Paying for College & Statistical Analysis Unit Assessment

The FAFSA is used to determine your eligibility for...

• Private loans and merit-based scholarships

• Scholarships, grants, work study, and federal loans

• Grants to study abroad

• Free room and board

All of the following are potential benefits of attending college EXCEPT...

• College graduates are more likely to get a higher paying job

• Your employer is required to help you pay back your student loans

• A majority of jobs require some college education

• College graduates are more likely to work for an employer that offers health insurance

What is the difference between a federal subsidized loan and a federal unsubsidized loan?

• Subsidized loans are given to parents, while unsubsidized loans are given to undergraduates

• Subsidized loans are charged interest daily, while unsubsidized loans are charged interest monthly

• Subsidized loans need to be repaid, while unsubsidized loans do not need to be repaid

• Subsidized loans are interest-free until graduation, while unsubsidized loans are charged interest throughout the whole term of the loan

Scout has each of the following options available to her for paying for her first year of college. Which should she choose first?

• A work-study job worth $500

• A $1,500 scholarship from her father’s employer

• A $2,000 subsidized federal loan

• A $14,000 private student loan

Which of the following equations is true about college costs?

• Sticker Price = Net Price - Scholarships - Loans - Grants

• Sticker Price = Net Price - Scholarships - Grants

• Net Price = Sticker Price - Grants - Scholarships

• Net Price = Sticker Price - Loans - Grants

Horace is going to college and wants to be sure he has enough aid to cover the total cost of attending. All of the following are additional expenses that you should make him aware of EXCEPT...

• Fees associated with filling out the FAFSA

• Costs of a living in a dorm room or renting off campus

• An on-campus meal plan

• Textbooks and supplies

How is a Student Aid Report (SAR) different from a financial aid offer?

• Student aid report is for public colleges, while financial aid offer is for private colleges

• Student aid report comes from the state government, while financial aid offer comes from the federal government

• Student aid report is based solely on FAFSA responses, while financial aid offer is customized by each college

• Student aid report includes all types of financial support, while financial aid offer is federal loans only

What does it mean for student aid to be merit-based?

• The aid is coming from the US military

• The aid is based on household income

• The aid is based on academic success or other accomplishments

• The aid is available for multiple years, rather than just one

Which of the following is true about how frequently you should file the FAFSA?

• You need to file the FAFSA once, before you start college

• You need to file the FAFSA if you receive a tax refund

• You need to file the FAFSA once, after graduation from college

• You need to file the FAFSA every year that you attend college

Pipo receives a financial aid package from Bigtown University. What does she need to do next?

• Accept the entire offer or risk losing her acceptance at Bigtown University

• Register for classes so she will know the exact cost of her tuition, books, and supplies

• Complete the FAFSA for next year

• Decide which parts of the offer to formally accept and sign any promissory notes