Application Process for Financial Aid
This quiz is designed to assess your knowledge about the application process for financial aid.
Questions
What is the first step in applying for financial aid?
- Filling out the Free Application for Federal Student Aid (FAFSA)
- Contacting the financial aid office at your school
- Submitting a scholarship application
- Taking out a student loan
What is the deadline for submitting the FAFSA?
- June 30
- September 30
- December 31
- March 10
What information is required on the FAFSA?
- Your Social Security number
- Your parents' income and assets
- Your high school grades
- All of the above
What is the Expected Family Contribution (EFC)?
- The amount of money your family is expected to contribute to your education
- The amount of money you are eligible to receive in financial aid
- The amount of money you are required to repay in student loans
- None of the above
What is the difference between a grant and a loan?
- Grants do not have to be repaid, while loans do
- Grants are only available to students with high academic achievement, while loans are available to all students
- Grants are only available to students from low-income families, while loans are available to all students
- None of the above
What is the maximum amount of money that a student can borrow in federal student loans?
- $10,000
- $20,000
- $30,000
- $40,000
What is the interest rate on federal student loans?
- 3.73%
- 4.53%
- 5.31%
- 6.08%
What is the repayment period for federal student loans?
- 10 years
- 15 years
- 20 years
- 25 years
What is the grace period for federal student loans?
- 6 months
- 9 months
- 12 months
- 18 months
What is the difference between a subsidized and unsubsidized federal student loan?
- Subsidized loans have a lower interest rate than unsubsidized loans
- Subsidized loans are only available to students with high financial need, while unsubsidized loans are available to all students
- Subsidized loans do not accrue interest while the student is in school, while unsubsidized loans do
- All of the above
What is a PLUS loan?
- A loan that is available to parents of undergraduate students
- A loan that is available to graduate students
- A loan that is available to students who are pursuing a professional degree
- All of the above
What is a private student loan?
- A loan that is made by a bank or credit union
- A loan that is made by the federal government
- A loan that is made by a scholarship organization
- None of the above
What is the interest rate on private student loans?
- Varies depending on the lender
- Is always higher than the interest rate on federal student loans
- Is always lower than the interest rate on federal student loans
- None of the above
What is the repayment period for private student loans?
- Varies depending on the lender
- Is always longer than the repayment period for federal student loans
- Is always shorter than the repayment period for federal student loans
- None of the above
What is the grace period for private student loans?
- Varies depending on the lender
- Is always longer than the grace period for federal student loans
- Is always shorter than the grace period for federal student loans
- None of the above