ADAP Cost and Financial Aid 2

Question 1

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

Accepted Answer

Federal Pell Grant

Answer

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

Question 2

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

Accepted Answer

Eligibility for federal financial aid

Answer

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

Question 3

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

Accepted Answer

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

Answer

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

Question 4

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

Accepted Answer

The U.S. Department of Education

Answer

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

Question 5

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

Accepted Answer

$1,500

Answer

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

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