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Documents Required for Financial Aid Application

Description: This quiz assesses your knowledge about the documents required for financial aid application.
Number of Questions: 15
Created by:
Tags: financial aid documents application education
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Which of the following documents is required for financial aid application?

  1. Social Security Number

  2. Driver's License

  3. Birth Certificate

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the above documents are required for financial aid application.

What is the purpose of the Free Application for Federal Student Aid (FAFSA)?

  1. To apply for federal student loans

  2. To apply for federal grants

  3. To apply for federal work-study

  4. All of the above

Show answer
Correct Option: D
Explanation:

The FAFSA is used to apply for all of the above.

What is the deadline for submitting the FAFSA?

  1. February 15

  2. March 15

  3. April 15

  4. June 30

Show answer
Correct Option: D
Explanation:

The deadline for submitting the FAFSA is June 30.

What information is required on the FAFSA?

  1. Student's Social Security Number

  2. Student's driver's license number

  3. Student's birth certificate

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the above information is required on the FAFSA.

What is the Expected Family Contribution (EFC)?

  1. The amount of money a student's family is expected to contribute towards the cost of education

  2. The amount of money a student is expected to contribute towards the cost of education

  3. The amount of money the government is expected to contribute towards the cost of education

  4. None of the above

Show answer
Correct Option: A
Explanation:

The EFC is the amount of money a student's family is expected to contribute towards the cost of education.

What is the difference between a grant and a loan?

  1. A grant does not have to be repaid, while a loan does

  2. A grant is only available to students with financial need, while a loan is available to all students

  3. A grant is a fixed amount of money, while a loan can be any amount

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the above statements are true.

What is the difference between a subsidized and an unsubsidized loan?

  1. Subsidized loans have a lower interest rate than unsubsidized loans

  2. Subsidized loans are only available to students with financial need, while unsubsidized loans are available to all students

  3. Subsidized loans do not have to be repaid until after graduation, while unsubsidized loans must be repaid while the student is in school

  4. None of the above

Show answer
Correct Option: A
Explanation:

Subsidized loans have a lower interest rate than unsubsidized loans.

What is the maximum amount of money a student can borrow in federal student loans?

  1. $10,000

  2. $20,000

  3. $30,000

  4. $40,000

Show answer
Correct Option: D
Explanation:

The maximum amount of money a student can borrow in federal student loans is $40,000.

What is the repayment period for federal student loans?

  1. 10 years

  2. 15 years

  3. 20 years

  4. 25 years

Show answer
Correct Option: A
Explanation:

The repayment period for federal student loans is 10 years.

What are the consequences of defaulting on a federal student loan?

  1. Wage garnishment

  2. Tax refund garnishment

  3. Loss of eligibility for federal student aid

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the above are consequences of defaulting on a federal student loan.

What is the best way to avoid defaulting on a federal student loan?

  1. Make payments on time

  2. Contact your loan servicer if you are having trouble making payments

  3. Apply for a deferment or forbearance if you are unable to make payments

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the above are ways to avoid defaulting on a federal student loan.

What is the Public Service Loan Forgiveness Program?

  1. A program that forgives the remaining balance of a federal student loan after 10 years of public service

  2. A program that forgives the remaining balance of a federal student loan after 15 years of public service

  3. A program that forgives the remaining balance of a federal student loan after 20 years of public service

  4. None of the above

Show answer
Correct Option: A
Explanation:

The Public Service Loan Forgiveness Program forgives the remaining balance of a federal student loan after 10 years of public service.

What are the requirements for the Public Service Loan Forgiveness Program?

  1. Must be employed by a government or non-profit organization

  2. Must have made 120 qualifying payments on your federal student loans

  3. Must be in repayment for at least 10 years

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the above are requirements for the Public Service Loan Forgiveness Program.

What is the TEACH Grant Program?

  1. A program that provides grants to students who agree to teach in high-need schools

  2. A program that provides grants to students who agree to teach in low-income schools

  3. A program that provides grants to students who agree to teach in rural schools

  4. All of the above

Show answer
Correct Option: D
Explanation:

The TEACH Grant Program provides grants to students who agree to teach in high-need schools, low-income schools, and rural schools.

What are the requirements for the TEACH Grant Program?

  1. Must be a U.S. citizen or national

  2. Must be enrolled in a teacher preparation program

  3. Must agree to teach in a high-need school for at least four years

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the above are requirements for the TEACH Grant Program.

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