What is the main purpose of the FAFSA?

To apply for financial aid, including grants, scholarships, and loans

Why should you apply for scholarships even if you receive financial aid?

Scholarships can reduce the amount of student loans you need

What does FAFSA stand for?

Free Application for Federal Student Aid

What is the difference between subsidized and unsubsidized loans?

The government pays the interest on the subsidized loans

A financial aid program where students work

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Financial Literacy

13 termsStudBud Administration

Review the basic terms and details of financial literacy geared towards high school students.

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Questions 13

Answers

1
What is the main purpose of the FAFSA?
To check your credit score
To sign up for college classes
To apply for financial aid, including grants, scholarships, and loans
To apply for student loans only
2
Which financial aid option is borrowed and must be paid back with interest?
Work-Study
Grants
Scholarships
Student Loans
3
Why should you apply for scholarships even if you receive financial aid?
Scholarships are only for students with financial aid
Scholarships can reduce the amount of student loans you need
Scholarships don't impact your financial aid
Colleges require students to apply for scholarships
4
How long do you typically have after graduation before student loan repayment begins?
2 years
6 months
12 months
1 month
5
What is a good strategy for finding college scholarships?
Looking into tribal, community, and local scholarships
Check with your school counselor
Search online databases
All of the above
6
Which of the following is a common mistake students make when applying for scholarships?
Missing deadlines
Applying for too many scholarships
Applying for small-dollar scholarships
Writing a personal essay
7
What does FAFSA stand for?
Financial Aid for Students in America
Free Academic Student Aid
Federal Assistance for Student Awards
Free Application for Federal Student Aid
8
What is the difference between subsidized and unsubsidized loans?
The government pays the interest on the subsidized loans
Subsidized loans have to be paid back immediately
Unsubsidized loans have lower interest rates
Subsidized loans do not require repayment
9
When does the FAFSA application open each year?
April 15
January 1
December 31
October 1
10
Which scholarship is specifically for Native American students?
Cobell Scholarship
The Chief Manuelito Scholarship
Native Forward Scholars Fund (AIGC)
All of the above
11
What is work-study?
A financial aid program where students work
An unpaid internship
A scholarship program
A student loan forgiveness program
12
Which type of financial aid does NOT have to be repaid?
Grants
Student loans
Work-study earnings
Private loans
13
Which of the following is an example of a federal grant?
Pell Grant
Perkins Loan
Stafford Loan
Parent PLUS Loan

Financial Literacy Flashcards | StudBud