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

Federal Work-Study provides part-time employment opportunities for undergraduate and graduate students with demonstrated financial need to help pay education expenses.

Question 2

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

Accepted Answer

October 1

Answer

The FAFSA opens on October 1 each year for the following academic year, allowing students to apply for aid early.

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 financial aid award letter outlines all the aid a college is offering, broken down by grants, scholarships, work-study, and loans.

Question 4

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

Accepted Answer

The gap between financial need and the aid package offered

Answer

Unmet need is the difference between a student's demonstrated financial need and the total aid the college actually provides.

Question 5

What is the Lifetime Learning Credit?

Accepted Answer

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

Answer

The Lifetime Learning Credit is a federal tax credit worth up to $2,000 per tax return for qualified tuition and education expenses paid for eligible students.

Colleges Practice Test

Colleges Practice Test

Colleges Financial Aid & Scholarships 3