Bermudez - Federal Student Aid Quiz

What does the acronym FAFSA stand for?

• Free Assistance for Federal Student Applicants

• Free Aid for Federal Student Aid

• Free Application for Federal Student Aid

• Free Aid for Financial Student Assistance

Answer explanation

FAFSA stands for the Free Application for Federal Student Aid.

You need to complete the FAFSA to be eligible for federal student aid such as grants, loans and work study funding. The FAFSA does not cost anything to fill out and submit.

You can watch more about what the FAFSA is and why it is important here. https://youtu.be/NmEP38x-1Z8

Students must reapply for financial aid every year by submitting a new FAFSA.

• True

• False

Answer explanation

The FAFSA is a yearly application, meaning you must complete it each year to be considered for federal student aid. 

Visit the site below to learn more about deadlines.

https://studentaid.gov/articles/3-fafsa-deadlines/#:~:text=You%20need%20to%20fill%20out,each%20of%20their%20aid%20programs.

What is the primary difference between a grant and a loan?

• Both grants and loans must be repaid.

• A grant must be repaid, while loans do not need to be repaid.

• Neither grants nor loans need to be repaid.

• Loans must be repaid, while grants do not need to be repaid

Answer explanation

A grant does not have to be repaid. There are several different types of federal and state grants. The Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant are two that do not have to be repaid.

Watch the video below to learn more about the different types of Federal Student Aid.

https://youtu.be/Pn4OECMTh5w?si=F9g6nwPF9-cyvEtU

Federal Direct Student Loans do not require a credit check for undergraduate students.

• False

• True

Answer explanation

Federal Direct Student Loans for undergraduates do not require a credits check or cosigner.

Click the link below to learn more about Federal Student loans.

https://studentaid.gov/understand-aid/types/loans

Scholarships are always based on financial need.

• True

• False

Answer explanation

Scholarships are forms of aid that help students pay for their education. They do not have to be repaid.

There are numerous reasons and ways to qualify for a scholarship; academic, athletic, artistic, interested in a particular field of study, live in a certain area of the country, demonstrate financial need, etc.

Click the link below to learn more about scholarships. https://studentaid.gov/understand-aid/types/scholarships

What types of aid can a graduate student receive?

• Federal Pell Grant, NJ Tuition Aid Grant (TAG), Garden State Guarantee (GSG), Federal Direct Subsidized Loan, Federal Direct Unsubsidized Loan, Private Loans

• Federal Pell Grant, Stockton Promise, Federal Direct Subsidized Loan, Federal Direct Unsubsidized Loan, Private Loans

• They are not eligible for aid.

• Federal Direct Unsubsidized Loan, Private Loans

Answer explanation

Students, that have graduated with an undergraduate degree, no longer qualify for Federal Student Aid Grants like the Federal Pell Grant.

Click the link below to learn more about sources of aid for Graduate students.

https://stockton.edu/financial-aid/sources-of-financial-aid/graduate-sources.html