Paying for College Money Skills: How to Find Your Education

What information is needed in order to complete the FAFSA online?

All answers are correct

A(n) _ letter outlines what types of financial aid you can receive.

Award

Which of the following statements regarding expected family contribution (EFC) is true?

EFC is based on income and asset information

TRUE or FALSE: A Subsidized Direct Loan requires a credit check, but an Unsubsidized Direct Loan does not.

FALSE

_ do not have to be paid back, but _ do.

Grants; loans

Which of these loan options often has higher interest rates and fewer repayment options then the others?

Private

Who sends award letters?

School Financial Aid Offices

Subsidized and Unsubsidized loans begin to accrue interest as soon as they are disbursed. The interest that access on _ loans while the borrower is enrolled at least half time is paid by the U.S. Department of Education. The borrower is solely responsible for paying ALL of the interest that accrues on _ loans.

Subsidized; Unsubsidized

TRUE or FALSE: While the FAFSA is used to determine financial need it may be required for non need-based aid (like scholarships) too.

TRUE

Complete the sentence. PLUS loans ...

are not need-based so even borrowers with higher income are eligible.