28 Questions
Which type of loans have borrower protections and alternative repayment options?
Undergraduate federal loans
What is the current interest rate for undergraduate federal loans?
4.53%
When do the new interest rates set by Congress apply?
To all new loans
Which form must be completed each year to apply for financial aid?
FAFSA
What is the estimated family contribution (EFC) used for?
Determining the eligibility for financial aid
What are grants typically based on?
Financial need
What is the purpose of scholarships?
To reward academic achievement
Which of the following is NOT a common way for families to pay for college?
Applying for financial aid
When should students complete the FAFSA4caster?
When they are not ready to complete the FAFSA
What is the recommended order of steps for finding ways to pay for college?
Complete FAFSA, apply for free money first, look at savings, apply for loans
Which of the following is NOT a type of federal student loan?
Private loan
When should you start making a list of potential scholarships?
The summer before your senior year of high school
What is the benefit of a 529 plan?
Tax-deferred growth and tax-free withdrawals for qualified education expenses
What is the difference between a dependent student and an independent student?
A dependent student relies on their parents or guardians for income, while an independent student does not
Which of the following is the largest source of funding for the average family to pay for college?
Savings
What is the recommended order of steps for finding ways to pay for college?
Complete FAFSA, apply for free money (scholarships and grants), look at savings, apply for loans
What is the purpose of FAFSA4caster?
To provide estimates of student aid eligibility
Which of the following is NOT a type of federal student loan?
Direct subsidized loan
What is the maximum amount of money that can be borrowed in federal student loans throughout higher education?
$100,000
What is the main requirement for parents to qualify for a Parent PLUS loan?
Having a tarnish-free credit history
When should you complete the FAFSA to be considered for a federal Pell Grant?
Before starting college
Which of the following is NOT a factor considered when determining the Estimated Family Contribution (EFC)?
Student's assets
Which of the following is a need-based form of financial aid?
Grants
What is the main difference between scholarships and grants?
Scholarships are merit-based, while grants are need-based
What are some ways to expand your reach when searching for scholarships?
All of the above
Which of the following statements about interest rates for federal loans is true?
Interest rates are set by Congress each year.
When should you consider using private student loans?
As a last resort for financing your education.
What is a key difference between private loans and federal loans?
Private loans have borrower protections and alternative repayment options.
Maximize your chances of receiving financial aid by learning how to find and apply for grants. Take this quiz to test your knowledge and discover strategies for narrowing down your scholarship options.
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