cost less to attend College B

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

6. Who is eligible to receive Direct Subsidized loans?

Graduate students

Professional students

Undergraduate students

Students enrolled less than half-time

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

7. Which repayment option does not accrue interest while your required payments are paused?

Consolidation

Deferment

Refinancing

Forbearance

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