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WorksheetsCollege Success!
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What does FAFSA stand for?
a)
Free Application for Student Aid
b)
Free Application for Federal Student Aid
c)
Free Aid for Student Applications
d)
Free Aid for Federal Student Applications
2.
If you are 18 and live on your own, do you still need your parents information for the FAFSA?
a)
Yes
b)
No
c)
Only if you don't have a roommate
d)
If you parents say its 'ok', you don't need their information!
3.
How long after you graduate do you have to start paying back your FAFSA?
a)
6 months
b)
12 months
c)
18 months
d)
You don't pay it back
4.
How often do you have to apply for your FAFSA?
a)
Once a year
b)
Every college semester
c)
Every two years if you transfer
d)
Only once, so you are set until you graduate
5.
Once your FAFSA is processed, what does the SAR stand for?
a)
Summary Aid Report
b)
Student Aid Report
c)
Student Aid Received
d)
Student Aid Receiving
6.
If you don't have your income tax paperwork, you may be able to retrieve them using what online tool?
a)
Turbo Tax Retrieval
b)
Income Tax Retrieval Tool
c)
IRS Data Retrieval Tool
d)
Homeland Security Retrieval Tool
7.
Once your FAFSA has processed, what does the term 'EFC' stand for?
a)
Estimated Family Contribution
b)
Expected Family Contribution
c)
Estimated Family Count
d)
Expected Financial Contribution
8.
Can you use FAFSA funds to study abroad?
a)
Yes
b)
No
c)
Only if it is in a country that has a contract with FAFSA
d)
Only if the school is a 'sister school' or 'sister campus'
9.
Are loans considered financial aid?
a)
Yes
b)
No
c)
Only if the borrower is over the age of 21
d)
Only if you borrow from Sallie Mae
10.
If your cost of attendance is $5,000 per year and you receive $5,500 in aid, what happens to the extra $500?
a)
You keep it if you don't owe anything that semester or year.
b)
You forfeit the funds.
c)
You send it back to FAFSA.
d)
You are penalized the next year and will owe $500 to the IRS.
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