How to Pay for College

What is financial aid?

• A fee charged for educational instruction during higher education

• Borrowed, given, or earned money given to students for the purpose of paying for college expenses

• A government tax levied on students

• A scholarship awarded only to high-achieving students

Which of the following is included in financial aid?

• Only student loans

• Only grants

• Grants, scholarships, loans, and employment

• Only private investments

Which of the following is NOT a source of financial aid?

• Federal and State Government

• Private Sources

• Institutions/Colleges

• All are sources

Which level of government is a source of financial aid?

• Federal Government

• City Government

• International Government

• None of the above

Financial aid can come from which of the following?

• Only Federal Government

• Only Private Sources

• Only State Government

• All of the above

Which of the following is NOT an example of a private source of financial aid?

• Non-profit organizations

• The federal government

• Family members

• Labor unions

What is the main characteristic of grants as a type of financial aid?

• They are not based on financial need.

• They have to be paid back with interest.

• They are earned through part-time jobs.

• They do not have to be paid back and are based on financial need.

What is a key difference between scholarships and grants?

• Scholarships are free money, while grants are loans.

• Scholarships are based on financial need, while grants are not.

• Scholarships are based on many different qualifications, while grants are based on financial need.

• Scholarships must be paid back with interest, while grants do not.

What do students have to do with the money they receive from loans?

• They do not have to pay the money back.

• They can keep the money without any obligations.

• They must pay the money back with interest.

• They must work part-time jobs to earn the loan money.

What does the work-study program offer to students?

• Scholarships based on academic performance.

• Grants that do not need to be paid back.

• Part-time jobs to students with financial need.

• Loans that must be paid back without interest.