CEP Financial Aid and Scholarships

Question 1

What is the primary purpose of the FAFSA?

Accepted Answer

To calculate federal financial aid eligibility

Answer

The FAFSA determines a student's eligibility for federal financial aid including grants, loans, and work-study opportunities.

Question 2

What is a merit-based scholarship?

Accepted Answer

Based on achievements and talents

Answer

Merit-based scholarships are awarded based on academic, artistic, athletic, or other achievements, not financial need.

Question 3

What does the Expected Family Contribution (EFC) indicate?

Accepted Answer

How much the family is expected to pay

Answer

The EFC estimates how much a family can contribute toward a student’s education, influencing aid eligibility.

Question 4

Why is it important to meet financial aid deadlines?

Accepted Answer

To ensure full consideration for financial aid

Answer

Missing deadlines can result in loss of financial aid eligibility or reduced funding availability.

Question 5

What is a Pell Grant?

Accepted Answer

A federal grant for low-income students

Answer

The Pell Grant is a need-based federal grant that does not require repayment and supports low-income undergraduate students.

(CEP) Certified Educational Planner Practice Test