Scholarships and Grants
What is the main difference between a scholarship and a grant?
Scholarships are often merit-based, while grants are usually need-based.
What is the interest rate on federal student loans?
It varies each year but is set by the government; currently, it is around 6.53%.
Name one hidden cost of college besides tuition.
Textbooks, transportation, meal plans, or student fees.
What is a federal work-study job?
A part-time job funded by the government to help students earn money for college expenses.
True or False: You should only fill out the FAFSA if you need loans.
False. The FAFSA determines eligibility for grants, scholarships, and work-study as well.
Name one type of need-based grant available to students.
Pell Grant, AIM HIGH Grant, Monetary Award Program
What does it mean if a loan is "subsidized"?
The government pays the interest while the student is in school.
How can students save money on textbooks?
Buy used, rent, use digital versions, or borrow from the library.
True or False: Work-study earnings are automatically applied to tuition.
False. Students receive a paycheck and can decide how to use it.
True or False: Only students with perfect grades can get scholarships.
False. Many scholarships are based on leadership, community service, or unique skills.
True or False: Scholarships must always be repaid.
False
True or False: Private loans typically have lower interest rates than federal loans.
False
What is the recommended percentage of your income to spend on housing?
No more than 30%.
What is a benefit of working part-time during college?
Gaining work experience, reducing loan debt, or building a professional network.
What is a common myth about applying for financial aid late?
There's unlimited aid available—many funds are first-come, first-served.
What’s a common requirement to maintain a renewable scholarship?
Maintaining a certain GPA or fulfilling service requirements/Being involved in certain activities
What happens if you default on a student loan?
It damages your credit, wages can be garnished, and you may lose eligibility for future financial aid.
Name two ways to reduce college living expenses.
Live with roommates, cook meals instead of dining out, use public transportation, or apply for resident assistant (RA) positions.
How many hours per week can students typically work in a federal work-study job?
Usually up to 20 hours per week.
True or False: All student loans are bad.
False. Federal loans can be manageable with low interest and flexible repayment options.
Name two sources where students can find scholarships.
Scholarship search websites, high schools, colleges, community organizations, or employers.
Name two repayment plans available for federal student loans.
Income-Driven Repayment, Standard Repayment, Graduated Repayment, or Extended Repayment.
What is the difference between a need-based and merit-based financial aid package?
Need-based aid is awarded based on financial need, while merit-based aid is awarded based on achievements like academics, athletics, or leadership.
Name one way to find a high-paying part-time job in college.
Check campus job boards, internships, local businesses, or freelance/gig economy jobs.
Name one reason why students should still apply for aid even if their family earns a high income.
Some schools offer merit-based aid regardless of income, and FAFSA is required for some scholarships.