Mastering Grants
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Questions and Answers

Which type of loans have borrower protections and alternative repayment options?

  • Neither undergraduate federal loans nor private loans
  • Private loans
  • Undergraduate federal loans (correct)
  • Both undergraduate federal loans and private loans

What is the current interest rate for undergraduate federal loans?

  • 4.53% (correct)
  • 5.25%
  • 3.99%
  • 6.10%

When do the new interest rates set by Congress apply?

  • To neither existing nor new loans
  • To all new loans (correct)
  • To both existing and new loans
  • To all existing loans

Which form must be completed each year to apply for financial aid?

<p>FAFSA (A)</p> Signup and view all the answers

What is the estimated family contribution (EFC) used for?

<p>Determining the eligibility for financial aid (D)</p> Signup and view all the answers

What are grants typically based on?

<p>Financial need (B)</p> Signup and view all the answers

What is the purpose of scholarships?

<p>To reward academic achievement (C)</p> Signup and view all the answers

Which of the following is NOT a common way for families to pay for college?

<p>Applying for financial aid (C)</p> Signup and view all the answers

When should students complete the FAFSA4caster?

<p>When they are not ready to complete the FAFSA (C)</p> Signup and view all the answers

What is the recommended order of steps for finding ways to pay for college?

<p>Complete FAFSA, apply for free money first, look at savings, apply for loans (C)</p> Signup and view all the answers

Which of the following is NOT a type of federal student loan?

<p>Private loan (A)</p> Signup and view all the answers

When should you start making a list of potential scholarships?

<p>The summer before your senior year of high school (C)</p> Signup and view all the answers

What is the benefit of a 529 plan?

<p>Tax-deferred growth and tax-free withdrawals for qualified education expenses (D)</p> Signup and view all the answers

What is the difference between a dependent student and an independent student?

<p>A dependent student relies on their parents or guardians for income, while an independent student does not (B)</p> Signup and view all the answers

Which of the following is the largest source of funding for the average family to pay for college?

<p>Savings (C)</p> Signup and view all the answers

What is the recommended order of steps for finding ways to pay for college?

<p>Complete FAFSA, apply for free money (scholarships and grants), look at savings, apply for loans (D)</p> Signup and view all the answers

What is the purpose of FAFSA4caster?

<p>To provide estimates of student aid eligibility (D)</p> Signup and view all the answers

Which of the following is NOT a type of federal student loan?

<p>Direct subsidized loan (D)</p> Signup and view all the answers

What is the maximum amount of money that can be borrowed in federal student loans throughout higher education?

<p>$100,000 (B)</p> Signup and view all the answers

What is the main requirement for parents to qualify for a Parent PLUS loan?

<p>Having a tarnish-free credit history (A)</p> Signup and view all the answers

When should you complete the FAFSA to be considered for a federal Pell Grant?

<p>Before starting college (C)</p> Signup and view all the answers

Which of the following is NOT a factor considered when determining the Estimated Family Contribution (EFC)?

<p>Student's assets (C)</p> Signup and view all the answers

Which of the following is a need-based form of financial aid?

<p>Grants (D)</p> Signup and view all the answers

What is the main difference between scholarships and grants?

<p>Scholarships are merit-based, while grants are need-based (A)</p> Signup and view all the answers

What are some ways to expand your reach when searching for scholarships?

<p>All of the above (D)</p> Signup and view all the answers

Which of the following statements about interest rates for federal loans is true?

<p>Interest rates are set by Congress each year. (C)</p> Signup and view all the answers

When should you consider using private student loans?

<p>As a last resort for financing your education. (C)</p> Signup and view all the answers

What is a key difference between private loans and federal loans?

<p>Private loans have borrower protections and alternative repayment options. (A)</p> Signup and view all the answers

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