Financial Aid Knowledge
Let's see what you know about financial aid. Be sure to check the feedback so you learn as you go! This quiz has been adapted from College Goal Oregon.
- 1.
True or false: Loans are considered part of your financial aid package, even though you have to pay them back.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
A loan is a form of financial aid that must be repaid with interest.Rate this question:
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- 2.
True or false: If I drop out, I still have to pay my student loans.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
You have to pay back any loan money that you have already used to help you get through school. [If you’ve dropped out in the beginning or middle of the term, you may be able to cancel a portion of your loan for that term. However, any loan money used for previous terms must be paid back in full.]Rate this question:
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- 3.
When should high school students start applying to colleges?Junior year
- A.
Junior year
- B.
Summer before Senior year
- C.
Senior year
- D.
After you graduate
Correct Answer
C. Senior yearExplanation
You should apply to colleges by around January of your senior year. [Many college applications have deadlines in January or February; some have deadlines as early as November 30th! Students will have to be prepared to meet these deadlines by taking the SAT’s or ACT’s, filling out college applications, writing essays, and requesting recommendation letters in the fall. Students who want to apply early-decision may have deadlines as early as November of their senior year in high school.]Rate this question:
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- 4.
True or False: The FAFSA only has to be filled out once the year before a student enters college.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The FAFSA must be filled out and filed every year in January. [Students can file the FAFSA later than January since the FAFSA has no deadline. However, applying early is recommended because students may receive more aid.]Rate this question:
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- 5.
What does FAFSA stand for?
- A.
Free Application for Funding Student Associations
- B.
Federal Application for Finding Solar Absorbency
- C.
Free Application for Federal Student Aid
- D.
Federal Application for Flickering Student Accounts
Correct Answer
C. Free Application for Federal Student AidExplanation
Free Application for Federal Student Aid. [Just remember that the form is free to fill out and at the end of the process (just like the end of the acronym) you have student aid.]Rate this question:
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- 6.
What is the FAFSA used for?
- A.
It is a form used for admission purposes only.
- B.
It provides scholarships to students.
- C.
It gives government funds to students attending postsecondary schools.
- D.
It calculates a family’s financial need.
Correct Answer
D. It calculates a family’s financial need. -
- 7.
True or False: Loans and grants are forms of financial aid that have to be paid back.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Kind of a trick question. Loans are a form of financial aid that has to be paid back, although they have low interest rates. Grants, however, do not have to be paid back and are given out based on financial need.Rate this question:
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- 8.
Scholarships are given to....
- A.
Students with a 4.0 GPA
- B.
Everybody
- C.
People who fit the unique criteria of each scholarship
- D.
The prom King
Correct Answer
C. People who fit the unique criteria of each scholarshipExplanation
You don't have to have a 4.0 or be the King as long as you meet the other qualifications.Rate this question:
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- 9.
True or False: Students need to be strong academically to receive scholarships.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
As stated in the previous question, each scholarship has a different purpose, and some of them do not consider grades to be the most important factor. Look around for scholarships that you may be considered for based on your interests, background, and experience.Rate this question:
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- 10.
How many scholarships can one person receive?
- A.
One
- B.
Three
- C.
Nine
- D.
Unlimited
Correct Answer
D. UnlimitedExplanation
There is no limit. The number of scholarships received is not an issue. The amount is. People can receive as many scholarships as it takes to fund their education.Rate this question:
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- 11.
True or False: You need to know which school you are going to in order to file the FAFSA.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
You do not need to know which school you are going to in order to file the FAFSA. You can put a number of your top schools on the FAFSA if you aren’t sure which one you want to go to.Rate this question:
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- 12.
You should keep a copy of all your filled-out application forms because:
- A.
They could get lost in the mail
- B.
Your dog may eat your application
- C.
You can use the records to verify that you sent everything necessary to each scholarship and school
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
You never know what could happen to your applications, so it is best to keep a copy of all forms. That way, if any questions arise later on, you will be able to answer them.Rate this question:
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- 13.
True or False: When you look at an award package, it is important to consider what percentage of the student aid requires pay-back.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
True! You want to avoid debt as much as possible.Rate this question:
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- 14.
True or False: Even with the same FAFSA, different schools will offer different mixes of loans, scholarship and grants to the same student.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
It is true, so be sure to carefully evaluate the quality of the financial aid package. Look for awards that don't leave you in debt.Rate this question:
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- 15.
What percentage of college students receive some form of financial aid?
- A.
25%
- B.
50%
- C.
60%
- D.
100%
Correct Answer
C. 60%Explanation
College is expensive and the majority of students need and qualify for assistanceRate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Jan 29, 2013Quiz Edited by
ProProfs Editorial Team -
Sep 05, 2011Quiz Created by
Smanning2
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