How do you access your award letter?

Most colleges post award letters in the student portal

An award letter is give by a college to

Break down a student's financial aid awards and costs

How does the interest rate affect the monthly payment of a loan?

The lower the interest rate, the lower the payment

When borrowing money (loan), how does time affect the payment amount?

The longer the time, the more you pay in the end

What is a credit union?

A non-profit institution that offers low interest rates for its members

Financial aid you have to pay back

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Unit 4 Pre-Assessment

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Questions 11

Answers

1
If you are offered Work Study, you automatically get the money.
False
True
2
How do you access your award letter?
You only get an award letter if you get a scholarship
Most colleges post award letters in the student portal
Your College Counselor will get it for you
All colleges will email it to you
3
True or False: Texas offers a state grant.
True
False
4
Cost of Attendance includes the following EXCEPT:
Rent off campus
Tuition & Fees
Transportation
Room & Board
5
An award letter is give by a college to
Tell a student he/she got a scholarship
Break down a student's financial aid awards and costs
Explain the financial aid process
Inform a student of the admissions decision
6
How does the interest rate affect the monthly payment of a loan?
The lower the interest rate, the lower the payment
The lower the interest rate, the higher the payment
The higher the interest rate, the lower the payment
All interest rates are the same
7
EFC stands for
Estimated Family Contribution
Expected Federal Contribution
Easy Federal Contribution
Exact Family Contribution
8
The type of federal loan that does NOT accrue interest while a student is enrolled in school is called
Direct Subsidized Loan
Federal Direct Loan
Direct Unsubsidized Loan
Parent PLUS Loan
9
When borrowing money (loan), how does time affect the payment amount?
The shorter the time, the less you have to pay monthly
It has no affect
The longer the time, the less you pay in the end
The longer the time, the more you pay in the end
10
What is a credit union?
A non-profit institution that offers low interest rates for its members
It's a place where people with bad credit go for a loan
It's the exact same thing as a bank
An institution that offers bank services for people without a bank account
11
What is a loan?
Same thing as a grant
Financial aid you have to pay back
Free money for college
Money from your parents

Unit 4 Pre-Assessment Flashcards | StudBud