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Transfer Financial Aid

Description: Transfer Financial Aid Quiz
Number of Questions: 15
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Tags: financial aid transfer students college funding
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What is the Free Application for Federal Student Aid (FAFSA)?

  1. A form used to apply for federal student loans

  2. A form used to apply for federal grants

  3. A form used to apply for federal work-study

  4. A form used to apply for all of the above

Show answer
Correct Option:
Explanation:

The FAFSA is a form used to apply for federal student loans, grants, and work-study.

What is the deadline for submitting the FAFSA?

  1. February 15

  2. March 15

  3. April 15

  4. May 15

Show answer
Correct Option:
Explanation:

The deadline for submitting the FAFSA is February 15.

What information is required on the FAFSA?

  1. Student's Social Security number

  2. Student's parent's Social Security numbers

  3. Student's income and assets

  4. Student's parent's income and assets

  5. All of the above

Show answer
Correct Option:
Explanation:

The FAFSA requires information about the student's Social Security number, the student's parent's Social Security numbers, the student's income and assets, and the student's parent's income and assets.

What is the Expected Family Contribution (EFC)?

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

  2. The amount of money the student is expected to contribute to their own education

  3. The amount of money the government is expected to contribute to the student's education

  4. The amount of money the student's school is expected to contribute to the student's education

Show answer
Correct Option:
Explanation:

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

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 with high financial need, while loans are available to all students

  3. Grants are only available to undergraduate students, while loans are available to both undergraduate and graduate students

  4. Grants are only available to students who attend public schools, while loans are available to students who attend both public and private schools

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Correct Option:
Explanation:

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

What is work-study?

  1. A program that allows students to work part-time while attending school

  2. A program that provides students with free tutoring

  3. A program that provides students with free textbooks

  4. A program that provides students with free housing

Show answer
Correct Option:
Explanation:

Work-study is a program that allows students to work part-time while attending school.

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:
Explanation:

The maximum amount of money a student can borrow in federal student loans is $30,000.

What is the interest rate on federal student loans?

  1. 3.73%

  2. 4.73%

  3. 5.73%

  4. 6.73%

Show answer
Correct Option:
Explanation:

The interest rate on federal student loans is 3.73%.

What are the repayment options for federal student loans?

  1. Standard repayment

  2. Graduated repayment

  3. Extended repayment

  4. Income-driven repayment

  5. All of the above

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Correct Option:
Explanation:

The repayment options for federal student loans include standard repayment, graduated repayment, extended repayment, and income-driven repayment.

What is loan forgiveness?

  1. A program that allows students to have their federal student loans forgiven after a certain number of years of public service

  2. A program that allows students to have their federal student loans forgiven after a certain number of years of military service

  3. A program that allows students to have their federal student loans forgiven after a certain number of years of teaching

  4. A program that allows students to have their federal student loans forgiven after a certain number of years of working in a low-income job

  5. All of the above

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Correct Option:
Explanation:

Loan forgiveness is a program that allows students to have their federal student loans forgiven after a certain number of years of public service, military service, teaching, or working in a low-income job.

What is the Transfer Student Financial Aid Application (TSFAA)?

  1. A form used to apply for financial aid at a new school after transferring from another school

  2. A form used to apply for financial aid at a new school after graduating from high school

  3. A form used to apply for financial aid at a new school after dropping out of school

  4. A form used to apply for financial aid at a new school after being expelled from school

Show answer
Correct Option:
Explanation:

The TSFAA is a form used to apply for financial aid at a new school after transferring from another school.

What information is required on the TSFAA?

  1. Student's Social Security number

  2. Student's parent's Social Security numbers

  3. Student's income and assets

  4. Student's parent's income and assets

  5. All of the above

Show answer
Correct Option:
Explanation:

The TSFAA requires information about the student's Social Security number, the student's parent's Social Security numbers, the student's income and assets, and the student's parent's income and assets.

What is the deadline for submitting the TSFAA?

  1. February 15

  2. March 15

  3. April 15

  4. May 15

Show answer
Correct Option:
Explanation:

The deadline for submitting the TSFAA is March 15.

What happens if a student does not submit the TSFAA by the deadline?

  1. The student will not be eligible for financial aid

  2. The student will be eligible for less financial aid

  3. The student will have to pay a late fee

  4. The student will have to submit a new TSFAA

Show answer
Correct Option:
Explanation:

If a student does not submit the TSFAA by the deadline, the student will be eligible for less financial aid.

What is the best way to learn more about transfer financial aid?

  1. Contact the financial aid office at the new school

  2. Visit the website of the new school

  3. Talk to a financial aid counselor

  4. All of the above

Show answer
Correct Option:
Explanation:

The best way to learn more about transfer financial aid is to contact the financial aid office at the new school, visit the website of the new school, and talk to a financial aid counselor.

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