Financial Aid and College Costs Quiz

Lilly is getting ready to apply for college and wants to apply for financial aid. She comes across a form called FAFSA. What does the acronym FAFSA stand for?

• Free Application for Federal Student Aid

• Federal Aid for Student Assistance

• Financial Aid for School Applicants

• Federal Application for Student Assistance

Lexi is getting ready to pay for her upcoming semester at college. She looks at the Cost of Attendance (COA) breakdown from her university to figure out her expenses. Which of the following is considered a direct cost in her COA?

• Tuition and fees

• Transportation

• Housing

• Miscellaneous expenses

Lexi recently completed her FAFSA application and soon after received her FAFSA Submission Summary (FSS) in her email. She wants to understand why she received this document. What is the main purpose of the FSS?

• To summarize the information provided in the FAFSA and share the Student Aid Index (SAI)

• To provide a list of available scholarships

• To determine residency status

• To verify academic progress

Eva is exploring ways to pay for college. She learns about different types of financial aid. Which type of financial aid does NOT have to be paid back?

• Grants

• Federal Unsubsidized Loans

• Private Loans

• Federal PLUS Loans

Eva is attending college and wants to keep receiving her financial aid. What does she need to meet to ensure she continues to qualify?

• The minimum academic requirements a student must meet to continue receiving financial aid

• The total estimated cost to attend college

• The process of verifying financial information

• The amount of money a student can borrow

Lexi is applying for financial aid to help pay for college. She wants to choose an option that is offered by the federal government to students with financial need and does NOT have to be paid back except in some instances. Which of the following should Lexi consider?

• Pell Grant

• Federal PLUS Loan

• Private Loan

• Work-Study

Eva is comparing the cost of attending two different colleges. She notices that one college offers a much lower tuition rate for students who are considered "in-state." What does the term "residency" refer to in the context of college costs?

• In-state tuition offers substantial savings on the cost of college

• The requirement to live on campus

• The need to have a parent contribute financial information

• The process of applying for scholarships

Lexi is helping her friend compare different student loan options for college. She reviews information about Federal Subsidized Loans, Federal Unsubsidized Loans, and Federal PLUS Loans in the glossary. Which of the following is NOT a type of student loan mentioned in the glossary?

• Federal Subsidized Loan

• Federal Unsubsidized Loan

• Federal Merit Loan

• Federal PLUS Loan

Lilly is planning to pay for her college tuition and is considering whether to take out a Federal Subsidized Loan or a Federal Unsubsidized Loan. What is the main difference between these two types of loans?

• Subsidized loans do not accrue interest while the student is in college; unsubsidized loans do

• Unsubsidized loans are only for graduate students

• Subsidized loans are only for parents

• Unsubsidized loans do not require repayment

Eva is applying for college financial aid and comes across the term Student Aid Index (SAI). What is the purpose of the Student Aid Index (SAI)?

• To determine how much financial support a student needs

• To verify a student's residency

• To list available scholarships

• To summarize academic progress