Title: QUIZ: College Choice 101: Financial Aid -- Personal Finance Conversations
Course: Andria Testing FRE2 > Section: College Choice 101: Financial Aid -- Personal Finance Conversations

Q: What is gift aid?
- Financial aid offered in the form of grants or scholarships
- Money your family members give you when you graduate from high school
- Financial aid you must repay with interest at the end of college
- Money set aside to be given to you once you graduate from college
A: Financial aid offered in the form of grants or scholarships

Q: Which of the following is true about paying back grants?
- You must pay back the difference if you are awarded an amount above a maximum set by the state in which you are attending college.
- You must pay back a grant if you withdraw from or stop attending the classes for which the grants were provided.
- You must always repay grants in full, but the payback timeline is income based.
- The FAFSA will determine whether or not you must repay the grant in part or in full.
A: You must pay back a grant if you withdraw from or stop attending the classes for which the grants were provided.

Q: What is a Pell grant?
- A common, need-based public grant based upon the student's Expected Family Contribution (EFC), the school cost, and the student’s attendance status
- A private grant offered by select colleges and educational institutions based upon merit assessments such as the ACT or SAT
- A need-based grant offered by non-profits and made available only to those who demonstrate the most extreme financial need
- A common, demographic-based private grant based upon region and ethnicity
A: A common, need-based public grant based upon the student's Expected Family Contribution (EFC), the school cost, and the student’s attendance status

Q: Which of the following abbreviations stands for how much a student’s family will be predicted to pay for college?
- FAFSA
- FSEOG
- EFC
- PLUS
A: EFC

Q: What is a Federal Supplemental Educational Opportunity Grant (FSEOG)?
- A need-based public grant based upon the student’s Expected Family Contribution (EFC), the cost of the school, and the student’s attendance status
- Additional money available only to those who qualified for the Pell grant and demonstrate the most extreme financial need based on their EFC
- A private grant colleges and educational institutions offer based upon merit and the student’s EFC
- A private grant you must be pay back in part following a 6-month grace period after leaving school
A: Additional money available only to those who qualified for the Pell grant and demonstrate the most extreme financial need based on their EFC

Q: What is a scholarship?
- Financial aid the federal government gives that is based upon the student’s Expected Family Contribution (EFC)
- A one-time financial aid award that you must repay in part following a 6-month grace period after leaving school
- A renewable financial aid award that you must repay in full, with interest, after leaving school
- A one-time or renewable financial aid award offered by private sources or the college you attend that you do not have to repay
A: A one-time or renewable financial aid award offered by private sources or the college you attend that you do not have to repay

Q: What is the difference between private scholarships and those granted by your chosen school?
- Private scholarships are never merit based.
- Private scholarships are not covered by FAFSA and you must search and apply for them on your own.
- Scholarships granted by your chosen school are not covered by FAFSA.
- Your chosen school grants scholarships solely based upon financial need.
A: Private scholarships are not covered by FAFSA and you must search and apply for them on your own.

Q: Which of the following is true of a public loan?
- For Direct and PLUS loans you must start making payments the first month after you have left school.
- If you have a Direct Unsubsidized loan, the government pays the interest that accrues while you are attending school.
- Students can take out a PLUS loan if they have good credit.
- If you have a Direct Subsidized loan, the government pays the interest that accrues while you are attending school.
A: If you have a Direct Subsidized loan, the government pays the interest that accrues while you are attending school.

Q: What are the characteristics of a private loan?
- The federal government originates and subsidizes them, but a private company services them.
- They are always unsubsidized and offered at a fixed interest rate of 8% to those with good credit and good academic standing.
- Banks or credit unions offer them, but usually at higher interest rates, with a shorter grace period, and they may include other fees or penalties.
- The federal government offers them to families based upon the student’s Expected Family Contribution (EFC).
A: Banks or credit unions offer them, but usually at higher interest rates, with a shorter grace period, and they may include other fees or penalties.

Q: If you have a job on campus through a work study program, you are paid directly.
- True
- False
A: True