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</p> Signup and view all the answers

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

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

    What are grants typically based on?

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

    What is the purpose of scholarships?

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

    When should students complete the FAFSA4caster?

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

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

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

    What is the purpose of FAFSA4caster?

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

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

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

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

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

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

    <p>All of the above</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.</p> Signup and view all the answers

    When should you consider using private student loans?

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

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