Cost and Financial Aid Flashcards

Which federal student aid program provides funds that do NOT need to be repaid?

Answer: Federal Pell Grant

The Federal Pell Grant is need-based grant money that does not require repayment.

A student's Expected Family Contribution (EFC) is used to determine:

Answer: Eligibility for federal financial aid

The EFC (now called the Student Aid Index) helps determine a student's eligibility for need-based federal financial aid.

What is the main difference between a subsidized and an unsubsidized federal student loan?

Answer: The government pays interest on subsidized loans while the student is enrolled

With subsidized loans, the federal government covers interest charges during enrollment and deferment periods.

Which organization administers the federal student loan program in the United States?

Answer: The U.S. Department of Education

The U.S. Department of Education oversees federal student aid programs, including grants and loans.

An ADAP student receives a $3,000 scholarship and has $4,500 in program costs. What is their remaining balance after applying the scholarship?

Answer: $1,500

$4,500 minus $3,000 equals $1,500 remaining out-of-pocket balance.

Which type of aid requires the student to work part-time, typically on campus, to earn funds?

Answer: Federal Work-Study

Federal Work-Study provides part-time employment opportunities to help students earn money for educational expenses.

What happens to a student's financial aid if they withdraw from a dental assisting program before completing 60% of the term?

Answer: A portion of federal aid may be returned under the Return of Title IV calculation

Federal regulations require that unearned Title IV funds be returned to the government when a student withdraws early in the term.