What is the FAFSA?

AFA Unit 2 Test

Flashcard
•
Mathematics
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
The Free Application for Federal Student Aid, a form used to apply for financial aid for college.
2.
FLASHCARD QUESTION
Front
What does consolidation do to your monthly payment?
Back
Consolidation lowers your monthly payment and often means you will pay more in interest over the life of your loan.
3.
FLASHCARD QUESTION
Front
What is a grant in the context of financial aid?
Back
Money awarded that does not need to be repaid.
4.
FLASHCARD QUESTION
Front
How do you calculate annual income from hourly wage?
Back
Multiply hourly wage by hours worked per week and then by 52 weeks. For example, $12/hour * 25 hours/week * 52 weeks = $15,600.
5.
FLASHCARD QUESTION
Front
What is the difference between a loan and a grant?
Back
A loan must be repaid with interest, while a grant does not need to be repaid.
6.
FLASHCARD QUESTION
Front
What is the purpose of the FAFSA?
Back
To determine a student's eligibility for financial aid.
7.
FLASHCARD QUESTION
Front
What is a work-study program?
Back
A program that allows students to work part-time while attending school to help pay for their education.
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