WorksheetsFinancial Aid Vocabulary Worksheet Extraction
Total questions: 38
Worksheet time: 19mins
Filing the ______ FAFSA can give you access to federal, state, and institutional financial aid.
Free Application for Federal Student Aid
Federal Application for Student Funding Aid
Financial Aid for Federal Students Application
Free Federal Student Aid Application
After processing your FAFSA application and sending you an offer of admission, the college will send you a(n) ______ financial aid offer, which details the types and amount of financial aid you are eligible to receive.
official
preliminary
verbal
informal
A(n) ______ direct subsidized loan is a federal loan where the government pays the interest while you are in school at least half-time.
federal
private
institutional
state
A(n) ______ direct unsubsidized loan accrues interest that the student is responsible for, starting from the date of disbursement.
federal
private
institutional
state
Tony is a full-time student and works part-time on campus. His job is through the federal ______ work-study program, which provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses.
Federal
State
Private
Institutional
The ______ sticker price is the full cost of attendance advertised by a college before financial aid is applied.
published
discounted
negotiated
estimated
The ______ net price is the amount that students actually pay after scholarships and grants are applied.
actual
advertised
sticker
hypothetical
Students may receive a(n) ______ scholarship, which are awarded based on merit.
merit-based
need-based
athletic
loan-based
They may also receive a(n) ______ grant, which are given based on financial need. Unlike loans, neither of these need to be repaid.
need-based
merit-based
taxable
unsubsidized
When Kathryn graduated, she started making loan payments immediately even though her federal student loans had a 6-month ______ grace period.
post-graduation
deferment
forbearance
interest-only
A(n) ______ federal student loan is backed by the government and typically comes with lower interest rates and more flexible repayment options, whereas a(n) ______ private student loan is issued by banks or other private lenders and often has higher interest rates and stricter repayment conditions.
federal
private
subsidized
parent PLUS
After submitting the FAFSA, you receive a(n) ______ FAFSA Submission Summary which includes a record of the information you submitted as well as your ______ student aid index (SAI), which colleges use to determine your financial aid eligibility.
electronic
official
calculated
optional
It is important to consider the cost of ______ room and board, which is the cost of your dorm and meal plan, when budgeting for college.
on-campus
off-campus
commuter
online
On average, a college graduate can expect to earn ______ (more than / less than / the same as) someone who does not have a college degree.
more than
less than
the same as
Why is it important to consider a school’s net price, not its sticker price?
The net price reflects what you will actually pay after scholarships and grants, while the sticker price is the school’s advertised cost.
The sticker price is always lower than the net price for every student.
The net price only includes tuition and ignores room, board, and fees.
The net price is the same for every student regardless of aid.
As a student, which do you have more control over—indirect costs or direct costs?
Indirect costs
Direct costs
Equal control over both
Neither
The FAFSA becomes available in October each year.
True
False
It’s best to wait until June 30th to file your FAFSA.
True
False
You only have to file the FAFSA once in your life.
True
False
You should only file the FAFSA if you think you are eligible for financial aid.
True
False
Your FAFSA Submission Summary includes your SAI. The lower your SAI, the more need-based financial aid you’ll be eligible to receive.
True
False
It costs money to file the FAFSA.
True
False
Which actions are ways to lower your tuition costs? Select three.
Complete core credits at a local community college and then transfer to a college
Challenge for credits by taking a test that assesses proficiency in a subject
Apply for scholarships and grants
Use work-study to earn money while you are a student
Only borrow money that you actually need when taking out student loans
Match each type of financial aid to the recommended order in which it should be accepted (1st through 4th).
Scholarships and Grants
1st
Federal Work-Study
2nd
Federal Loans
3rd
Private Loans
4th
Match each student loan type with its closest description.
Subsidized Direct Loans
The federal government pays the interest while you’re in school at least half-time
Unsubsidized Direct Loans
The borrower is responsible for paying all interest that accrues on the loan
Direct PLUS Loans
Loans available for graduate/professional students and parents of undergraduate students
Fixed Interest Loans
The amount of interest you pay stays the same until the loan is paid off
You can borrow as much as you want in federal student loans; there is no limit.
True
False
Higher interest rates: Is this characteristic more typical of federal or private student loans?
Federal
Private
Might be subsidized: Is this characteristic more typical of federal or private student loans?
Federal
Private
Might have to make payments while still in school: Is this characteristic more typical of federal or private student loans?
Federal
Private
More repayment options: Is this characteristic more typical of federal or private student loans?
Federal
Private
Might require a credit check: Is this characteristic more typical of federal or private student loans?
Federal
Private
Might have an early repayment fee: Is this characteristic more typical of federal or private student loans?
Federal
Private
Which of the following steps will you likely have to complete when accepting financial aid from a school? Select all that apply.
Sign a promissory note
Complete entrance counseling
Have a credit check
Connect your bank account and make a deposit
All financial aid offers from different schools follow a template format so it is easy to compare your offers.
True
False
Match each student loan repayment plan with its description.
Graduated
Payments are lower at first and then increase; designed to pay off within 10 years
Standard
Payments are a fixed amount that ensures loans are paid off within 10 years
Income-Driven
Payments are based on income and family size; after a certain number of payments, remaining balances may be forgiven
Extended
Payments can be fixed or graduated and ensure loans are paid within 25 years
Which statement correctly contrasts deferment and forbearance for federal student loans?
During deferment, interest does not accrue on some types of Direct Loans; during forbearance, interest accrues on all types of Direct Loans.
During deferment, interest accrues on all Direct Loans; during forbearance, interest never accrues.
Deferment and forbearance both permanently cancel your loan payments.
Forbearance stops interest on subsidized loans only, while deferment always accrues interest.
Which statements correctly describe loan consolidation, including one advantage and one disadvantage? Select all that apply.
Loan consolidation combines your individual federal student loans into one Direct Consolidation Loan.
An advantage is simplifying your loan payments by having one loan servicer and one loan payment.
A disadvantage is you are more likely to pay more in interest or have a longer repayment period.
Consolidation guarantees a lower interest rate and better benefits on every loan.
As a college student, which factors should you focus on to help you make the most of your experience and have balance? Select all that apply.
Academics—focusing on your classes
Social connection—taking time to make new connections
Happiness—balancing academics with your social life and caring for your well-being
Finances—making decisions that align with your priorities and avoid unaffordable debt
