Federal Student Aid Quiz

According to the video, what types of financial assistance does the Office of Federal Student Aid offer?

• Scholarships and grants

• Loans and work-study funds

• Tuition reimbursement and stipends

What does the award letter from each school explain to the students?

• The types of federal financial aid available

• The repayment options for federal loans

• The cost of tuition and room and board

How are federal student loans different from private student loans?

• Federal student loans have lower interest rates

• Federal student loans require immediate repayment

• Federal student loans do not require interest payments

What are some benefits of federal student loans mentioned in the video?

• The ability to consolidate loans into one payment

• The option to defer loan payments indefinitely

• The opportunity to deduct loan interest from taxes

What is mentioned as a potential option for students to earn money while in school?

• Obtaining a federal grant

• Applying for a work-study job

• Taking out a private student loan

• Seeking employment off-campus

What is a grant?

• A type of loan that must be repaid

• A form of financial aid that doesn't have to be repaid

• Money earned through part-time work

• A type of scholarship based on academic merit

Which of the following grants are mentioned in the text?

• Pell Grants and Federal Work-Study Grants

• Federal Supplemental Educational Opportunity Grants and Teacher Education Assistance Grants

• Iraq and Afghanistan Service Grants and Scholarships

What is the purpose of scholarships?

• To provide free money for college or career school expenses

• To offer part-time work opportunities

• To provide loans with interest

How is the Federal Work-Study Program different from a grant?

• Grants are based on financial need, while work-study is based on academic merit.

• Grants do not require any work, while work-study involves part-time employment.

• Grants are repaid with interest, while work-study is considered free money.

What is a loan?

• Money borrowed that must be repaid with interest

• Financial aid that doesn't have to be repaid

• Money earned through part-time work