Ways to Pay for College

Sam has been saving money for college since he was 10. Every birthday, he puts money away in his savings account. Even with his careful savings, he will need more money for college. He wants to apply for financial aid that he will not have to pay back because he wants to be debt free when he graduates. Which of the following choices is not a good option for Sam?

• Grant

• Student loan

• Scholarship

• Work study

Sasha's family doesn't have a lot of money to help her pay for college. She completed a financial aid application. Now, Sasha receives $2,500 per semester from the government to help her pay for college. This money does not have to be paid back. What type of payment is this considered?

• Grant

• Student loan

• Scholarship

• Family support

A college will give Kimberley $3,200 per year toward tuition if she competes on the track team. What type of college funding is this?

• scholarship

• grant

• savings

• loan

Your uncle deposited $50 each month into a bank account. Your uncle plans to use the money to help pay for college. What type of college funding does this describe?

• grant

• scholarship

• savings

• loan

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

(a)  

• grant
• scholarship
• loan
• work study
• savings

Money borrowed from the federal government to help pay for your education, that must be repaid with interest.

(a)  

• loan
• savings
• grants
• scholarships
• work study

Awarded on the basis of academic or other achievements such as sports. You must apply for these.

(a)  

• scholarship
• work study
• loan
• savings
• grants

(6.14G) Which of the following are ways you can pay for college/university? (More than one answer)

• Scholarships

• Work-Study

• Retirement

• Loans

• Collection Agency

(6.14G) Which list contains methods to pay for college that do not require students to make payments back to lenders?

• student loans and work-study

• scholarships, student loans, and savings

• savings, scholarships, and grants

• grants, scholarships, and student loans

Does scholarship money have to be repaid?

• Yes
• No
• Sometimes