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Need-Based Financial Aid

Description: This quiz covers the basics of need-based financial aid, including eligibility requirements, types of aid, and the application process.
Number of Questions: 15
Created by:
Tags: financial aid need-based aid fafsa css profile
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What is the primary purpose of need-based financial aid?

  1. To help students pay for college tuition and fees

  2. To help students pay for living expenses

  3. To help students pay for books and supplies

  4. To help students pay for transportation

Show answer
Correct Option: A
Explanation:

Need-based financial aid is designed to help students who demonstrate financial need pay for the cost of college tuition and fees.

Who is eligible for need-based financial aid?

  1. Students from low-income families

  2. Students with good grades

  3. Students who are first-generation college students

  4. Students who are members of underrepresented groups

Show answer
Correct Option: A
Explanation:

Need-based financial aid is available to students from low-income families who demonstrate financial need.

What is the most common type of need-based financial aid?

  1. Grants

  2. Loans

  3. Scholarships

  4. Work-study

Show answer
Correct Option: A
Explanation:

Grants are the most common type of need-based financial aid. Grants do not have to be repaid.

What is the difference between a grant and a loan?

  1. Grants do not have to be repaid, while loans do

  2. Grants are only available to students from low-income families, while loans are available to all students

  3. Grants are only available to students with good grades, while loans are available to all students

  4. Grants are only available to first-generation college students, while loans are available to all students

Show answer
Correct Option: A
Explanation:

Grants do not have to be repaid, while loans do. Loans must be repaid with interest.

What is the FAFSA?

  1. The Free Application for Federal Student Aid

  2. The College Scholarship Service Profile

  3. The CSS Profile

  4. The National Scholarship Service

Show answer
Correct Option: A
Explanation:

The FAFSA is the Free Application for Federal Student Aid. The FAFSA is used to determine a student's eligibility for federal financial aid.

What is the CSS Profile?

  1. The Free Application for Federal Student Aid

  2. The College Scholarship Service Profile

  3. The CSS Profile

  4. The National Scholarship Service

Show answer
Correct Option: B
Explanation:

The CSS Profile is the College Scholarship Service Profile. The CSS Profile is used to determine a student's eligibility for non-federal financial aid.

When should I apply for financial aid?

  1. As early as possible

  2. After I have been accepted to college

  3. After I have received my financial aid award letter

  4. After I have enrolled in college

Show answer
Correct Option: A
Explanation:

It is best to apply for financial aid as early as possible. The earlier you apply, the more time you will have to gather the necessary documents and complete the application process.

What documents do I need to apply for financial aid?

  1. My tax returns

  2. My W-2 forms

  3. My bank statements

  4. My investment statements

Show answer
Correct Option:
Explanation:

You will need to provide your tax returns, W-2 forms, bank statements, and investment statements when you apply for financial aid.

How will my financial aid award be determined?

  1. My family's income and assets

  2. My academic record

  3. My extracurricular activities

  4. My personal statement

Show answer
Correct Option: A
Explanation:

Your financial aid award will be determined primarily by your family's income and assets.

What should I do if I am not satisfied with my financial aid award?

  1. Contact the financial aid office at my college

  2. File an appeal

  3. Look for other sources of financial aid

  4. All of the above

Show answer
Correct Option: D
Explanation:

If you are not satisfied with your financial aid award, you should contact the financial aid office at your college, file an appeal, and look for other sources of financial aid.

What is work-study?

  1. A program that allows students to work part-time while they are attending college

  2. A program that provides students with free textbooks

  3. A program that helps students find scholarships

  4. A program that helps students pay for their living expenses

Show answer
Correct Option: A
Explanation:

Work-study is a program that allows students to work part-time while they are attending college. Work-study jobs are typically on campus.

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

  1. $27,000 for undergraduate students

  2. $31,000 for graduate students

  3. $57,500 for medical students

  4. $138,500 for law students

Show answer
Correct Option: A
Explanation:

The maximum amount of money that undergraduate students can borrow in federal student loans is $27,000.

What is the interest rate on federal student loans?

  1. 4.99%

  2. 5.05%

  3. 5.75%

  4. 6.88%

Show answer
Correct Option: A
Explanation:

The interest rate on federal student loans is 4.99%.

When do I have to start repaying my federal student loans?

  1. Six months after I graduate

  2. One year after I graduate

  3. Two years after I graduate

  4. Three years after I graduate

Show answer
Correct Option: A
Explanation:

You have to start repaying your federal student loans six months after you graduate.

What are some ways to reduce my student loan debt?

  1. Make extra payments on my loans

  2. Refinance my loans

  3. Apply for loan forgiveness

  4. All of the above

Show answer
Correct Option: D
Explanation:

There are a number of ways to reduce your student loan debt, including making extra payments on your loans, refinancing your loans, and applying for loan forgiveness.

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