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Application Process for Financial Aid

Description: This quiz is designed to assess your knowledge about the application process for financial aid.
Number of Questions: 15
Created by:
Tags: financial aid application process scholarships grants loans
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What is the first step in applying for financial aid?

  1. Filling out the Free Application for Federal Student Aid (FAFSA)

  2. Contacting the financial aid office at your school

  3. Submitting a scholarship application

  4. Taking out a student loan

Show answer
Correct Option: A
Explanation:

The FAFSA is the primary application for federal student aid, including grants, loans, and work-study.

What is the deadline for submitting the FAFSA?

  1. June 30

  2. September 30

  3. December 31

  4. March 10

Show answer
Correct Option: D
Explanation:

The FAFSA deadline is March 10 for the following academic year.

What information is required on the FAFSA?

  1. Your Social Security number

  2. Your parents' income and assets

  3. Your high school grades

  4. All of the above

Show answer
Correct Option: D
Explanation:

The FAFSA requires information about your family's income and assets, your high school grades, and your Social Security number.

What is the Expected Family Contribution (EFC)?

  1. The amount of money your family is expected to contribute to your education

  2. The amount of money you are eligible to receive in financial aid

  3. The amount of money you are required to repay in student loans

  4. None of the above

Show answer
Correct Option: A
Explanation:

The EFC is calculated using the information you provide on the FAFSA.

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 academic achievement, while loans are available to all students

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

  4. None of the above

Show answer
Correct Option: A
Explanation:

Grants are free money that does not have to be repaid, while loans must be repaid with interest.

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

What is the interest rate on federal student loans?

  1. 3.73%

  2. 4.53%

  3. 5.31%

  4. 6.08%

Show answer
Correct Option: B
Explanation:

The interest rate on federal student loans is 4.53%.

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 is the grace period for federal student loans?

  1. 6 months

  2. 9 months

  3. 12 months

  4. 18 months

Show answer
Correct Option: A
Explanation:

The grace period for federal student loans is 6 months.

What is the difference between a subsidized and unsubsidized federal student loan?

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

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

  3. Subsidized loans do not accrue interest while the student is in school, while unsubsidized loans do

  4. All of the above

Show answer
Correct Option: D
Explanation:

Subsidized loans have a lower interest rate, are only available to students with high financial need, and do not accrue interest while the student is in school.

What is a PLUS loan?

  1. A loan that is available to parents of undergraduate students

  2. A loan that is available to graduate students

  3. A loan that is available to students who are pursuing a professional degree

  4. All of the above

Show answer
Correct Option: D
Explanation:

PLUS loans are available to parents of undergraduate students, graduate students, and students who are pursuing a professional degree.

What is a private student loan?

  1. A loan that is made by a bank or credit union

  2. A loan that is made by the federal government

  3. A loan that is made by a scholarship organization

  4. None of the above

Show answer
Correct Option: A
Explanation:

Private student loans are made by banks or credit unions.

What is the interest rate on private student loans?

  1. Varies depending on the lender

  2. Is always higher than the interest rate on federal student loans

  3. Is always lower than the interest rate on federal student loans

  4. None of the above

Show answer
Correct Option: A
Explanation:

The interest rate on private student loans varies depending on the lender.

What is the repayment period for private student loans?

  1. Varies depending on the lender

  2. Is always longer than the repayment period for federal student loans

  3. Is always shorter than the repayment period for federal student loans

  4. None of the above

Show answer
Correct Option: A
Explanation:

The repayment period for private student loans varies depending on the lender.

What is the grace period for private student loans?

  1. Varies depending on the lender

  2. Is always longer than the grace period for federal student loans

  3. Is always shorter than the grace period for federal student loans

  4. None of the above

Show answer
Correct Option: A
Explanation:

The grace period for private student loans varies depending on the lender.

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