#1
Which of the following is a type of financial aid that does not need to be repaid?
Scholarship
Student loan
Work-study program
Parent PLUS loan
#2
What is the Free Application for Federal Student Aid (FAFSA) used for?
To apply for federal student loans
To apply for scholarships
To determine eligibility for federal financial aid
To apply for work-study programs
#3
Which of the following is NOT considered a source of college funding?
Federal Pell Grant
State-based financial aid programs
529 savings plan
Credit card
#4
Which federal agency oversees the administration of most federal student aid programs?
Department of Education
Department of Treasury
Internal Revenue Service
Department of Labor
#5
Which of the following federal student aid programs provides part-time employment to students to help pay for college expenses?
Federal Pell Grant
Federal Perkins Loan
Federal Work-Study Program
Federal Direct Loan Program
#6
What is the purpose of a 529 savings plan in the context of college funding?
To provide scholarships to students
To provide federal student loans
To save for future college expenses
To pay off existing student loan debt
#7
What is the primary benefit of applying for scholarships?
Avoiding student loans
Guaranteed funding for college
Access to federal grants
Financial aid for international students
#8
What is the maximum income limit to be eligible for a Pell Grant in the United States?
$50,000
$75,000
$100,000
There is no income limit
#9
Which type of financial aid requires the recipient to demonstrate financial need?
Scholarship
Grant
Work-study program
Student loan
#10
What is the CSS Profile used for in the college financial aid process?
To apply for federal student loans
To apply for scholarships
To determine eligibility for institutional aid
To apply for work-study programs
#11
What is the maximum amount of federal student loans a dependent undergraduate student can borrow in their first year of college?
#12
What is the primary difference between a subsidized and unsubsidized federal student loan?
Subsidized loans have lower interest rates
Unsubsidized loans do not accrue interest while the student is in school
Subsidized loans require a credit check
Unsubsidized loans are need-based
#13
Which of the following is an example of a need-based scholarship?
Merit-based scholarship
Athletic scholarship
Artistic scholarship
Income-based scholarship
#14
Which federal agency oversees the regulation and management of private student loans?
Department of Education
Consumer Financial Protection Bureau
Federal Reserve
Department of Treasury
#15
What is the primary difference between subsidized and unsubsidized federal student loans?
Subsidized loans have lower interest rates
Unsubsidized loans do not accrue interest while the student is in school
Subsidized loans are based on financial need
Unsubsidized loans require a credit check
#16
What does the Expected Family Contribution (EFC) represent in the financial aid process?
The total cost of attendance
The amount of aid a student receives
The amount a family is expected to contribute toward college costs
The interest rate on student loans
#17
What is the interest rate on federal Direct PLUS loans for parents?
Fixed interest rate set annually
Variable interest rate tied to market fluctuations
No interest charged
Depends on the credit history of the borrower