Back
0

Government Funding and Student Financial Aid: Exploring Options for Higher Education

Description: This quiz explores the various government funding options and student financial aid programs available for higher education, providing insights into the financial resources and support systems accessible to students pursuing post-secondary education.
Number of Questions: 15
Created by:
Tags: government funding student financial aid higher education education funding scholarships grants loans
Start the Quiz
Attempted 0/15 Correct 0 Score 0
‹
›

Which U.S. federal agency is primarily responsible for administering student financial aid programs?

  1. Department of Education

  2. Department of Treasury

  3. Department of Labor

  4. Department of Health and Human Services

Show answer
Correct Option: A
Explanation:

The Department of Education is the primary federal agency responsible for overseeing and administering student financial aid programs in the United States.

What is the primary purpose of the Pell Grant program?

  1. To provide financial assistance to students with exceptional academic achievements

  2. To fund research and development in higher education institutions

  3. To offer scholarships to students pursuing specific fields of study

  4. To provide need-based grants to undergraduate students

Show answer
Correct Option: D
Explanation:

The Pell Grant program is designed to provide financial assistance in the form of grants to undergraduate students who demonstrate financial need, enabling them to pursue higher education.

Which of the following is NOT a type of federal student loan?

  1. Direct Subsidized Loans

  2. Direct Unsubsidized Loans

  3. Perkins Loans

  4. PLUS Loans

Show answer
Correct Option: C
Explanation:

Perkins Loans are no longer a type of federal student loan. They were discontinued in 2017 and replaced by Direct Subsidized and Unsubsidized Loans.

What is the maximum amount of money that a student can borrow each year under the Direct Subsidized Loan program?

  1. $3,500

  2. $5,500

  3. $7,500

  4. $10,500

Show answer
Correct Option: B
Explanation:

The maximum annual loan amount for Direct Subsidized Loans varies depending on the student's year in school and dependency status. For dependent undergraduate students, the maximum is $5,500 per year.

Which of the following statements about the Federal Work-Study program is FALSE?

  1. It provides part-time jobs to students with financial need.

  2. Students can work up to 20 hours per week during the academic year.

  3. Earnings from the program are not taxable.

  4. Students can only work on campus.

Show answer
Correct Option: D
Explanation:

Students participating in the Federal Work-Study program can work either on or off campus, as long as the job is approved by the school's financial aid office.

What is the purpose of the TEACH Grant program?

  1. To provide financial assistance to students pursuing careers in teaching

  2. To fund research in the field of education

  3. To offer scholarships to students with exceptional academic achievements

  4. To provide grants to schools for educational technology

Show answer
Correct Option: A
Explanation:

The TEACH Grant program provides financial assistance in the form of grants to students who commit to teaching in high-need schools after graduation.

Which of the following is NOT a type of state-based student financial aid program?

  1. Grants

  2. Scholarships

  3. Loans

  4. Work-Study

Show answer
Correct Option: D
Explanation:

Work-Study is a federal student financial aid program. States typically offer grants, scholarships, and loans to students.

What is the primary purpose of the 529 plan?

  1. To provide tax-advantaged savings for future education expenses

  2. To offer scholarships to students with exceptional academic achievements

  3. To fund research in higher education institutions

  4. To provide grants to schools for educational technology

Show answer
Correct Option: A
Explanation:

529 plans are tax-advantaged savings plans designed to encourage saving for future education costs, such as tuition, fees, and room and board.

Which of the following statements about the FAFSA form is FALSE?

  1. It is used to apply for federal student financial aid.

  2. It is required for all students applying for federal student loans.

  3. It is also used to apply for some state and institutional financial aid programs.

  4. It is only available to students who are U.S. citizens or permanent residents.

Show answer
Correct Option: D
Explanation:

The FAFSA form is available to all students, regardless of their citizenship or residency status.

What is the maximum repayment period for federal student loans?

  1. 10 years

  2. 15 years

  3. 20 years

  4. 25 years

Show answer
Correct Option: C
Explanation:

The maximum repayment period for federal student loans is 20 years for most loans. However, some loans, such as PLUS loans, may have a longer repayment period.

Which of the following is NOT a type of federal student loan repayment plan?

  1. Standard Repayment Plan

  2. Graduated Repayment Plan

  3. Extended Repayment Plan

  4. Income-Driven Repayment Plan

Show answer
Correct Option: B
Explanation:

The Graduated Repayment Plan is not a type of federal student loan repayment plan. The other three options are all available to federal student loan borrowers.

What is the purpose of the Public Service Loan Forgiveness program?

  1. To provide loan forgiveness to public service workers

  2. To offer scholarships to students pursuing careers in public service

  3. To fund research in the field of public service

  4. To provide grants to schools for public service education

Show answer
Correct Option: A
Explanation:

The Public Service Loan Forgiveness program provides loan forgiveness to public service workers, such as teachers, nurses, and social workers, after 10 years of qualifying employment and loan payments.

Which of the following statements about the Parent PLUS Loan program is FALSE?

  1. It is a federal student loan program.

  2. It is available to parents of dependent undergraduate students.

  3. It has a higher interest rate than Direct PLUS Loans.

  4. It does not require a credit check.

Show answer
Correct Option: D
Explanation:

Parent PLUS Loans do require a credit check. Applicants must have a good credit history in order to qualify for the loan.

What is the maximum amount that a parent can borrow under the Parent PLUS Loan program?

  1. The cost of attendance minus any other financial aid received

  2. The amount of the student's Direct Subsidized and Unsubsidized Loans

  3. The amount of the student's Pell Grant

  4. The amount of the student's Federal Work-Study award

Show answer
Correct Option: A
Explanation:

The maximum amount that a parent can borrow under the Parent PLUS Loan program is the cost of attendance minus any other financial aid that the student is receiving.

Which of the following is NOT a type of private student loan?

  1. Federal Family Education Loan (FFEL)

  2. Direct PLUS Loan

  3. Stafford Loan

  4. Private Student Loan

Show answer
Correct Option: B
Explanation:

Direct PLUS Loans are federal student loans. FFEL, Stafford Loans, and Private Student Loans are all types of private student loans.

- Hide questions
ADVERTISEMENT

Find more quizzes from top tags

general knowledge
3615 Quizzes
119858 Questions
 technology
307 Quizzes
36705 Questions
 sports
963 Quizzes
19148 Questions
 history
1187 Quizzes
13475 Questions
 physics
598 Quizzes
13441 Questions
 biology
1160 Quizzes
12174 Questions
 science & technology
551 Quizzes
11015 Questions
 chemistry
490 Quizzes
9892 Questions
 maths
518 Quizzes
9324 Questions
 softskills
0 Quizzes
7131 Questions