FAFSA FAFSA 2 — Questions and Answers
Question 1: What does the acronym FAFSA stand for?
- Federal Application for Funding Student Aid
- Free Application for Federal Student Aid (Correct answer)
- Financial Aid Form for Student Applicants
- Federal Aid for Scholarships and Awards
Correct answer: Free Application for Federal Student Aid
FAFSA stands for Free Application for Federal Student Aid.
Question 2: Which U.S. agency administers the FAFSA?
- Department of Education (Correct answer)
- Internal Revenue Service
- Department of the Treasury
- Department of Labor
Correct answer: Department of Education
The U.S. Department of Education's Federal Student Aid office administers the FAFSA.
Question 3: How much does it cost to submit the FAFSA?
- $25
- $50
- It is free (Correct answer)
- It depends on income
Correct answer: It is free
Submitting the FAFSA is completely free of charge.
Question 4: Which type of aid CANNOT be awarded based on the FAFSA?
- Federal Pell Grant
- Federal Direct Loans
- Federal Work-Study
- Private bank personal loans (Correct answer)
Correct answer: Private bank personal loans
Private bank personal loans are not federal aid and are not awarded through the FAFSA.
Question 5: What replaced the Expected Family Contribution (EFC) on the FAFSA?
- Student Aid Index (SAI) (Correct answer)
- Family Income Ratio (FIR)
- Net Aid Estimate (NAE)
- Cost of Attendance (COA)
Correct answer: Student Aid Index (SAI)
The Student Aid Index (SAI) replaced the EFC starting with recent FAFSA updates.
Question 6: The FAFSA is used to apply for aid for what level of education?
- Elementary school
- High school
- College and career school (Correct answer)
- Preschool
Correct answer: College and career school
The FAFSA applies to postsecondary education such as college and career school.
Question 7: How often must a student typically submit the FAFSA?
- Once for their entire education
- Every academic year (Correct answer)
- Only when changing schools
- Every semester
Correct answer: Every academic year
Students must complete the FAFSA every academic year to remain eligible for aid.
FAFSA FAFSA 2
What does the acronym FAFSA stand for?