Colleges Financial Aid & Scholarships 2

Question 1

What is a merit scholarship?

Accepted Answer

Financial aid awarded based on academic or extracurricular achievement

Answer

Aid given based solely on financial need

Answer

A loan forgiven after public service

Answer

A grant for first-generation college students only

Question 2

What does COA stand for in college financial aid?

Accepted Answer

Cost of Attendance

Answer

Certificate of Admission

Answer

College Opportunity Award

Answer

Cost of Application

Question 3

What is the difference between a grant and a loan in financial aid?

Accepted Answer

Grants do not need to be repaid; loans must be repaid

Answer

Grants are merit-based; loans are need-based

Answer

Grants come from states; loans come from the federal government

Answer

Grants are for graduate students; loans are for undergraduates

Question 4

What is a Direct PLUS Loan?

Accepted Answer

A federal loan available to parents of dependent undergraduates

Answer

A subsidized loan for first-year students

Answer

A private loan from a bank

Answer

A loan exclusively for graduate students

Question 5

What is verification in the FAFSA process?

Accepted Answer

A process where the college confirms the accuracy of FAFSA information

Answer

A background check for scholarship applicants

Answer

The step where students sign their master promissory note

Answer

A review of high school transcripts by the financial aid office

Question 6

What is the National Merit Scholarship Program?

Accepted Answer

A scholarship competition based on PSAT/NMSQT scores

Answer

A federal need-based grant program

Answer

A state-funded scholarship for valedictorians

Answer

A scholarship for first-generation college students