8.3 FA HW Drexel University article scholarship and loan calc

What is the main difference between grants and scholarships?

• Grants are only for undergraduate students, while scholarships are for both undergraduate and graduate students.

• Grants are awarded by private organizations, while scholarships are awarded by the government.

• Scholarships need to be repaid, while grants do not.

• Grants are based on financial need, while scholarships are merit-based.

Which of the following is NOT a major government-funded grant?

• Federal Supplemental Educational Opportunity Grants (FSEOG)

• Merit-Based Achievement Grants

• Pell Grants

• Teach Education Assistance for College and Higher Education Grants (TEACH)

What is a common requirement for maintaining a scholarship?

• Completing community service hours each semester

• Paying a yearly maintenance fee

• Maintaining a certain GPA

• Attending summer school

What is the first step in applying for grants?

• Submitting a portfolio of work

• Contacting the financial aid office of the university

• Filling out the Free Application for Federal Student Aid (FAFSA)

• Writing an essay

Which type of financial aid needs to be repaid?

• Work-study programs

• Loans

• Grants

• Scholarships

What is a benefit of federal student loans over private loans?

• Lower interest rates

• No need for a credit check

• Less flexibility with payments

• Higher interest rates

When do federal student loans typically need to start being repaid?

• After graduation, leaving school, or changing enrollment status to less than half-time

• During the final year of college

• Immediately after the loan is disbursed

• After securing a job post-graduation

What qualifies you for student loan forgiveness?

• Having a high GPA throughout college

• Graduating with honors

• Repaying the loan in full within five years

• Working in certain government or non-profit jobs for ten years

What is the main advantage of scholarships over grants?

• There are more scholarships available compared to grants.

• Scholarships are easier to obtain.

• Scholarships can be used for expenses outside of tuition.

• Scholarships have to be repaid.

What is an income-driven repayment plan?

• A plan that allows you to repay loans based on your current income and family size

• A fixed repayment plan with high interest rates

• A repayment plan that requires a lump-sum payment after graduation

• A plan available for private loans only