Financial Aid and Net Price Formulas Quiz
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Questions and Answers

What is considered a direct cost of attendance?

  • Entertainment
  • Travel expenses
  • Cell phone bill
  • Tuition (correct)
  • Which degree will you receive after attending college for 2 years?

  • Master’s
  • Associate’s (correct)
  • Bachelor’s
  • Doctorate
  • What is the correct formula to calculate net price?

  • Sticker price - grants and scholarships = net price (correct)
  • Sticker price + grants and scholarships = net price
  • Sticker price - student loans = net price
  • Grants and scholarships + student loans = net price
  • Which payment method for college is MOST likely based on financial need?

    <p>Grants</p> Signup and view all the answers

    Which degree will you receive after attending college for 4 years?

    <p>Bachelor’s</p> Signup and view all the answers

    Which of the following is NOT a hard skill?

    <p>Adaptability</p> Signup and view all the answers

    What payment method for college is MOST likely to be based on someone's financial need?

    <p>Grants</p> Signup and view all the answers

    Which of the following is considered a hard skill?

    <p>Adaptability</p> Signup and view all the answers

    What will you receive after attending college for 2 years?

    <p>Associate's</p> Signup and view all the answers

    Which of the following is a direct cost of college?

    <p>Tuition</p> Signup and view all the answers

    What is the cost to file the FAFSA?

    <p>It is free</p> Signup and view all the answers

    What correctly calculates net price?

    <p>Sticker price - grants and scholarships = net price</p> Signup and view all the answers

    Which of the following ways to pay for college is MOST likely to be based on someone’s financial need?

    <p>Grants</p> Signup and view all the answers

    What will you receive after attending college for 4 years?

    <p>Bachelor’s</p> Signup and view all the answers

    Who makes interest payments while you're enrolled in school at least half-time?

    <p>Subsidized federal loans</p> Signup and view all the answers

    Study Notes

    Financial Aid and College Costs

    • Net price is calculated by subtracting grants and scholarships from the sticker price.
    • The federal government makes interest payments on subsidized federal loans while the student is enrolled in school at least half-time.

    College Costs

    • Direct costs of attendance include tuition, fees, and dorm furnishings.
    • Travel expenses, cell phone bills, and entertainment are not considered direct costs of attendance.

    Financial Aid and Loans

    • Federal Subsidized Loans are based on financial need.
    • Grants and scholarships are also based on financial need.

    FAFSA and Degree Levels

    • The FAFSA is free to file.
    • An associate's degree is typically obtained after 2 years of college.
    • A bachelor's degree is typically obtained after 4 years of college.

    Skills and Employment

    • Hard skills include coding, accounting, and carpentry.
    • Adaptability is not considered a hard skill.

    College Degrees

    • A bachelor's degree is typically obtained after 4 years of college.
    • A master's degree is typically obtained after more than 4 years of college.

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    Description

    Test your knowledge on financial aid and net price calculations with this quiz. Identify the correct formulas for calculating net price and learn about interest payments made by the federal government while you're enrolled in school.

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