Financial Aid Quiz

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Financial Management Quizzes & Trivia

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

    Correct Answer
    B. FAFSA
    Explanation
    All colleges, including technical or vocational schools, require students who want to receive financial aid to complete the FAFSA form. FAFSA stands for Free Application for Federal Student Aid, and it is a form that students fill out to determine their eligibility for various types of financial aid, such as grants, loans, and work-study programs. By completing the FAFSA, students provide information about their financial situation, which is then used to calculate their Expected Family Contribution (EFC) and determine the amount of aid they may receive. Pell grants are a type of financial aid that is awarded based on the information provided in the FAFSA.

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  • 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.

    Correct Answer
    A. It is always free of charge
    Explanation
    The FAFSA (Free Application for Federal Student Aid) is always free of charge to complete. This means that individuals do not have to pay any fees to submit their application for federal student aid.

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  • 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

    Correct Answer
    A. CSS Profile
    Explanation
    Some schools require students to submit additional forms along with the FAFSA, such as the CSS Profile and Institutional Financial Aid Forms. Therefore, the correct answer is "Both A and B".

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  • 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.

    Correct Answer
    D. All of the above.
    Explanation
    The correct answer is "All of the above." This is because all three statements provided in the question are true. Public colleges do receive funding from the government, while private colleges are funded privately. Private colleges are generally more expensive than public colleges. State taxpayers do contribute to the funding of public colleges, but not to the funding of private colleges. Therefore, all three statements accurately describe the difference between private and public colleges.

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  • 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

    Correct Answer
    A. Contains your expected family contribution number.
    Explanation
    The student Aid Report is a document that contains the expected family contribution number. This number is calculated based on the financial information provided by the student and their family. It represents the amount of money that the student and their family are expected to contribute towards their education expenses. This report is important for determining the eligibility and amount of financial aid that the student may receive.

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  • 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

    Correct Answer
    C. Work-study
    Explanation
    Work-study is the component in a financial aid package that does not go directly towards a student's tuition bill. Work-study provides students with part-time employment opportunities on campus or in the community, allowing them to earn money to help cover their educational expenses. Unlike grants, scholarships, and loans, work-study funds are not directly applied to the tuition bill but instead provide students with the opportunity to work and earn money to contribute towards their educational costs.

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  • 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)

    Correct Answer
    D. $9500 (3500 subsidized, 4000 unsubsidized)
    Explanation
    The maximum amount that students can receive in Federal Stafford Loans their freshmen year is $9500. This includes $3500 in subsidized loans, which means the government pays the interest while the student is in school, and $4000 in unsubsidized loans, which accrue interest while the student is in school.

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  • 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.

    Correct Answer
    B. When students’ parents apply for a parent plus loan and get denied based on their credit history.
    Explanation
    When students’ parents apply for a parent plus loan and get denied based on their credit history, the student becomes eligible for an additional $4000 in unsubsidized Stafford loans. This is because the denial of the parent plus loan indicates that the parents are unable to provide financial support for the student's education, and therefore the student is granted additional funds through the unsubsidized Stafford loans to cover the expenses.

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  • 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

    Correct Answer
    C. $5,350
    Explanation
    The maximum Federal Pell Grant award for the 2010-2011 award year is $5,350.

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  • 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

    Correct Answer
    B. False
    Explanation
    This statement is false. Undocumented students should still fill out the FAFSA or any institutional forms, even though they may not be eligible for federal financial aid. Some states and institutions offer their own financial aid programs for undocumented students, and filling out these forms can help them access those opportunities. Additionally, some scholarships and private aid may be available to undocumented students, so it is important for them to explore all possible options.

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  • 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.

    Correct Answer
    D. Both B and C should not be considered investments on the FAFSA.
    Explanation
    Parents do not want to include the value of their home that they currently live in or the value of their 401K retirement plan in the investments section of the FAFSA. These assets are not considered investments for the purpose of determining financial aid eligibility.

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  • 12. 

    The interest rate on Stafford loans first disbursed in 2010 will be?

    • A.

      6.8 %

    • B.

      5.6 %

    • C.

      4.5%

    • D.

      8%

    Correct Answer
    C. 4.5%
    Explanation
    The interest rate on Stafford loans first disbursed in 2010 is 4.5%. This means that borrowers who received their loans for the first time in 2010 will have an interest rate of 4.5% on their loans.

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  • 13. 

    Perkins loans are awarded to undergraduate and graduate students with exceptional financial need.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Perkins loans are a type of financial aid that is specifically awarded to undergraduate and graduate students who demonstrate exceptional financial need. This means that students who have a significant financial burden and require additional assistance to cover their educational expenses are eligible for Perkins loans. Therefore, the statement "Perkins loans are awarded to undergraduate and graduate students with exceptional financial need" is true.

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  • 14. 

    In January 2010, you cannot start the FAFSA until students and their parents have filed a 2009 tax return.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because starting in October 2009, the Free Application for Federal Student Aid (FAFSA) allows students and their parents to use estimated tax information if they haven't filed their tax return yet. This change was made to allow students to apply for financial aid earlier in the year and have a better chance of receiving aid.

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  • 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.

    Correct Answer
    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.
    Explanation
    For students considering early action or early decision, it is advised to fill out the CSS Profile or any institutional financial aid forms first thing in October. This is because these forms are often required by colleges and universities for early admission consideration. Additionally, filling out the FAFSA in January 2010 is recommended as it is the standard financial aid application for federal aid programs and many colleges and universities also use it to determine eligibility for institutional aid.

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  • 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

    Correct Answer
    C. Obtain the students W2 forms and use those to report the student’s income on the FAFSA.
    Explanation
    If a student worked but did not file a tax return, the best way to report their income on the FAFSA is to obtain the student's W2 forms and use those to report their income. This ensures that the income information is accurate and can be verified.

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  • 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.

    Correct Answer
    C. Put down both the biological parent and the stepparent that the student is living with.
    Explanation
    When a parent is remarried, the FAFSA requires the student to include both the biological parent and the stepparent that they are currently living with. This is because the stepparent's income and assets are also taken into consideration when determining the student's eligibility for financial aid. Including both parents' information provides a more accurate picture of the family's financial situation.

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  • 18. 

    Students that receive the John and Abigail Adams Scholarship can use it at both public and private colleges?

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The John and Abigail Adams Scholarship is only applicable to public colleges. Therefore, students who receive this scholarship cannot use it at private colleges.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 03, 2009
    Quiz Created by
    Access
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