Colleges Financial Aid & Scholarships

Question 1

What is the Expected Family Contribution (EFC) now called under the FAFSA Simplification Act?

Accepted Answer

Student Aid Index (SAI)

Answer

Family Financial Obligation (FFO)

Answer

Need Assessment Score (NAS)

Answer

Federal Eligibility Rating (FER)

Question 2

What is a Pell Grant?

Accepted Answer

A federal grant for undergraduates with exceptional financial need

Answer

A merit-based scholarship from private donors

Answer

A loan that must be repaid after graduation

Answer

A state-funded work-study award

Question 3

What is the maximum annual Pell Grant award for 2024–25?

Accepted Answer

$7,395

Answer

$5,500

Answer

$10,000

Answer

$4,000

Question 4

What is a subsidized student loan?

Accepted Answer

A federal loan where the government pays interest while the student is in school

Answer

A loan with the lowest origination fee

Answer

A private loan co-signed by a parent

Answer

A loan only available to graduate students

Question 5

What is a 529 college savings plan?

Accepted Answer

A tax-advantaged savings account for education expenses

Answer

A federal loan repayment program

Answer

A scholarship fund administered by states

Answer

An IRA account for education costs

Question 6

What is the CSS Profile used for?

Accepted Answer

Applying for institutional financial aid at private colleges

Answer

Applying for federal financial aid

Answer

Registering for AP exams

Answer

Declaring a college major