#1
What is the average annual cost of tuition and fees at a public four-year institution in the United States for the 2020-2021 academic year?
$5,000 - $10,000
$10,000 - $15,000
$15,000 - $20,000
Above $20,000
#2
What is the FAFSA?
A scholarship program
A loan forgiveness program
A federal financial aid application
A tax refund form
#3
What is the role of a financial aid counselor?
To help students find part-time jobs on campus
To assist students with their college applications
To provide guidance on financial aid options and applications
To manage the budget of a college's financial aid department
#4
What is the 'Expected Family Contribution' (EFC) used for?
Determining eligibility for scholarships
Calculating the amount a family is expected to pay for college
Determining eligibility for student loans
Assessing a student's academic performance
#5
What is the primary purpose of a 529 college savings plan?
To fund retirement
To save money for higher education expenses
To invest in the stock market
To pay off student loans
#6
What is the significance of a '529 plan' in college savings?
It offers federal grants to eligible students
It allows tax-free growth of investments for educational expenses
It provides low-interest loans to college students
It is a government-funded scholarship program
#7
What is the '529 plan' in the context of higher education savings?
A type of student loan
A retirement savings account
A tax-advantaged savings plan
A budgeting tool for parents
#8
What is the difference between subsidized and unsubsidized federal student loans?
Subsidized loans have lower interest rates
Unsubsidized loans require a credit check
Subsidized loans don't accrue interest while in school
Unsubsidized loans are only for graduate students
#9
What is the difference between a grant and a scholarship?
Grants are need-based, scholarships are merit-based
Grants are for graduate students, scholarships are for undergraduate students
Grants are awarded by colleges, scholarships are awarded by government agencies
There is no difference between a grant and a scholarship
#10
What is the 'cost of attendance' (COA) in the context of college financial aid?
The total amount of tuition and fees for one semester
The estimated total cost of attending a particular college for one academic year
The amount a student is expected to contribute towards their education
The average salary of graduates from a particular college
#11
What is the difference between a subsidized and an unsubsidized loan?
Subsidized loans have lower interest rates
Unsubsidized loans require a credit check
Subsidized loans don't accrue interest while in school
Unsubsidized loans are only for graduate students
#12
What is the 'grace period' for student loans?
The time during which interest does not accrue on the loan
The period during which students can defer loan payments
The time between graduating and the first loan payment
The period when students can work to pay off their loan interest
#13
What is the 'expected family contribution' (EFC) in the context of financial aid?
The maximum amount a family can borrow in federal loans
The amount a family is expected to pay toward college expenses
The minimum GPA required to qualify for scholarships
The number of hours a student must work on campus
#14
What is the significance of the Free Application for Federal Student Aid (FAFSA) deadline?
It determines eligibility for federal loans only
It determines eligibility for all federal financial aid programs
It determines eligibility for private scholarships
It determines eligibility for work-study programs only
#15
What are the consequences of defaulting on student loans?
Lower credit score, wage garnishment, and loss of eligibility for future financial aid
Automatic discharge of the debt, no further consequences
Higher credit score, eligibility for larger loans in the future
Access to better loan repayment plans
#16
What is the concept of 'financial aid packaging'?
Putting together various forms of financial aid to meet a student's need
Gift wrapping financial aid documents
Delivering financial aid to students via mail
Creating a financial aid plan for a college
#17
What does the term 'net price' refer to in the context of college expenses?
The total cost of tuition and fees
The price of textbooks and supplies
The cost of attendance after subtracting scholarships and grants
The amount a student is expected to contribute toward their education
#18
What is the role of a financial aid appeal?
To request an extension for filing financial aid forms
To dispute a college's decision regarding financial aid
To negotiate lower tuition fees with a college
To request additional scholarship funds