Financial Aid Quiz

18 Questions | By Access | Last updated: Mar 21, 2022 | Total Attempts: 1021

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Quiz to get a baseline of what the advisors understand about financial aid.

Questions and Answers

1.

What form do all colleges, including technical or vocational schools, require of students who want to receive financial aid?
- A.
  
  Profile
- B.
  
  FAFSA
- C.
  
  EFC
- D.
  
  Pell
2.

How much does the FAFSA cost to complete?
- A.
  
  It is always free of charge
- B.
  
  High Schools pay any fees for the forms.
- C.
  
  In 2009-2010, this academic year, it is $35.00
- D.
  
  The online version is free, but there is a fee for the paper version.
3.

Which forms are required by some schools in addition to the FAFSA?
- A.
  
  CSS Profile
- B.
  
  Institutional Financial Aid Forms
- C.
  
  Both A and B
- D.
  
  Neither A nor B
4.

Please complete this quiz question. The difference between private and public colleges is:
- A.
  
  Public colleges receive funding from the government, while private colleges are funded privately
- B.
  
  Private colleges are generally more expensive than public colleges
- C.
  
  State taxpayers contribute to the funding of public colleges, but not to the funding of private colleges
- D.
  
  All of the above.
5.

A student Aid Report
- A.
  
  Contains your expected family contribution number.
- B.
  
  Explains how much it will cost to attend a school
- C.
  
  Is the form you fill out to receive financial aid.
- D.
  
  Is part of the CSS/ Profile
6.

In a financial aid package, what component does not go directly towards a student’s tuition bill?
- A.
  
  Grants
- B.
  
  Scholarships
- C.
  
  Work-study
- D.
  
  Loans
7.

What is the maximum amount that students can receive in Federal Stafford Loans their freshmen year?
- A.
  
  $3500
- B.
  
  $5500, (3500 subsidized, 2000 unsubsidized)
- C.
  
  $4000
- D.
  
  $9500 (3500 subsidized, 4000 unsubsidized)
8.

When is a student eligible for an additional $4000 in unsubsidized Stafford loans?
- A.
  
  When they appeal their financial aid award and request more money.
- B.
  
  When students’ parents apply for a parent plus loan and get denied based on their credit history.
- C.
  
  When students’ parents apply for an alternative private loan and are denied based on their credit history.
- D.
  
  They are eligible for $4000 in unsubsidized Stafford loans automatically every year.
9.

The maximum Federal Pell Grant award for the 2010-2011 award year will be:
- A.
  
  $4,371
- B.
  
  $5,530
- C.
  
  $5,350
- D.
  
  $6,000
10.

Undocumented students should not fill out the FAFSA or any institutional forms because they cannot receive any source of financial aid.
- A.
  
  True
- B.
  
  False
11.

On the FAFSA under the investments section, parents want to include all of the following answers except? In other words, which answer or answers do they definitely NOT want to include in this section?
- A.
  
  Any 529 college savings plans that they have
- B.
  
  The value of the home that they currently live in.
- C.
  
  The value of their 401K retirement plan
- D.
  
  Both B and C should not be considered investments on the FAFSA.
12.

The interest rate on Stafford loans first disbursed in 2010 will be?
- A.
  
  6.8 %
- B.
  
  5.6 %
- C.
  
  4.5%
- D.
  
  8%
13.

Perkins loans are awarded to undergraduate and graduate students with exceptional financial need.
- A.
  
  True
- B.
  
  False
14.

In January 2010, you cannot start the FAFSA until students and their parents have filed a 2009 tax return.
- A.
  
  True
- B.
  
  False
15.

For students that are considering early action or early decision, you want to advise students to do the following?
- A.
  
  Follow the same financial aid process as regular decision students.
- B.
  
  Fill out the FAFSA in the fall of their senior year.
- C.
  
  Fill out the CSS Profile or any institutional financial aid forms first thing in October and then fill out the FAFSA in January 2010.
- D.
  
  Just fill out the CSS profile in the fall. The FAFSA is not required.
16.

If a student worked, but did not file a tax return, how do your report his/her income on the FAFSA?
- A.
  
  Because it is most likely a minimal amount, you do not report anything on the FAFSA.
- B.
  
  Estimate the student’s income to the best of your ability
- C.
  
  Obtain the students W2 forms and use those to report the student’s income on the FAFSA.
- D.
  
  The student’s parents will have this information on their own tax return
17.

If a parent is remarried, whose parental information do you put down on the FAFSA?
- A.
  
  Only list the biological parent that the student is currently living with and not their stepparent.
- B.
  
  Put down both biological parents and not the stepparent that the student is living with.
- C.
  
  Put down both the biological parent and the stepparent that the student is living with.
- D.
  
  You can either put down both biological parents or the biological parent that you are living with and the stepparent that you are living with.
18.

Students that receive the John and Abigail Adams Scholarship can use it at both public and private colleges?
- A.
  
  True
- B.
  
  False