Financial Aid

Ready to test your knowledge? You'll have ten multiple choice questions to answer. Click on each question to reveal the question and multiple choice answers. After you've completed answering all ten questions, click "Grade Me!" at the end of the quiz to see how you did.

Question 1

When going through the financial aid qualification process, "EFC" stands for?

(A) Earnings, Finances and Cost	Correct Incorrect
(B) Earning for College	Correct Incorrect
(C) Estimated Financial Cost	Correct Incorrect
(D) Expected Family Contribution	Correct Incorrect

Question 2

The application used by nearly all colleges and universities to determine eligibility for federal, state, and college-sponsored financial aid is known as?

(A) Expected Family Contribution (EFC)	Correct Incorrect
(B) Free Application for Federal Student Aid (FAFSA)	Correct Incorrect
(C) 529 Plan	Correct Incorrect
(D) The Coverdell form	Correct Incorrect

Question 3

Which of the following ARE NOT advantages of Federal student loans over private student loans?

(A) They provide flexible repayment and deferment options, including income-based repayment.	Correct Incorrect
(B) You don't need to get a credit check for most federal student loans.	Correct Incorrect
(C) Federal loans can be consolidated into a Direct Consolidation Loan.	Correct Incorrect
(D) Federal Loans have interest rates and fees that are determined by the lender and often depend on your credit rating.	Correct Incorrect

Question 4

Which of the following type of student loan is subsidized by the federal government?

(A) Stafford Loan	Correct Incorrect
(B) Perkins Loan.	Correct Incorrect
(C) Private Loans	Correct Incorrect
(D) Both Stafford and Perkins Loans	Correct Incorrect

Question 5

Which of the following types of Federal financial aid does not have to be repaid?

(A) Pell Grant	Correct Incorrect
(B) Stafford Loan	Correct Incorrect
(C) Perkins Loan	Correct Incorrect
(D) All of the above	Correct Incorrect

Question 6

What is the current aggregate total Stafford loan limit for unsubsidized loans for dependent undergraduate students?

(A) $1,500	Correct Incorrect
(B) $5,500	Correct Incorrect
(C) $31,000	Correct Incorrect
(D) $224,000	Correct Incorrect

Question 7

What is the maximum amount that can be borrowed annually by a parent of a dependent undergraduate student under the Direct PLUS loan program?

(A) $5,500	Correct Incorrect
(B) $10,500	Correct Incorrect
(C) $12,500	Correct Incorrect
(D) The cost of attendance (determined by the school) minus any other financial assistance received.	Correct Incorrect

Question 8

The Federal Work Study Program may result in your student being employed by the following types of employers?

(A) The educational institution itself.	Correct Incorrect
(B) A federal, state, or local public agency.	Correct Incorrect
(C) A private for-profit organization.	Correct Incorrect
(D) All of the above.	Correct Incorrect

Question 9

A great place to look for scholarship opportunities would be?

(A) The school you're planning on attending	Correct Incorrect
(B) Your parents' employer.	Correct Incorrect
(C) Local philanthropic organizations, banks and credit unions.	Correct Incorrect
(D) All of the above.	Correct Incorrect

Question 10

Which of the following types of student loan repayment terms would result in you paying the least?

(A) Payments are a fixed amount for up to 10 years.	Correct Incorrect
(B) Payments are lower at first and then increase for up to 10 years.	Correct Incorrect
(C) Payments may be fixed or graduated with a repayment period of 12-25 years.	Correct Incorrect
(D) They're all the same.	Correct Incorrect

	Correct	Incorrect
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