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Financial Aid 101 Flashcards | StudBud
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Financial Aid 101
Financial Aid 101
40 terms
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StudBud Administration
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Junior/Senior Seminar interactive review game overviewing Financial Aid 101.
Flashcards
40 cards
F
Practice quiz
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Host live
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Questions
40
Answers
1
Some scholarships are chosen by merit. Which of the following terms is tied to "merit"?
Grades
Growth
Extracurricular Activites
Essays Reponses
2
Which is
NOT
a common mistake when completing your FAFSA?
Leaving answers blank
Signing your FAFSA
Including wrong number/dollar amounts
Waiting to file your FAFSA
3
Which of the following offices should you report to for any financial issues regarding funding your education?
Office of Financial Aid
Office of the Academic Counselor
Office of Admissions
Office of Procurement
4
Which type of loan allows the federal government to pay your "interest fee" while in college?
Parent PLUS
Perkins
Subsidized
Unsubsidized
5
"EFC" stands for Expected Family Contribution?
False
True
6
The FAFSA should be completed by at least whom?
Student
Student/Parent
Teacher
Counselor
7
Which is a benefit of payment plans?
Payments broken into smaller increments
Payments broken down by grades
Indirect costs are removed from bill
Federal government makes payments
8
Which of the following could be considered a
indirect
fee?
Technology Fee
Books
Room & Board
Tuition
9
How do colleges calculate financial need?
Your family's financial need
College's official cost of attendance
College's policies on providing aid
All of the Above
10
Your financial aid award(s) has an effect on your admissions decision?
True
False
11
Qualification for financial aid is based upon what (2) things primarily?
Need and merit
Parent's income and current GPA
ACT/SAT Score and Current GPA
Scholarships and major
12
When in college where should you go for all financial aid questions?
Academic Advisor
President of the University
Financial Aid Office
Dean of Students
13
State grants are typically funds awarded for which type of colleges?
HBCUs
Private
In-State Colleges
Out-of-State Colleges
14
FAFSA stands for?
Free Application for Federal Student Aid
Funded Approval for Federal Student Access
Funding Association for Federal Student Aid
Free Application for Future Student Appropriation
15
Your FAFSA must be renewed each school year?
False
True
16
Which formula do you use to calculate student Financial Need?
Cost of Attendance + EFC
EFC X Cost of Attendance
Cost of Attendance - EFC
Direct Cost - EFC
17
What are the most important factors in determining your Cost of Attendance?
All of the Above
Tutition
Room & Board
Books
18
What is work study?
An on campus full-time job
A job you are eligible for based on major
An on campus part-time job
A off-campus job offered by the financial aid office
19
Which of the following could potential cause your financial aid award to
increase
?
Great financial aid knowledge therefore access to more financial aid
A grants awarded to students for being on the honor roll
A work study job promotion
Great grades thus access to more scholarships & grants
20
How many years does your financial aid award cover?
1 Year
2 Years
3 Years
4 Years
21
What type of gift aid is earned by financial need only?
Work Study
Scholarships
Loans
Grants
22
What is a potential reason a student could
lose
their financial aid?
You forgot to sign your FAFSA immediately
You did not take enough credit hours to requalify for financial aid
Your parents lost their FSA ID
You lost your FSA ID
23
Full ride scholarships are comprised of which of the following?
Total room and board paid in full
Total cost of attendance paid in full
Total tuition paid in full
Total student fees paid in full
24
What is financial aid?
Money that is given or lent to students for college
Money given to students for additional college costs
Money parents receive to help pay bills while their child is in college
Money that is given or lent to student for high school
25
Which of the following is NOT a type of federal loans?
Unsubsidized Direct Loan
Parent PLUS Loan
Private Loan
Subsidized Direct Loan
26
The
higher
your EFC the greater your financial need eligibility will be?
False
True
27
Which of the following is considered an INDIRECT cost?
Books
Tuition
Room & Board
None of the Above
28
Some grades are
NOT
good enough to qualify for financial aid.
False
True
29
What is the earliest date that anyone can complete their FAFSA?
Nov 1
Oct 1
Sept 15
Dec 15
30
The amount of interest added to your students loans is determined by?
EFC
Tuition
The Government
Grades
31
What is loan interest?
An accrued "fee" you must pay for borrowing the loan
Your loan balance
Percentage of students who take out a loan
The rate at which you receive a loan
32
Which of the following can cause you to "lose" your grants and/or scholarships?
Suspension
Academic Probation
Behavioral Issues
Academic Challenge
33
Which is the best defition of Cost of Attendance?
Amount you pay for 4 years
Amount you pay to school (bill)
Money you save for School
Estimated yearly budget for your school
34
Colleges offer both need-based and merit-based financial aid?
True
False
35
An outline of your financial awards and any other funding options noted on a single document is called an?
Financial Summary
Award Letter
Award Tracker
Financial Review
36
Which of the following is earned upon academic merit and used to help fund your college education?
Work Study
Loans
Grants
Scholarships
37
Which of the following is a DIRECT cost?
Healthcare
Transportation
Student Tickets
Tuition
38
Which of the following are elements of student's Cost of Attendance?
Tuition/Fees
Groceries
Healthcare
Sports
39
Awarded grants can be applied to which of the following?
Tuition
Books
Overall Cost of Attendance
Room & Board
40
Which is the following is NOT a type of financial aid?
Inheritance
Loans
Grants
Scholarships
