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Understanding Financial Aid Award Quiz Flashcards | StudBud
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Understanding Financial Aid Award Quiz
Understanding Financial Aid Award Quiz
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1
What is the Purpose of Work-Study Programs?
To help Students find Jobs related to their Major and Learn More about them
To Replace Scholarships and Grants
To Offer Free Tuition
To help Students Earn Money for Education Expenses through Part-time Work
2
What is the Benefit of Understanding your SAI?
It Helps you Understand your Eligibility for Sports
It Helps you Understand what Dorm Options are Best for you
It Helps you Understand your Financial Need and Aid Eligibility
It Helps your Figure out how Many Classes you should Take
3
What does it Mean to "Compare Offers"?
Evaluate the Locations of Schools
Compare the Net Costs and Aid Details from Different Schools
Compare the School's Mascots
Compare the Average Cost of Attendance from Different Schools
4
What is the Definition of "Cost of Attendance"
Estimated Total Cost to Attend the School for a Year.
Estimated Total Cost to Attend the Dorms or Live Nearby
Estimated Total Cost to Attend the School all Four Years
Estimated Time it Takes to Finish a Semester/Quarter
5
What is One Reason to Explore other Funding Options Beyond Loans?
Grants are Only Available for Part-time Students
Scholarships Always Cover Full Tuition
You can Lower your Future Debt
Loans have No Repayment Period
6
Why is it Important to Know whether Aid is for One Year or Multiple Years?
To Understand Future Eligibility and Budgeting
It Changes your Major
To Avoid Paying Fees for Meal Plans
Because it Affects your Class Schedule
7
When Reviewing your Aid Letter, what should you Look for in the Loans Section?
Interest Rates, Terms, and Fees
Scholarship Eligibility
Number of Credit Hours Required
Housing Options on Campus
8
What should you do if you’re Unsure about Part of your Aid Package?
Contact the Financial Aid Office
Ignore it
Contact the Admissions Office
Wait Until the School Year Begins
9
Which Factor does NOT Affect your Financial Aid Package?
The Major you Choose
The School's COA
The Number of Siblings you have in College
Family's Income
10
How do you Calculate your Net Price?
Add Tuition and Books Together
Subtract the Total Amount of Aid from COA
Subtract COA from your SAI
Subtract Loans from Tuition
11
Which of the Following Forms of Financial Aid does NOT need to be Repaid?
Grants and Scholarships
Loans
None of the Above
Work-Study
12
What is the Main Difference Between a Grant and a Loan?
Grants Must be Repaid, Loans do not
Loans Must be Repaid, Grants do not
Loans are only given to Students with High Financial Needs
Grants always cover the Full Cost of Attendance
13
What does the Student Aid Index (SAI) Represent?
An Estimate of how much the Family is Expected to Contribute to Education
The Exact Amount of Aid a Student will Recieve
The Amount the School will Cover in Scholarships
A Ranking of Students Applying for Financial Aid
