Which of the following statements about grants is true?

Grants are based on financial need

Which of the following statements about loans is true?

You DO have to pay them back, usually with interest

What is a key difference between grants and scholarships?

Scholarships are merit based, grants are based on financial need

What is the main difference between loans and grants/scholarships?

Grants/scholarships are free money, loans must be repaid

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Financial Session

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Questions 14

Answers

1
Which of the following statements about grants is true?
Grants must be repaid
Grants are offered by banks
Grants are based on financial need
Grants are only for students with good grades
2
Which housing option requires factoring in transportation costs?
On-campus dorms
On-campus apartments
Off-campus housing
3
Should students apply for small scholarships?
Yes, they add up over time
No, only large scholarships matter
No, they don't make a difference
Schools don't offer small scholarships
4
How long is the typical grace period before loan repayment starts after graduation?
6 months
9 months
1 year
3 months
5
How often must the FAFSA be completed?
Once
Only if you have a scholarship
Only if you take out loans
Every year
6
Which of the following statements about loans is true?
You DO have to pay them back, usually with interest
Loans are only for tuition
Loans are only given to students with the highest GPA
You do NOT have to pay them back
7
What is an example of a federal need-based grant?
Private Loan
Scholarship
Pell Grant
Stafford Loan
8
What is a key difference between grants and scholarships?
Scholarships are only given by the government
Scholarships are merit based, grants are based on financial need
Grants are free money, scholarships must be repaid
Grants are for athletes only
9
Which allows students to work part-time to help pay for expenses?
Loans
Work-Study
Grants
Scholarships
10
What is the main difference between loans and grants/scholarships?
There is no difference
Loans are free money, grants/scholarships must be repaid
Grants/scholarships are free money, loans must be repaid
Loans are only for housing
11
Which of the following expenses do students need to plan for in college?
Tuition
Housing and meal plan
All of the above
Books, entertainment and greek life
12
FAFSA is required for all students to complete
True
False
13
Where can students find scholarships?
College admissions office
University's website
All of the above
Conselors, teachers, alumni
14
Can students from higher income families receive financial aid?
Yes
Only if they apply for private loans
No
Only for graduate school

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