Financial Aid

What is the definition of financial aid?

• A loan that must be repaid

• Money to help pay for college education

• A scholarship only for athletes

• A program for student employment

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

• Grants

• Scholarships

• Credit Cards

• Work-Study Programs

What is a grant?

• A financial aid award that must be repaid

• A type of financial aid that does not need to be repaid

• A work-study program for students

• A type of private loan

Which entity does NOT provide grants?

• The federal government

• Private organizations

• Employers

• Colleges

How do scholarships differ from grants?

• Scholarships must always be repaid

• Scholarships are always based on financial need

• Scholarships are often based on merit, talent, or achievement

• Grants cover only tuition, while scholarships cover all expenses

Which of the following is NOT a common scholarship eligibility criterion?

• Academic achievement

• Financial need

• Family income over $200,000

• Athletic ability

What is a student loan?

• A type of financial aid that does not need to be repaid

• Borrowed money that must be repaid with interest

• A gift from the government for all students

• A type of scholarship

What is the purpose of a work-study program?

• To provide students with full-time employment

• To allow students to earn money while studying

• To offer students tuition-free education

• To replace federal student loans

When does the FAFSA application open each year?

• January 1st

• October 1st

• March 1st

• December 1st

Which of the following is NOT required for FAFSA submission?

• Social Security number

• Tax returns

• Bank statements

• High school diploma