FAFSA Practice Test

Question 1

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

Accepted Answer

FAFSA

Answer

Profile

Answer

Pell

Answer

EFC

Question 2

How much does it cost to fill out the FAFSA?

Accepted Answer

It is always free of charge

Answer

High Schools pay any fees for the forms.

Answer

The online version is free, but there is a fee for the paper version.

Answer

In 2009-2010, this academic year, it is $35.00

Question 3

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

Accepted Answer

CSS Profile

Answer

Institutional Financial Aid Forms

Answer

Both A and D

Answer

Neither A nor D

Question 4

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

Accepted Answer

All of the above.

Answer

State taxpayers contribute to the funding of public colleges, but not to the funding of private colleges

Answer

Public colleges receive funding from the government, while private colleges are funded privately

Answer

Private colleges are generally more expensive than public colleges

Question 5

A report on student financial aid

Accepted Answer

Contains your expected family contribution number.

Answer

Explains how much it will cost to attend a school

Answer

Is part of the CSS/ Profile

Answer

Is the form you fill out to receive financial aid.

Question 6

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

Accepted Answer

Work-study

Answer

Scholarships

Answer

Loans

Answer

Grants

Question 7

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

Accepted Answer

$9500 (3500 subsidized, 4000 unsubsidized)

Answer

$5500, (3500 subsidized, 2000 unsubsidized)

Answer

$3000

Answer

$4000

Question 8

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

Accepted Answer

When students’ parents apply for a parent plus loan and get denied based on their credit history.

Answer

When students’ parents apply for an alternative private loan and are denied based on their credit history.

Answer

They are eligible for $4000 in unsubsidized Stafford loans automatically every year.

Answer

When they appeal their financial aid award and request more money.

Question 9

A college will send an Award Letter to:

Accepted Answer

Break down a student's financial aid awards and their amounts

Answer

Inform the student of the Admissions decision

Answer

Explain the financial aid process

Answer

Tell a student they got a fancy award

Question 10

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

Accepted Answer

$5,350

Answer

$5,530

Answer

$6,000

Answer

$4,371