Financial Aid & Scholarships
What is the FAFSA, and why is it important?
Free Application for Federal Student Aid. It determines eligibility for financial aid.
What is the best way to track your spending?
A budget or a budgeting app
What should be your first financial priority after getting a full-time job?
Paying off debt, saving for emergencies, or contributing to retirement.
True or False: Financing a brand-new car right after college is a good idea.
False? It leads to high monthly payments
What’s the difference between a grant and a loan?
Grants are free money that doesn’t need to be repaid, while loans must be paid back.
This popular rule suggests spending 50% on needs, 30% on wants, and 20% on savings.
50/30/20 rule
What’s one major financial mistake new graduates often make?
Lifestyle inflation—spending more just because you earn more.
What’s a dangerous spending habit that can lead to major financial trouble?
Impulse buying or spending more than you earn
What is the best strategy to reduce student loan debt before graduating?
Applying for scholarships, working part-time, and borrowing only what is necessary.
What should you do before making a big purchase to avoid impulse spending?
Evaluate if it's a need vs. a want
If you have student loans, what’s one strategy to pay them off faster?
Making extra payments, refinancing, or using the snowball/avalanche method
What’s one common scam targeting college students?
Student loan forgiveness scams, fake job offers, or phishing emails
What is the difference between unsubsidized and subsidized loans?
Unsubsidized loans gain interest while you are in college. Subsidized loans don't gain interest while you are in school.
Name one way to cut down on food expenses as a college student.
Meal prepping, using student discounts, or cooking at home instead of eating out
What’s a common work benefit that can help you build wealth over time?
a 401(k) with employer matching
What happens if you don’t start repaying student loans on time?
Late fees, interest accumulation, and possible credit score damage
True or False: You should only apply for scholarships before starting college.
False. Many scholarships are available for current college students and even graduates!
What financial tool allows you to categorize your income and expenses?
A spreadsheet, budgeting app, or financial planner
If you want to negotiate your salary, what should you research beforehand?
Industry salary benchmarks and cost of living
What’s the biggest downside of taking out payday loans?
Extremely high interest rates trap borrowers in debt.