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Financial Aid Flashcards | StudBud
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Financial Aid
Financial Aid
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Answers
1
Who should fill out the FAFSA?
My school will tell me if I need to.
Only students who parents make over $80K
Students that don't receive loans.
Everyone (All students)
2
If you receive a financial aid award letter that doesn’t give you as much as you expected, what can you do?
Nothing. What you get is what you get.
You can talk to financial aid to see if more aid is available.
You can appeal if your familys situation has changed since FAFSA
Both of the above are options.
3
Direct Subsidized Loan: The government will pay the interest on this loan while you are enrolled in college!
True
False
4
This is needed by BOTH the parent and student to complete FAFSA.
Federal Student Aid ID
A high school degree
Middle Names
FAFSA Login Info
5
Which of the following are features of federal student loans?
All of the above
Fixed Interest Rate
Loan Forgiveness
Repayment Plans
6
If your parent has not done their taxes yet for this year, you should...
wait for them to do it
complete FAFSA using last year's tax info
never complete the FAFSA
put 0 for their income info
7
Direct Unsubsidized Loan:The student will pay interest on this loan from the beginning.
False
True
8
Work-Study:
made available by the college.
made available by the Cumberland County school district.
made available by the UsA President.
made available by the city.
9
When do you have to start paying undergraduate federal student loans back?
6 months after graduation
After you secure a job.
First semester in college
as soon as you graduate.
10
Federal student loans are only one kind of federal aid you can receive. What else might you be eligible for?
grants
all of the above
Scholarships
work-study
11
(TEACH) Grant is for students planning to complete coursework in college to begin a teachingcareer.
True
False
12
On federal student loans, interest begins accruing…
after graduation.
Trick Question: Federal Loans are interest free.
your first payment.
While in school, but the government may cover if the loan is subsidized.
13
The greater the difference between expected family contribution and college's cost of attendance, the greater your aid.
True
False
14
There is one kind of federal loan!
True
False
15
True or False: You have to reapply for federal aid each year you’re enrolled in school.
False
True
16
If your parents aren’t helping you pay for college, do you need to include their info on the FAFSA?
Depends on whether you are an independent or dependent student
No
Yes
17
Direct PLUS Loan is for:
students.
parents of dependent undergraduate students.
graduates.
teachers.
18
Cost of Attendance includes the following EXCEPT:
Tuition & Fees
Room & Board
Rent off campus
Transportation
19
The federal government awards financial aid in the following forms:
grants, loans, and work-study.
PPP Loans.
grants, loans, scholarships, and work-study.
grants, loans, and credit cards.
20
When is the best time to submit your FAFSA?
tomorrow!
any time before school starts.
No deadline.
October 1
21
An Award Letter is given by a college to:
Break down a student's financial aid awards and their amounts
Explain the financial aid process
Tell a student they got a fancy award
Inform the student of the Admissions decision
22
Qualification for financial aid is based on two different things. What are they?
Need and Merit
Parent's income and GPA
Scholarships received and major.
ACT/SAT score and GPA
23
Federal Pell Grant are for students:
planning to complete coursework in college to begin a athletic career
planning to complete coursework in college to begin a teachingcareer.
who parents or guardians must have died as a result of military service Ir
pursuing an undergraduate degree who demonstrate financial need.
24
If I receive a loan, I must accept it.
False
True
25
Rank your financial aid in the order you want to accept them:
Loans, work-study, grants.
Work-study, Loans, Grants,.
Loans, Grants, work-study.
Grants, loans, work-study.
26
A loan is borrowed money.
False
True
27
True or false? FAFSA stands for "Federal Application for Federal Student Aid."
True
False
