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Financial Aid Lingo

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

A type of financial aid that does not have to be paid back after the student leaves school. They are available through the federal government, state agencies, and educational institutions.

a)

grant

b)

unsubsidized loan

c)

subsidized loan

d)

Parent-Plus loan

2.

A type of financial aid that must be repaid to the government agency or other lending organization when the student leaves school.

a)

grant

b)

scholarship

c)

loan

d)

FASFA

3.

A type of financial aid. Organizations may give these according to academic achievement, financial need, or any other basis. Usually there is a competitive application process.

a)

FASFA

b)

grant

c)

scholarship

d)

loan

4.

This is an award of on-campus part-time employment for students who demonstrate financial need.

a)

federal work-study program

b)

financial aid

c)

Pell Grant

d)

tuition

5.

What is the correct ending to a financial aid application (FASFA) website?

a)

.com

b)

.org

c)

.net

d)

.gov

6.

True or False: EFC is the number used to determine your eligibility for financial aid.

a)

True

b)

False

7.

The total estimated cost for one academic year of college or career school.

a)

Cost of College

b)

Tuition

c)

Cost of Attendance

8.

Part-time jobs for students with financial need, allowing them to earn money to help pay education expenses.

a)

student loans

b)

work-study

c)

grants

9.

True or False: All eligible students should apply for financial aid.

a)

True

b)

False

10.

True or False: If my parent(s) doesn't want to pay for college then I can claim to be an independent student.

a)

True

b)

False

11.

___________________________ is funding to a student to help pay for education-related expenses.

a)

Financial Aid

b)

Fee

c)

Room and Board

d)

Loan Entrance Counseling

12.

__________________ is a term referring to the costs of housing and food.

a)

Grant

b)

Pell grant

c)

Supplemental Education Opportunity

d)

Room and Board

13.

A student's basic payment towards the cost of instruction at a college or university. Most institutions also charge these for laboratory equipment and materials, computer use, parking, and other miscellaneous costs.

a)

tuition only

b)

tuition and fees

c)

fees only

d)

tuition, fees, and off-campus non-university housing

14.

Money available from various sources to help students pay college expenses These funds come as loans, grants, or scholarships from the state or federal government or other organizations. Work-study is also a form of this.

a)

financial aid

b)

FASFA

c)

private aid

15.

The amount of time a student has to live in a state before he or she is eligible for in-state tuition prices and state aid.

a)

residency requirements

b)

undergraduate

c)

work-study

d)

non-residency requirements

16.

The date by which your application – whether it’s for college admission, student housing or financial aid – must be received to be given the strongest consideration. Since financial aid is often limited, meeting the priority date is important to be eligible to receive funds.

a)

need-blind admission

b)

net price

c)

transcript

d)

priority date

17.

Financial aid given to students based on their personal achievements. Most scholarships are considered merit aid, as they are generally awarded for success in school, the arts, athletics or another area.

a)

need-based financial aid

b)

merit aid

c)

subsidized loan

d)

unsubsidized loan

18.

State-sponsored investment plans — officially called qualified tuition programs (QTP) — that help families save money for college. The plans have tax benefits so your savings can grow faster. The money in the accounts can be used only for education expenses.

a)

529 Savings Plans

b)

401K

c)

FASFA

d)

merit aid

19.

A measure of your family’s financial strength. States and colleges use this number to help determine your financial aid award. The EFC is calculated using information you supply about your family’s financial circumstances.

a)

FASFA

b)

529 Savings Plans

c)

Expected Family Contribution (EFC)

d)

demonstrated need

20.

The difference between your expected family contribution (EFC) and the total cost of attendance for a particular college.

a)

financial aid

b)

demonstrated need

c)

award letter

d)

net price