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Financial Aid
Financial Aid
Financial Literacy
Financial Literacy
100
What is one difference between a loan and a grant?
A loan you have to eventually pay back. A grant you don't have to pay back.
100
How many times do you have to fill out the FAFSA while in college?
Every Year.
100
Being on a Budget means?
Paying bills every month at the due date.
100
How often can you get a free credit report?
Once a Year
200
What are 4 things that financial aid will help you pay for while in college?
- Tuition/fees - Room/Board -Transportation -Books
200
True or False? You have to be a full time student to receive financial aid.
False. Part time students can also receive financial aid.
200
Where could you get a free credit report with no annual fees?
Freecredit.com
200
What is considered an excellent credit score?
700-850
300
Name at least 1 out of 3 differences between Subsidized Stafford Loan and Unsubsidized Stafford Loan.
Subsidized -Undergraduate students only -Show financial need -U.S. Department of Education pays for interest for a certain time Unsubsidized- Undergraduate and Grad Students - Don't need to show financial need - You pay for interest
300
True or False? Your parents are responsible for your loans because you were under-aged when you signed the paperwork.
False. You are responsible for paying your student loans.
300
What is NOT a method to improve your credit score?
Maintain your old credit cards.
300
Your credit score is important because?
It affects interest rates Impacts future major purchases Can determine whether you can get credit cards
400
What is a Work-Study?
A work study is money given to employ students for part-time jobs on campus who qualify for financial aid.
400
What are two things you need to complete and make corrections to the FAFSA?
Pin number and FSA ID
400

What is a method to fund your college education?

Scholarships, loans, etc.

400

True or False? It’s ok to skip payments on your bills some months, as long as you pay the next month.

False

500
What are the documents/information needed to begin completing the FAFSA? (hint: there's 6)
-Social Security Number -Most recent federal income tax returns -An FSA ID to sign electronically -Records of untaxed income (if applicable) -Your Alien Registration Number (if you are not a U.S. citizen) -Bank statements and records of investments (if applicable)
500
What is the interest rate on the Stafford Loan and the Perkins Loan?
3.76%
500

True or False? Your income level greatly affects your saving habits. 

False. 

500

True or False? You should hold off on investing for retirement until you have college or post-secondary education paid for.

True.