FAFSA
True or False: The FAFSA determines eligibility for a food service plan.
Answer: FALSE
Which two financial aid types are considered "free money" that you do not have to pay back?
Answer: Grants and Scholarships.
Do you have to repay a Subsidized Direct Loan?
Yes. All loans must be repaid with interest.
Net cost of college is $20,000. You accept a $5,000 loan. How much of the net price will you need to pay now?
Answer: You pay $15,000 now and will have to pay back the loan later.
What is it the bank feature that allows checks to be deposited right into your checking account?
A. Direct Deposit
B. Check Casher
C. Mobile Deposit
D. Online Cash
Answer: A. Direct Deposit
What is the main purpose of submitting the FAFSA?
Answer: To determine a student’s eligibility for federal, state, and institutional financial aid (grants, work-study, and federal loans).
Why would you rather receive a scholarship over a loan?
Answer: You don't need to pay back a scholarship.
What makes a Subsidized Loan special compared to an Unsubsidized Loan?
The U.S. government pays the interest while you are enrolled at least half-time in school.
Why is the student loan different from the scholarship and grant when considering the actual cost of college?
Answer: The grant and scholarship decrease the actual cost you will pay. The loan help with the cost you pay now, but you'll pay that back later.
What is the slope of the function shown in the table below?
X Y
0 20
2 16
4 12
6 8
Answer: -2. Change in Y/Change in X (-4/2=-2)
True or False: You only need to fill out the FAFSA once for all four years of college.
Answer: False. You must submit it every academic year.
A scholarship awarded for maintaining a 3.8 GPA or playing varsity soccer is based on what? (need or merit)
Answer: Merit.
College sticker price is $30,000. You receive a $2,000 loan and a $5,000 scholarship. What is the net price of attending this college?
Answer: $25,000. Net price = Sticker price minus grants and scholarships.
Which is typically a lower amount: college sticker price of net price?
Answer: Net price. Net = sticker - grants and scholarships
Ms. B has $1,000 in her savings account and deposits $100 a week. If she doesn't make any other withdrawals or deposits, how much will be in her account after 12 weeks? (y=mx+b)
Answer: $2,200. y=100(12)+1000
What critical figure does the FAFSA calculate to determine how much aid you need?
: The Student Aid Index (SAI)
Under what rare condition might a student actually have to repay a grant?
Answer: If they withdraw from classes early or fail to meet program enrollment requirements.
Which funding source should a student accept first on their award letter: a Subsidized Loan or a Scholarship?
Scholarship (always take gift aid before any loan).
What is the equation for determining net price of a college?
Answer: net price = sticker price - scholarships and grants
What is one reason someone may choose to not have a bank account?
Answer: Don't trust banks, privacy, not enough money to open account, etc.