FAFSA FAFSA 2

Question 1

What does the acronym FAFSA stand for?

Accepted Answer

Free Application for Federal Student Aid

Answer

Federal Application for Funding Student Aid

Answer

Financial Aid Form for Student Applicants

Answer

Federal Aid for Scholarships and Awards

Question 2

Which U.S. agency administers the FAFSA?

Accepted Answer

Department of Education

Answer

Internal Revenue Service

Answer

Department of the Treasury

Answer

Department of Labor

Question 3

How much does it cost to submit the FAFSA?

Accepted Answer

It is free

Answer

$25

Answer

$50

Answer

It depends on income

Question 4

Which type of aid CANNOT be awarded based on the FAFSA?

Accepted Answer

Private bank personal loans

Answer

Federal Pell Grant

Answer

Federal Direct Loans

Answer

Federal Work-Study

Question 5

What replaced the Expected Family Contribution (EFC) on the FAFSA?

Accepted Answer

Student Aid Index (SAI)

Answer

Family Income Ratio (FIR)

Answer

Net Aid Estimate (NAE)

Answer

Cost of Attendance (COA)

Question 6

The FAFSA is used to apply for aid for what level of education?

Accepted Answer

College and career school

Answer

Elementary school

Answer

High school

Answer

Preschool

Question 7

How often must a student typically submit the FAFSA?

Accepted Answer

Every academic year

Answer

Once for their entire education

Answer

Only when changing schools

Answer

Every semester