FAFSA Federal Aid Types and Eligibility

Question 1

Which federal grant does NOT need to be repaid and is based on financial need?

Accepted Answer

Federal Pell Grant

Answer

Federal Stafford Grant

Answer

Federal PLUS Grant

Answer

Federal Perkins Grant

Question 2

What is the maximum annual Pell Grant award amount for the 2024-25 award year?

Accepted Answer

$7,395

Answer

$4,310

Answer

$5,495

Answer

$9,000

Question 3

The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to students with:

Accepted Answer

Exceptional financial need, prioritizing Pell recipients

Answer

Highest academic achievement

Answer

Athletic scholarships

Answer

Out-of-state status

Question 4

What is the Federal Work-Study program?

Accepted Answer

A program providing part-time jobs to students with financial need

Answer

A loan program for working students

Answer

A scholarship for employed students

Answer

A tax credit for working students

Question 5

Which type of federal loan is available to both undergraduate and graduate students based on financial need?

Accepted Answer

Direct Subsidized Loan

Answer

Direct PLUS Loan

Answer

Direct Unsubsidized Loan

Answer

Perkins Loan

Question 6

What is the key benefit of a Direct Subsidized Loan over a Direct Unsubsidized Loan?

Accepted Answer

The government pays interest while the student is enrolled at least half-time

Answer

Lower loan limits

Answer

Higher interest rates

Answer

No repayment required