How do scholarships and grants differ?

Grants are need-based; scholarships are merit-based

What's a good rule of thumb when it comes to student debt? You should borrow no more than...

One times your expected starting salary when you graduate

Which of the following is an example of buying something you NEED?

"I want to replace something that is no longer working."

Why is managing student debt DURING college often difficult?

You sometimes have to forgo expensive activities to save $

What is a benefit of going to college and having a college degree?

Expanded professional and social network

Why is it important to file the FAFSA?

It's the only way you can access federal student aid funds

What does FAFSA stand for?

Free Application for Federal Student Aid

Which is TRUE about sticker price and net price?

Sticker Price is the published cost of going to a school, Net price is the sticker price minus scholarships & grants

Which is TRUE about the FAFSA?

There is no cost to file the FAFSA

What do you need to file your FAFSA if you're a dependent?

Your and your parents tax forms from 2 years prior

The average cost for tuition and fees for public colleges is $9,410. Which statement is TRUE?

The costs for housing and food can double that price

What kinds of aid are you eligible for by filing the FAFSA?

Work-Study, Grants and Scholarships, Federal Student Loans

Why should you file the FAFSA as early as possible?

Aid is given out on a first-come, first-serve basis

In what order should you accept different types of financial aid?

Scholarships, work-study, federal loans, private loans

Why does going to college benefit you in the long run?

All of these! Education after high school can be very useful

Choose the best definition for student debt.

$ borrowed to attend a college that you have to pay back.

Which is TRUE about the EFC?

It's how much you & family are expected to pay for college

Which of these statements about student loans is TRUE?

The average balance for recent graduates is about $30,000

When choosing a college major, which of the following is important to be aware of?

Both your career options and salaries associated

Which of the following is TRUE about how you get your financial aid?

Aid is 1st applied to your account; you get the rest

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Finance Quiz Bowl

37 termsStudBud Administration134 plays

Scholars Let's Test Your Knowledge and see how much you've learned about Financing College!

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Questions 37

Answers

1
Define Budget
spent to the amount that you have in budget
A monthly report that compares the amounts
Regular expenses
Plan for using your money
2
How do scholarships and grants differ?
Grants are need-based; scholarships are merit-based
Grants are private forms of aid; scholarships are federal
They're not different; they are one and the same
Scholarships are need-based; grants are merit-based
3
What's a good rule of thumb when it comes to student debt? You should borrow no more than...
The cost of four years of college
Five times your expected starting salary when you graduate
One times your expected starting salary when you graduate
The cost of one year of college
4
Which of the following is an example of buying something you NEED?
"I don't want to miss out on these deals during the sale!"
"I want to impress someone/ change how they feel about me."
"I'm feeling down, and I need to boost my spirits."
"I want to replace something that is no longer working."
5
What percent of the high school graduating class of 2019 completed the FAFSA?
38%
61%
50%
25%
6
What is the single biggest contributor to student debt?
student aid
sticker price
net price
meal plan
7
Which of the following is true about having a job during college?
It is recommended you work 15 hours or less per week.
It is a way to gain experience and start building a resume.
It can help you pay off your student loans quicker.
All of the above.
8
Why is managing student debt DURING college often difficult?
You sometimes have to forgo expensive activities to save $
You have to give up everything!
Who said it's difficult? It's easy!
It is hard not getting everything you want.
9
What is a benefit of going to college and having a college degree?
Lower interest rates on future loans
Lower lifetime earnings
Expanded professional and social network
Guaranteed starting salary of $50,000 after graduation
10
Why is it important to file the FAFSA?
It's the only way you can access federal student aid funds
It's required to calculate your credit score
You cannot be accepted to college if you don't complete it
Federal law requires high school students to complete it
11
What does FAFSA stand for?
Free Assistance for Schools in America
Financial Assistance For Students in America
Free Application for Federal Student Aid
Free Application for Financial Student Aid
12
How much free financial aid is lost to families who do not file the FAFSA?
$1.5 billion
$2.6 billion
$100 million
$500 million
13
Which is TRUE about sticker price and net price?
Sticker Price is the published cost of going to a school
Net price is the sticker price minus scholarships & grants
Sticker price is the net price minus scholarships & grants
Net price is the published cost of going to a school
14
Which is TRUE about the FAFSA?
Your parents must earn below a set amount for you to apply
You need to file it at the start of every quarter/semester
There is no cost to file the FAFSA
You only need to file the FAFSA 1x in your college career
15
When looking at a financial aid award letter, which type(s) of aid would you have to pay BACK?
Federal Work-Study
Direct Subsidized Loan
Federal Pell Grant
Merit Scholarship
16
All of the following are costs of going to college EXCEPT...
Scholarships and grants
Tuition and fees
Room and board
Textbooks and school supplies
17
What do you need to file your FAFSA if you're a dependent?
A pay stub if you had a job in the past year
Your and your parents tax forms from 2 years prior
Just your tax forms
Your high school student ID number
18
The average cost for tuition and fees for public colleges is $9,410. Which statement is TRUE?
Grants (free money) increase the cost of college
The cost of public and private colleges are the same
The costs for housing and food can double that price
All students pay the full published rate ("sticker price")
19
What kinds of aid are you eligible for by filing the FAFSA?
Work-Study
Private Student Loans
Grants and Scholarships
Federal Student Loans
20
Research: Working more than _________ hours per week in college can affect your academics.
5
25
15
10
21
Which factor contributes to the number of college options you have when you apply?
GPA
Your Home State
All of the Above
Extracurricular Involvement
22
What percentage of students graduate from college with student debt?
55%
45%
70%
20%
23
What is Tuition
Cost for college classes
Money Plan
Cost of College Parking Spot
Cost for books
24
Why should you file the FAFSA as early as possible?
You're guaranteed to get more merit-based scholarships
Aid is given out on a first-come, first-serve basis
It can help your chances of being accepted into schools
You'll get a lower interest rate on federal student loans
25
In what order should you accept different types of financial aid?
Scholarships, work-study, private loans, federal loans
Scholarships, work-study, federal loans, private loans
Private loans, scholarships, work-study, federal loans
Work-study, scholarships, federal loans, private loans
26
Why does going to college benefit you in the long run?
Gaining knowledge, world understanding, and academic skills
Greater lifetime earnings and salary.
More connections for professional and personal fulfillment.
All of these! Education after high school can be very useful
27
Choose the best definition for student debt.
$ given to you to attend college that you don't pay back
None of the above.
Amount of $ you lose in college.
$ borrowed to attend a college that you have to pay back.
28
When does the FAFSA filing period open every year?
January 1st
December 1st
October 1st
June 1st
29
What is included in total college costs?
Books and supplies
Room/board and meal plans
Tuition, fees, incindentals
All of the above
30
Money given or loaned to you to help pay for college is....
Merit Aid
Net Price
Financial Aid
Loan
31
Which is TRUE about the EFC?
It's the cost of filing the FAFSA
It's how much you & family are expected to pay for college
It's how much your parents must contribute towards college
It's another term for "net price"
32
Most federal grant aid to help students pay for college is based on...
Extracurricular activities
Financial need
What state you live in
Grades
33
Which of these statements about student loans is TRUE?
The average balance for recent graduates is about $30,000
About 50% of college grads have them
It's easy to get student loans forgiven
If you have no job after college, no repayment is required
34
When choosing a college major, which of the following is important to be aware of?
Both your career options and salaries associated
Salaries associated with careers related to this major
None of these.
Your career options after school
35
what are some ways to pay for college?
Scholarships or work study program
Savings account
Grants and loans
all of the above
36
Approximately how long does it take to complete the FAFSA the first time you complete it?
2 hours and 15 minutes
5 hours
23 minutes
55 minutes
37
Which of the following is TRUE about how you get your financial aid?
Aid is 1st applied to your account; you get the rest
All financial aid is paid directly to you in one payment
All financial aid is paid to you in installments
The school receives all of your financial aid

Finance Quiz Bowl Flashcards | StudBud