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FB 13: Paying for College

Total questions: 33

Worksheet time: 20mins

Name
Class
Date
1.
Michelle is attending a university where tuition for one year costs $17,300. She has a scholarship worth $5,000 per year. She earns $2,700 per year at her part-time job. She plans to take out a loan to cover the remaining tuition costs. Tuition will increase by $500 each year. If she completes college in 4 years, how much money will Michelle need to borrow?
a)
$25,500
b)
$39,900
c)
$38,400
d)
$41,400
2.
jobs on campus or at local organizations that pay toward tuition is which of the following?
a)
Work-Study
b)
Grants
c)
Scholarship 
d)
Loan
3.
money borrowed that has to be paid back with interest is which of the following? 
a)
Grant
b)
Loan
c)
Scholarship
d)
Work-study
4.
Angela is attending the University of Texas, where the tuition is $12,000 a year. She has a scholarship that pays $6,000 and a grant for $1,000. She also has a job at the campus bookstore. If her job pays her $50 every day that she works, how many days would she need to work to pay for 50% of the remaining amount?
a)
100 days
b)
25 days
c)
50 days
d)
75 days 
5.
A   ________ is often based on grade point average or other accomplishments 
a)
Grant
b)
Scholarship
c)
Savings 
d)
Loan
6.

All of the following are costs of going to college EXCEPT...

a)

Tuition and fees

b)

Room and board

c)

Textbooks and school supplies

d)

Scholarships and grants

7.

Which is TRUE about sticker price and net price?

a)

Net price is the sticker price minus loans

b)

Sticker Price is the published cost of going to a school

c)

Net price is the sticker price plus loans

d)

Sticker price is the net price minus scholarships & grants

8.

Why should you file the FAFSA as early as possible?

a)

It can help your chances of being accepted into schools

b)

Aid is given out on a first-come, first-serve basis

c)

You're guaranteed to get more merit-based scholarships

d)

You'll get a lower interest rate on federal student loans

9.

When filing the FAFSA, you are eligible for all of the following EXCEPT:

a)

Grants and Scholarships

b)

Private Student Loans

c)

Work-Study

d)

Federal Student Loans

10.

How do scholarships and grants differ?

a)

Scholarships are need-based; grants are merit-based

b)

Grants are private forms of aid; scholarships are federal

c)

Grants are need-based; scholarships are merit-based

d)

They're not different; they are one and the same

11.

What do you need to file your FAFSA if you're a dependent?

a)

Just your tax forms

b)

Your high school student ID number

c)

Your and your parents' tax forms from 2 years priors

d)

A pay stub if you had a job in the past year

12.
Jim wants to go to college. He does not have enough money to attend a four-year university, so he plans to attend El Paso Community College until he saves enough money to transfer to a university. Jim has $2,300 saved, but El Paso Community College costs $8,000 a year. He received a $1,000 grant and wants to work to earn 50% of the remaining cost. How much money does he need to earn from his job?
a)
$8,000
b)
$2,300
c)
$4,700
d)
$2,350
13.

Which is TRUE about the FAFSA?

a)

You only need to file the FAFSA 1x in your college career

b)

Your parents must earn below a set amount for you to apply

c)

You need to file it at the start of every quarter/semester

d)

There is no cost to file the FAFSA

14.

Which of the following is the correct flow of submitting/receiving these documents?

a)

FAFSA Submission Summary > FAFSA > Financial Aid Package

b)

Financial Aid Package > FAFSA Submission Summary > FAFSA

c)

FAFSA > Financial Aid Package > FAFSA Submission Summary

d)

FAFSA > FAFSA Submission Summary > Financial Aid Package

15.

How can you lower the total amount you in pay in student loans?

a)

Choose a repayment plan with a longer term

b)

Accept private loans first, then federal ones

c)

Make interest payments during your grace period

d)

Accept loans with variable interest rates, not fixed ones

16.

What can happen if you don't make payments towards your student loans?

a)

You may lose your car or home

b)

Your loan balance may become due in full, but no interest

c)

You may go to jail.

d)

Your credit score may suffer

17.
Lisa has a scholarship that pays for 75% of her tuition for all four years she attends college. What is the total amount the scholarship is worth if Lisa’s classes cost $12,000 per year?
a)
$48,000
b)
$36,000
c)
$50,000
d)
$10,800
18.

When looking at a financial aid award letter, which type(s) of aid would you have to pay BACK?

a)

Federal Pell Grant

b)

Direct Subsidized Loan

c)

Merit Scholarship

d)

Federal Work-Study

19.

In what order should you accept different types of financial aid?

a)

Work-study, scholarships, federal loans, private loans

b)

Private loans, scholarships, work-study, federal loans

c)

Scholarships, work-study, federal loans, private loans

d)

Scholarships, work-study, private loans, federal loans

20.

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

21.

You are majoring in chemistry and entering your third year of college. You receive money from the federal government through a program that awards financial aid to students majoring in science, technology, engineering and math.

a)

scholarship

b)

grant

c)

work study

d)

loan

22.

You receive $500 from the local cultural society.

a)

scholarship

b)

grant

c)

work study

d)

loan

23.

Your father lost his job and the family's income became much lower. You receive money from the government to pay for college.

a)

scholarship

b)

grant

c)

work study

d)

loan

24.

You borrowed money through a federal program to pay for your education this year.

a)

scholarship

b)

grant

c)

work study

d)

loan

25.

You entered your painting in a contest and won $750 to pay for your college expenses.

a)

scholarship

b)

grant

c)

work study

d)

loan

26.

You work in an office on campus after class every day.

a)

scholarship

b)

grant

c)

work study

d)

loan

27.
Kiera is in her last year of college at the University of Houston. She has a scholarship that pays 75% of her costs. Her classes cost $14,000 for the year. How much money does she still need to pay the costs not paid by her scholarship? 
a)
$75
b)
$10,500
c)
$14,000
d)
$3,500
28.

You were a high school athlete. The university is paying your tuition while you play on the college team.

a)

scholarship

b)

grant

c)

work study

d)

loan

29.

You were raised by a single parent. Your family income qualified you to receive a need-based award from the US government.

a)

scholarship

b)

grant

c)

work study

d)

loan

30.

You are going to school to study voice performance, and you receive $1000 per semester because you sing in the college choir.

a)

scholarship

b)

grant

c)

work study

d)

loan

31.

You work 20 hours per week in the library at your college.

a)

scholarship

b)

grant

c)

work study

d)

loan

32.

Your mom works for a company that will pay 50% of your tuition at any in-state public college.

a)

scholarship

b)

grant

c)

work study

d)

loan

33.
Joaquin is going to a college where the cost for one year is $11,800. He has a scholarship worth $3,000 and a grant worth $400. He earns $200 a week at his job. How many weeks does he need to work to pay for 50% of the remaining amount?
a)
21
b)
35
c)
42
d)
50

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