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Paying for college: next gen review

Total questions: 24

Worksheet time: 13mins

Name
Class
Date
1.

You are an education major, and part of your financial aid money is the money you earn as a tutor.

a)

scholarship

b)

grant

c)

work study

d)

loan

2.

Which type of financial aid is free money; financial aid that doesn't have to be repaid or earned.

a)

Grant

b)

Work-Study

c)

Student Loan

3.

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

4.

Household size includes YOU, parent(s), sibling(s), & other people(s) if your parent(s) support them financially by 50% or more.

a)

True

b)

False

5.

What is the first step for getting financial aid for college?

a)

Fill out the college application

b)

Fill out the FAFSA

c)

Call the financial aid office of the college

d)

Do nothing - wait for the government to throw you money

6.

What are 3 things that the FAFSA determines your eligibility for?

a)

admission, loans, scholarships,

b)

loans, scholarships, grants

c)

admission, programs, certificates

d)

diploma, certificate, admission

7.

What kind of financial information does the FAFSA require?

a)

parent's tax records if you are independent

b)

your tax records as well as your parents if you are their dependent

8.

What is the summary of your financial aid information with you EFC called?

a)

FAFSA package

b)

Student financial Report

c)

Financial Aid package

d)

Student Aid Report (SAR)

9.
______________ is money charged for teaching and instruction provided by a school.
a)
fee
b)
tuition
c)
self-help aid
d)
grant
10.

__________________ term referring to the costs of housing and food.

a)

grant

b)

Pell grant

c)

Supplemental Education Opportunity

d)

room and board

11.
______________sum of money borrowed.
a)
loan
b)
grant
c)
self-help aid
d)
work-study program
12.
_________________________ sum of money intended to support a student's education and awarded based on achievement.
a)
work-study program
b)
grant
c)
scholarship
d)
Pell Grant
13.
________________ sum of money given by an organization for a particular purpose (often education).
a)
grant
b)
work-study program
c)
Pell Grant
d)
Self-help aid
14.
_____________________________ sum of money borrowed from the federal government to pay for college; typically have lower interest rates and more flexibility than private loans
a)
Subsidized Loan
b)
Unsubsidized Loan
c)
FAFSA
d)
Federal Student Loan
15.
_________________________ loan which does not accrue interest while in school or during a 6 month deferment period after graduation
a)
unsubsidized loan
b)
FAFSA
c)
subsidized loan
d)
expected family contribution
16.
_________________________ loan which accrues interest from the time it is borrowed, including while the borrower is in school
a)
subsidized loan
b)
unsubsidized loan
c)
FAFSA
d)
Profile application
17.
_______________________ measure of a family's financial ability used to determine eligibility for financial aid; calculated according to a formula which considers income, assets, family size and number of family members in college
a)
PROFILE Application
b)
Expected Family Contribution (EFC)
c)
Student Aid Report (SAR)
d)
Loan Entrance Counseling
18.

Which of these is NOT a direct cost?

a)

Room

b)

Board

c)

Transportation

d)

Tuition

19.

What is the difference between a grant and a scholarship?

4 lines
20.

Fee charged for the use of money is called

a)

Term

b)

Interest

c)

Payee

d)

Principal

21.

About how much do textbooks costs each year in college?

a)

$200

b)

$500

c)

$1200

d)

$6000

22.

What is another way of saying "Cost of Attendance?"

a)

price of tuition

b)

total sticker price

c)

fee to get marked present in your college classes

d)

landscaping

23.

Do most students pay the full "cost of attendance" for their college?

a)

yes

b)

no

24.

Which kind of college receives money from the state's taxpayers?

a)

private

b)

public

c)

non-profit