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Academic Financial Aid

Description: This quiz is designed to test your knowledge of academic financial aid. It covers topics such as types of financial aid, eligibility requirements, and the application process.
Number of Questions: 15
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Tags: financial aid scholarships grants loans
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What is the primary purpose of academic financial aid?

  1. To provide financial assistance to students who cannot afford the cost of higher education.

  2. To reward students for their academic achievements.

  3. To encourage students to pursue higher education.

  4. To help students pay for living expenses while attending college.

Show answer
Correct Option: A
Explanation:

Academic financial aid is designed to help students who would not be able to attend college without financial assistance. This aid can come in the form of scholarships, grants, loans, and work-study programs.

What are the three main types of academic financial aid?

  1. Scholarships, grants, and loans

  2. Scholarships, grants, and work-study

  3. Scholarships, loans, and work-study

  4. Grants, loans, and work-study

Show answer
Correct Option: A
Explanation:

The three main types of academic financial aid are scholarships, grants, and loans. Scholarships are awarded to students based on their academic achievements, while grants are awarded to students based on their financial need. Loans are awarded to students who need to borrow money to pay for college.

What is the difference between a scholarship and a grant?

  1. Scholarships are awarded based on academic achievement, while grants are awarded based on financial need.

  2. Scholarships are awarded to students who are pursuing a specific field of study, while grants are awarded to students who are pursuing any field of study.

  3. Scholarships are awarded to students who are attending a specific college or university, while grants are awarded to students who are attending any college or university.

  4. Scholarships are awarded to students who are enrolled full-time, while grants are awarded to students who are enrolled part-time.

Show answer
Correct Option: A
Explanation:

The main difference between a scholarship and a grant is that scholarships are awarded based on academic achievement, while grants are awarded based on financial need. Scholarships are typically awarded to students who have a high GPA or who have excelled in a particular area of study. Grants are typically awarded to students who demonstrate financial need.

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

  1. Subsidized loans are awarded to students who are pursuing a specific field of study, while unsubsidized loans are awarded to students who are pursuing any field of study.

  2. Subsidized loans are awarded to students who are attending a specific college or university, while unsubsidized loans are awarded to students who are attending any college or university.

  3. Subsidized loans are awarded to students who are enrolled full-time, while unsubsidized loans are awarded to students who are enrolled part-time.

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

Show answer
Correct Option: D
Explanation:

The main difference between a subsidized and an unsubsidized loan is that subsidized loans have a lower interest rate than unsubsidized loans. This is because the government pays the interest on subsidized loans while the student is in school and during the grace period after graduation. Unsubsidized loans do not have this benefit, so the student is responsible for paying the interest on the loan from the time it is disbursed.

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

  1. $27,000 for undergraduate students and $138,500 for graduate students

  2. $31,000 for undergraduate students and $138,500 for graduate students

  3. $35,000 for undergraduate students and $138,500 for graduate students

  4. $40,000 for undergraduate students and $138,500 for graduate students

Show answer
Correct Option: B
Explanation:

The maximum amount of money that a student can borrow in federal student loans is $31,000 for undergraduate students and $138,500 for graduate students. These limits include all federal student loans, regardless of the type of loan.

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

  1. An application that students must complete in order to be eligible for federal student aid

  2. An application that students must complete in order to be eligible for state student aid

  3. An application that students must complete in order to be eligible for institutional student aid

  4. An application that students must complete in order to be eligible for private student aid

Show answer
Correct Option: A
Explanation:

The Free Application for Federal Student Aid (FAFSA) is an application that students must complete in order to be eligible for federal student aid. This includes federal grants, loans, and work-study programs. The FAFSA is also used to determine a student's eligibility for state and institutional student aid.

When is the FAFSA available?

  1. January 1st

  2. February 1st

  3. March 1st

  4. April 1st

Show answer
Correct Option: A
Explanation:

The FAFSA is available on January 1st of each year. Students can submit their FAFSA as early as January 1st and as late as June 30th. However, it is recommended that students submit their FAFSA as early as possible to ensure that they are considered for all types of financial aid.

What information is required on the FAFSA?

  1. Student's personal information, such as name, address, and Social Security number

  2. Student's financial information, such as income and assets

  3. Student's academic information, such as GPA and test scores

  4. All of the above

Show answer
Correct Option: D
Explanation:

The FAFSA requires students to provide information about their personal background, financial situation, and academic history. This information is used to determine the student's eligibility for federal student aid.

What is the Expected Family Contribution (EFC)?

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

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

  3. The amount of money that a student's college or university is expected to contribute towards the cost of their education

  4. The amount of money that the government is expected to contribute towards the cost of a student's education

Show answer
Correct Option: A
Explanation:

The Expected Family Contribution (EFC) is the amount of money that a student's family is expected to contribute towards the cost of their education. The EFC is calculated using information from the FAFSA. The EFC is used to determine the student's eligibility for need-based financial aid.

What is the difference between a Pell Grant and a Federal Supplemental Educational Opportunity Grant (FSEOG)?

  1. Pell Grants are awarded to students who demonstrate financial need, while FSEOGs are awarded to students who demonstrate exceptional financial need.

  2. Pell Grants are awarded to students who are enrolled full-time, while FSEOGs are awarded to students who are enrolled part-time.

  3. Pell Grants are awarded to students who are pursuing a bachelor's degree, while FSEOGs are awarded to students who are pursuing an associate's degree or a certificate.

  4. Pell Grants are awarded to students who are attending a public college or university, while FSEOGs are awarded to students who are attending a private college or university.

Show answer
Correct Option: A
Explanation:

The main difference between a Pell Grant and a Federal Supplemental Educational Opportunity Grant (FSEOG) is that Pell Grants are awarded to students who demonstrate financial need, while FSEOGs are awarded to students who demonstrate exceptional financial need. FSEOGs are also awarded to students who are enrolled in a program that is designed to prepare them for a career in a high-need field.

What is the maximum amount of money that a student can receive in Pell Grant funding?

  1. $6,495

  2. $7,395

  3. $8,295

  4. $9,195

Show answer
Correct Option: A
Explanation:

The maximum amount of money that a student can receive in Pell Grant funding is $6,495 for the 2022-2023 academic year. This amount is subject to change each year.

What is the Federal Work-Study Program?

  1. A program that provides students with part-time jobs on campus

  2. A program that provides students with part-time jobs off campus

  3. A program that provides students with full-time jobs on campus

  4. A program that provides students with full-time jobs off campus

Show answer
Correct Option: A
Explanation:

The Federal Work-Study Program is a program that provides students with part-time jobs on campus. These jobs allow students to earn money to help pay for their education. Work-study jobs are typically available in a variety of fields, such as food service, library work, and tutoring.

Who is eligible for the Federal Work-Study Program?

  1. Students who demonstrate financial need

  2. Students who are enrolled full-time

  3. Students who are enrolled part-time

  4. All of the above

Show answer
Correct Option: D
Explanation:

Students who demonstrate financial need, who are enrolled full-time, and who are enrolled part-time are all eligible for the Federal Work-Study Program.

How much can a student earn through the Federal Work-Study Program?

  1. $2,000 per year

  2. $3,000 per year

  3. $4,000 per year

  4. $5,000 per year

Show answer
Correct Option: C
Explanation:

Students can earn up to $4,000 per year through the Federal Work-Study Program. This amount is subject to change each year.

What is the difference between a loan and a grant?

  1. Loans must be repaid, while grants do not.

  2. Loans have a higher interest rate than grants.

  3. Loans are awarded to students who demonstrate financial need, while grants are awarded to students who demonstrate academic achievement.

  4. Loans are awarded to students who are enrolled full-time, while grants are awarded to students who are enrolled part-time.

Show answer
Correct Option: A
Explanation:

The main difference between a loan and a grant is that loans must be repaid, while grants do not. Loans also have a higher interest rate than grants. Grants are typically awarded to students who demonstrate financial need, while loans are awarded to students who demonstrate both financial need and academic achievement.

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