FAFSA FAFSA 4

Question 1

Which federal grant identified through the FAFSA does NOT have to be repaid?

Accepted Answer

Federal Pell Grant

Answer

Federal Direct Unsubsidized Loan

Answer

PLUS Loan

Answer

Perkins Loan

Question 2

What is the main difference between a subsidized and an unsubsidized Direct Loan?

Accepted Answer

The government pays interest on subsidized loans while in school

Answer

Subsidized loans have no interest ever

Answer

Unsubsidized loans are need-based

Answer

Only graduate students get subsidized loans

Question 3

Eligibility for which loan type requires demonstrated financial need?

Accepted Answer

Direct Subsidized Loan

Answer

Direct Unsubsidized Loan

Answer

Parent PLUS Loan

Answer

Private loan

Question 4

Federal Work-Study awarded via the FAFSA provides students with what?

Accepted Answer

Part-time jobs to earn money for expenses

Answer

A lump-sum grant

Answer

Free tuition

Answer

Loan forgiveness

Question 5

Which factor is part of a school's Cost of Attendance (COA) used with the SAI to determine aid?

Accepted Answer

Tuition, fees, and living expenses

Answer

The student's GPA

Answer

The student's SAT score

Answer

The parents' retirement savings

Question 6

A negative Student Aid Index (SAI) generally indicates what?

Accepted Answer

A higher level of financial need

Answer

The student is ineligible for aid

Answer

An error on the form

Answer

The student owes money

Question 7

Need-based aid is generally calculated as Cost of Attendance minus what?

Accepted Answer

The Student Aid Index and other aid

Answer

The student's savings only

Answer

Tuition only

Answer

The Pell Grant only