College Financial Literacy

A subsidized loan is when ​ (a)   pays the interest on a loan while you're in school.

• the government
• you
• your parents
• your school

What is institutional aid?

• Aid provided by your college.

• Aid provided by the federal government.

• Aid provided by your workplace.

• Aid provided by your family.

When is a student eligible for a Parent Plus Loan?

• If a student doesn't want to take out a loan themselves.

• If a parent decides to return to college.

• If financial aid has already been applied and doesn't cover all of your costs.

• If the student is a dependent and can't take out loans.

Which of the following is NOT a characteristic of a Federal Work Study?

• Government funded

• Only applies to full-time students

• Must be an on campus job

• Can be a collaboration with campus partners

When can you apply for scholarships at AUM?

• Fall

• Summer

• Spring

• Only when you apply

What type of financial aid DOESN'T need to be paid back?

Which of the following is an example of an indirect college cost?

• Activity Fee

• Technology Fee

• Meal Plan

• Textbooks

Organize these options into the right categories

Groups:

(a) Private Loans

,

(b) Scholarships

,

(c) Federal Loans

,

(d) Pell Grants

• Can be need-based or merit-based

• Higher interest rate

• Based solely on financial need

• Lower interest rate

How does a typical grace period last for student loans?

• Six months after you graduate.

• Three months after you graduate.

• A year after you graduate.

• There isn't a grace period.

True or false: You have to renew your FAFSA every academic year.

• True

• False