Financial Aid Offer Quiz

After reviewing Financial Aid Offer #1, what question should you ask the financial aid representative regarding important information that is not available in the offer?

• What calendar year is this financial aid offer for?

• What is the school’s cost of attendance?

• How much will I receive in college grants?

• How do I accept or decline this aid offer?

How much annual aid are you being offered in Offer #1 that you do not have to pay back or earn through work?

• $73,332 (Federal Loans + Work Study + Grant + Family Financing Option)

• $44,562 (Family Financing Option)

• $25,770 (Federal Loans + Grant)

• $20,270 (Grant)

Financial Aid Offer #1 includes a “Family Financing Option”? Which statement best describes this type of aid?

• This option is gift aid and does not need to be repaid.

• It is a reflection of options available to finance the remaining cost of attendance.

• It is a loan available through the federal government which requires a family member to cosign.

• It is a type of scholarship available to students who have another family member also attending the university.

What is the estimated annual Cost of Attendance in Offer #2?

• $28,013

• $15,888

• $14,007

• $12,125

How much annual aid are you being offered in Offer #2 that you do not have to pay back?

• $23,368

• $15,946

• $7,422

• $4,645

In Financial Aid Offer #2, which of the financial aid package options would be reduced by fees (deducted from each loan distribution)?

• UW Engineering Alumni Fund

• UW Madison Grant

• Federal Pell Grant

• Direct Subsidized Federal Loan

Fill in the blanks of this sentence: The ________________ minus financial aid awarded equals ________________.

• 1. cost of attendance; sticker price 

• scholarship;

  net price

• 1. cost of attendance; net price 

• 1. net price;

  2. sticker price

Assume that the college in Offer #1 has a cost of attendance of $73,332. What would be the "net price" for the college?

(a)  

Assume that the college in Offer #1 has a Cost of Attendance of $73,332. Which of the statements below comparing Offer #1 to Offer #2 is TRUE?

• College #1 has a lower “cost of attendance” than College #2

• College #1 has a lower “net price” than College #2

• College #1 has a higher “net price” than College #2

• Both College #1 and College #2 have the same “net price”

Which sentence is TRUE?

• 1. You must accept ALL the aid in a financial aid offer.

• All of the aid listed in Offer #2 is free, meaning it does not need to be paid back.

• All universities use the same format for their financial aid offer.

• You can choose to accept some of the aid listed in the financial aid offer and decline some aid.