How Much Do You Know About Financial Aid?

1. The largest source of financial aid is…

Colleges and universities

State governments

Private organizations

The federal government

Correct!

Wrong!

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2. “FAFSA” is short for…

Free Application for Federal Student Assistance

Free Application for Federal Student Aid

Federal Application for Free Student Aid

None of the above

Correct!

Wrong!

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3. To apply for financial aid, you need to complete…

FAFSA

CSS/Financial Aid PROFILE

Both a and b

None of these

Correct!

Wrong!

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4. True or False: Student loans are NOT a type of financial aid.

True

False

Correct!

Wrong!

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5. The CSS/Financial Aid PROFILE is best defined as…

An online application used by colleges and universities to award financial aid from the federal government

An online application used by scholarship programs to award student loans from investment firms

An online application used by colleges, universities, and scholarship programs to award financial aid outside of the federal government

None of these

Correct!

Wrong!

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6. The FAFSA opens on what day of each year?

September 1

October 1

November 1

January 1

Correct!

Wrong!

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7. What is the total amount of financial aid available to undergraduate college students each year?

$65 billion

$185 billion

$250 billion

$600 billion

Correct!

Wrong!

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8. If your financial aid award package isn’t enough, you should…

Visit the registrar’s office and demand a higher award amount

Submit an appeal

Apply for as many credit cards as you can and use them to pay the balance

Pay a scholarship search service to find free money

Correct!

Wrong!

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9. Which of the following is NOT a step in the financial aid process?

Submit the FAFSA

Apply for scholarships

Complete all forms requested by the financial aid office

Upload a copy of your financial aid award letter to Facebook

Correct!

Wrong!

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10. True or False: You can still receive federal aid, even if you don’t complete the FAFSA.

True

False

Correct!

Wrong!

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11. “EFC” is short for…

Expected Family Contribution

Estimated Family Contribution

Expected Financial Contribution

Estimated Financial Capital

Correct!

Wrong!

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12. The EFC from your FAFSA is calculated by…

Subtracting grants and scholarships from the total cost of attendance

Subtracting grants from the total cost of attendance

Subtracting scholarships from the total cost of attendance

None of these

Correct!

Wrong!

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