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Need-Based Financial Aid

This quiz covers the basics of need-based financial aid, including eligibility requirements, types of aid, and the application process.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the primary purpose of need-based financial aid?

  1. To help students pay for college tuition and fees
  2. To help students pay for living expenses
  3. To help students pay for books and supplies
  4. To help students pay for transportation
Question 2 Multiple Choice (Single Answer)

Who is eligible for need-based financial aid?

  1. Students from low-income families
  2. Students with good grades
  3. Students who are first-generation college students
  4. Students who are members of underrepresented groups
Question 3 Multiple Choice (Single Answer)

What is the most common type of need-based financial aid?

  1. Grants
  2. Loans
  3. Scholarships
  4. Work-study
Question 4 Multiple Choice (Single Answer)

What is the difference between a grant and a loan?

  1. Grants do not have to be repaid, while loans do
  2. Grants are only available to students from low-income families, while loans are available to all students
  3. Grants are only available to students with good grades, while loans are available to all students
  4. Grants are only available to first-generation college students, while loans are available to all students
Question 5 Multiple Choice (Single Answer)

What is the FAFSA?

  1. The Free Application for Federal Student Aid
  2. The College Scholarship Service Profile
  3. The CSS Profile
  4. The National Scholarship Service
Question 6 Multiple Choice (Single Answer)

What is the CSS Profile?

  1. The Free Application for Federal Student Aid
  2. The College Scholarship Service Profile
  3. The CSS Profile
  4. The National Scholarship Service
Question 7 Multiple Choice (Single Answer)

When should I apply for financial aid?

  1. As early as possible
  2. After I have been accepted to college
  3. After I have received my financial aid award letter
  4. After I have enrolled in college
Question 8 Multiple Choice (Single Answer)

What documents do I need to apply for financial aid?

  1. My tax returns
  2. My W-2 forms
  3. My bank statements
  4. My investment statements
Question 9 Multiple Choice (Single Answer)

How will my financial aid award be determined?

  1. My family's income and assets
  2. My academic record
  3. My extracurricular activities
  4. My personal statement
Question 10 Multiple Choice (Single Answer)

What should I do if I am not satisfied with my financial aid award?

  1. Contact the financial aid office at my college
  2. File an appeal
  3. Look for other sources of financial aid
  4. All of the above
Question 11 Multiple Choice (Single Answer)

What is work-study?

  1. A program that allows students to work part-time while they are attending college
  2. A program that provides students with free textbooks
  3. A program that helps students find scholarships
  4. A program that helps students pay for their living expenses
Question 12 Multiple Choice (Single Answer)

What is the maximum amount of money that I can borrow in federal student loans?

  1. $27,000 for undergraduate students
  2. $31,000 for graduate students
  3. $57,500 for medical students
  4. $138,500 for law students
Question 13 Multiple Choice (Single Answer)

What is the interest rate on federal student loans?

  1. 4.99%
  2. 5.05%
  3. 5.75%
  4. 6.88%
Question 14 Multiple Choice (Single Answer)

When do I have to start repaying my federal student loans?

  1. Six months after I graduate
  2. One year after I graduate
  3. Two years after I graduate
  4. Three years after I graduate
Question 15 Multiple Choice (Single Answer)

What are some ways to reduce my student loan debt?

  1. Make extra payments on my loans
  2. Refinance my loans
  3. Apply for loan forgiveness
  4. All of the above
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