Colleges Financial Aid & Scholarships 3

Question 1

What is a work-study program?

Accepted Answer

A federal program that provides part-time jobs for students with financial need

Answer

A co-op program where students alternate semesters of school and work

Answer

An internship requirement for business majors

Answer

A night-school program for working adults

Question 2

When is the FAFSA available for students to complete each year?

Accepted Answer

October 1

Answer

January 1

Answer

July 1

Answer

September 1

Question 3

What is a financial aid award letter?

Accepted Answer

A document from a college detailing the types and amounts of aid offered

Answer

A letter confirming scholarship renewability

Answer

A promissory note for student loans

Answer

An IRS confirmation of education tax credits

Question 4

What does 'unmet need' mean in college financial aid?

Accepted Answer

The gap between financial need and the aid package offered

Answer

The total cost of attendance after scholarships

Answer

The amount a student owes after graduation

Answer

The portion of aid that must be repaid

Question 5

What is the Lifetime Learning Credit?

Accepted Answer

A federal tax credit for tuition paid for post-secondary education

Answer

A federal grant for non-traditional students

Answer

A loan forgiveness program for lifelong learners

Answer

A state scholarship for adult learners

Question 6

What is income-driven repayment (IDR) for student loans?

Accepted Answer

A repayment plan where monthly payments are based on income and family size

Answer

A plan where interest is forgiven after 10 years

Answer

A repayment option only for graduate school loans

Answer

A plan that reduces the loan principal for on-time payers