Understanding Financial Aid for College

The video tutorial provides an overview of financial aid options for college students, including grants, scholarships, loans, and work-study programs. It explains the sources of financial aid, such as federal, state, institutional, and private funding. The tutorial guides students through the application process, emphasizing the importance of the FAFSA and meeting deadlines. It also covers how to understand and respond to financial aid award letters, highlighting the student's responsibility in managing their education funding.

Which type of financial aid does not require repayment and is based on financial need?

• Grants

• Work-study

• Loans

• Scholarships

What is a common requirement for receiving scholarships?

• Repayment after graduation

• Financial need only

• Academic achievement or other criteria

• Part-time employment

What is a benefit of work-study employment?

• Full-time employment

• No need to work

• Part-time employment during the academic year

• Guaranteed job after graduation

Which entity is the largest source of financial aid?

• Federal government

• State governments

• Universities

• Private organizations

Which of the following is NOT a source of financial aid?

• Personal savings

• Federal government

• State programs

• Local organizations

What is the first step in applying for federal financial aid?

• Completing the FAFSA

• Getting a student loan

• Applying for scholarships

• Contacting the university

Where can you complete your FAFSA application?

• financialaid.gov

• fafsa.gov

• fsa.gov

• studentloans.gov

What should you do if you have questions about your financial aid award letter?

• Wait until the next semester

• Talk to your parents or university representatives

• Contact your bank

• Ignore it

How often must you apply for financial aid?

• Only if you change schools

• Every semester

• Annually

• Once during your college career

What is the main responsibility of students regarding financial aid?

• Only applying for loans

• Being proactive and doing research

• Relying on parents to apply

• Waiting for offers