FAFSA Practice Test

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What is the form that all institutions, including technical and vocational schools, ask of students seeking financial aid?

Correct! Wrong!

Explanation:
The Free Application for Federal Student Aid is a form completed by current and prospective college students in the United States to determine their eligibility for student financial aid.

How much does it cost to fill out the FAFSA?

Correct! Wrong!

Explanation:
There is no fee to file the FAFSA. As the name suggests, the Free Application for Federal Student Aid (FAFSA) is a free application.

Which forms, in addition to the FAFSA, are requested by some schools?

Correct! Wrong!

Explanation:
The CSS Profile, short for the College Scholarship Service Profile, is an online application created and maintained by the United States-based College Board that allows college students to apply for non-federal financial aid.

Please answer all of the questions in this quiz. The following are the differences between private and public colleges:

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Explanation:
The main difference between private and public colleges is how they’re funded. Public universities receive funding through their state governments, while private colleges rely on private endowments. Most public and private colleges also have major differences in degree programs, the cost of tuition, and the size of the student body.

A report on student financial aid

Correct! Wrong!

Explanation:
Your Student Aid Report (SAR) is a document that gives you basic information about your eligibility for federal financial aid. It also gives you a chance to review and correct the information listed on your FAFSA®, if you need to.

What part of a financial aid package doesn't go straight to a student's tuition bill?

Correct! Wrong!

Explanation:
Work-study employment that provides a part-time job with the University

What is the maximum amount of Federal Stafford Loans a freshman can receive?

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Explanation:
Any additional Stafford loans received, up to the freshman year maximum of $9,500, would be unsubsidized.

When is a student eligible for an extra $4000 in Stafford loans that aren't subsidized?

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Explanation:
If the Parent is credit denied for a Parent PLUS loan, the student becomes eligible for an additional $4,000 in unsubsidized Stafford loans as a Freshman or Sophomore, or if they are Junior or Senior status they are eligible for an additional $5,000 in unsubsidized Stafford loans.

A college will send an Award Letter to:

Correct! Wrong!

Explanation:
An award letter is the documentation sent from a college or university to the student that details how much financial support the student is eligible to receive. The award letter is sent following the student's submission of the Free Application for Federal Student Aid (FAFSA) and application to attend college or university.

For the 2010-2011 academic year, the maximum federal Pell Grant payout will be:

Correct! Wrong!

Explanation:
Pell Grants The Economic Stimulus Bill increases the maximum Pell Grant to $5,350 for the 2009-2010 school year and $5,550 for the 2010-2011 school year. The Pell Grant program is the largest source of federal aid granted to post-high school students by the federal government.

While a student is enrolled in school, this type of federal loan does not accrue interest.

Correct! Wrong!

Explanation:
Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.

What is the definition of a loan?

Correct! Wrong!

Explanation:
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.

The Federal Pell Grant has a maximum lifetime of.

Correct! Wrong!

Explanation:
Your lifetime limit for the Pell Grant is 100% of your full-time award per year — over six years. However, how much you’re eligible to receive each year depends on four factors: Expected family contribution (EFC) School's cost of attendance (COA)

Students can work on a college campus under this federal program.

Correct! Wrong!

Explanation:
The Federal Work-Study program originally called the College Work-Study Program and in the United States frequently referred to as just "Work-study", is a federally-funded program in the United States that assists students with the costs of post-secondary education. The Federal Work-Study Program helps students earn financial funding through a part-time employment program. Approximately 3,400 institutions participate in the program.

The acronym EFC stands for

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Explanation:
EFC is an acronym that stands for - Expected Family Contribution. It helps to ascertain whether a student is qualified for the different types of the federal grants that is available. FAFSA is a student report sheet where the student enters his or her details concerning the EFC.

What will the interest rate be on Stafford loans that were originally disbursed in 2010?

Correct! Wrong!

Explanation:
Stafford loans for undergraduate students to 6.0% (2008-09), 5.6% (2009-10), 4.5% (2010-11) and 3.4% (2011-12), with a return Federal Stafford Loan Counseling Checklist 2 of 6 Form No GFAS 04-01 Effective Feb 2010 to 6.8% in 2012-13. These cuts are available only to undergraduate students, not graduate students, and only for Subsidized Stafford loans, not Unsubsidized Stafford loans. Those loans remain at a fixed rate of 6.8%.

Which parent's information do you submit on the FAFSA if a parent has remarried?

Correct! Wrong!

Explanation:
If the student lived with neither parent more, the parent who provided the greater amount of support to the student is responsible for completing the FAFSA. If the parent responsible for completing the FAFSA has remarried, the stepparent's income and asset information must also be reported on the FAFSA even if there is a prenuptial agreement.

How frequently do you fill out the FAFSA?

Correct! Wrong!

Explanation:
You’ll need to fill out the FAFSA once per year, every year that you’re attending school and want financial aid. Even if you don't need federal student loans or think you'll qualify for grants or scholarships, you should still fill it out just in case you do.

COA stands for?

Correct! Wrong!

Explanation:
ACCORDING TO 3 SOURCES - A Certificate of Analysis (COA) is a certified document issued by a laboratory after testing the content and quantities of cannabinoids, terpenes, solvents, or volatile compounds in a cannabis product. The details provided in the report have to match the specifications on the product's label.

Where is the SAR to be found?

Correct! Wrong!

Explanation:
View your SAR by logging in to your FAFSA form and selecting “View or Print your Student Aid Report (SAR)” from the “My FAFSA” page. If you provided an email address on your FAFSA form, you’ll receive an email with a link to an online copy of your SAR from noreply@fafsa.gov.

Following the submission of the FAFSA, you will receive a

Correct! Wrong!

Explanation:
After you submit your FAFSA® and your application processes, you will receive your Student Aid Report (SAR) in about 3 to 14 days or sometimes longer. It depends on if you receive it by email, mail, or in some other form.

What is the objective of the FAFSA? (choose two options)

Please select 2 correct answers

Correct! Wrong!

Explanation:
The purpose of the FAFSA application is to collect confidential data like annual income that schools use to determine financial aid eligibility

If you are not a citizen of the United States, you should apply to...

Correct! Wrong!

Explanation:
The Washington Application for State Financial Aid or WASFA is a free application for state financial aid for students who are not eligible for federal aid because of immigration status, including undocumented students.

Why is it important to submit the FAFSA as soon as possible?

Correct! Wrong!

Explanation:
File the FAFSA early because schools and states have limited amounts of student aid available, and some of it is awarded on a first-come, first-served basis.

According to FAFSA, what does "parent" mean?

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Explanation:
"Parent" refers to a biological or adoptive parent or a person determined by the state to be a parent (for example, if the parent is listed on the birth certificate). Grandparents, foster parents, legal guardians, older siblings, and uncles or aunts are not considered parents on the FAFSA unless they have legally adopted you.

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