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WorksheetsPaying for College
Total questions: 25
Worksheet time: 15mins
All of the following are costs of going to college EXCEPT...
Tuition and fees
Room and board
Textbooks
Scholarships and grants
All of the following are costs of going to college EXCEPT...
Tuition and fees
Room and board
Textbooks and school supplies
Scholarships and grants
When does the FAFSA filing period open every year?
January 1st
June 1st
October 1st
December 1st
Why should you file the FAFSA as early as possible?
It can help your chances of being accepted into schools
Aid is given out on a first-come, first-serve basis
You're guaranteed to get more merit-based scholarships
You'll get a lower interest rate on federal student loans
What kinds of aid are you eligible for by filing the FAFSA? (hint: choose 3 correct answers)
Grants and Scholarships
Private Student Loans
Work-Study
Federal Student Loans
How do scholarships and grants differ?
Scholarships are need-based; grants are merit-based
Grants are private forms of aid; scholarships are federal
Grants are need-based; scholarships are merit-based
They're not different; they are one and the same
What do you need to file your FAFSA if you're a dependent?
Just your tax forms
Your high school student ID number
Your and your parents' tax forms from 2 years priors
A pay stub if you had a job in the past year
Which is TRUE about the FAFSA?
You only need to file the FAFSA 1x in your college career
Your parents must earn below a set amount for you to apply
You need to file it at the start of every quarter/semester
There is no cost to file the FAFSA
Which is TRUE about the EFC?
It's the cost of filing the FAFSA
It's how much you & your family are expected to pay for college
It's another term for "net price"
It's how much your parents must contribute towards college
When looking at a financial aid award letter, which type(s) of aid would you have to pay BACK?
Federal Pell Grant
Direct Subsidized Loan
Merit Scholarship
Federal Work-Study
Money you receive for school that does not have to be paid back. Select all that apply.
Federal Student Loans
Grants
Private Student Loans
Scholarships
You received money from the government to pay for college.
A scholarship
A grant
Work Study
Loan
You or your parents borrowed money through a federal program to pay for your education this year.
A scholarship
A grant
Work Study
Loan
You were a high school athlete. The university is paying your tuition while you play on the college team.
A scholarship
A grant
Work Study
Loan
You work 20 hours per week in the library at your college.
A scholarship
A grant
Work Study
Loan
What kinds of aid are you eligible for by filing the FAFSA? Select all that apply.
Grants and Scholarships
Private Student Loans
Work-Study
Federal Student Loans
Which of the formulas below equate to net price?
Net Price = Sticker Price - Student Loans
Net Price = Grants and Scholarships + Student Loans
Net Price = Sticker Price - Grants and Scholarships
Net Price = Sticker price + Grants and Scholarships
Which type of financial aid am I? I am free money given by universities or private companies. I do not have to be paid back. I can be given for all four years of college or have to be reapplied for each year.
Work-Study
Subsidized Federal Loan
Unsubsidized Federal Loan
Grants
Which type of financial aid am I? I actually do not provide any money. I am a way to get a discount on the cost of school by working part-time somewhere at the college.
Work-Study
Subsidized Federal Loan
Unsubsidized Federal Loan
Grants
What does FAFSA stand for?
Financial Assistance for Students' Aid
Federal Assistance For Student Aid
Free Application for Federal Student Aid
Financial Aid for Student Assistance
A letter that outlines your financial aid package
from the college(s) to which you applied, detailing your
federal, state, institutional and private aid
Acceptance Letter
Cost of Attendance Letter
Award Letter
Delinquency Letter
A form prepared annually by current or prospective college students to determine their eligibility for financial aid
FIFA
FASFA
FAFSA
FILA
It is possible to pay for college with many types of loans, grants, and scholarships.
True
False
6. Which statement is TRUE?
You can only submit FAFSA once. Most students do it in the last year of high school.
You can only submit FAFSA once. Most students do it before the first year they will attend college.
You must submit the FAFSA annually as you/your family's financial situation may change and therefore impact your aid.
