Get the low down so you have the cash

to throw down

Financial Aid

Written by Randall Brown

TERMS YOU SHOULD KNOW IF YOU WANT THE DOUGHFinancial Need

•Grants•Federal Work Study

•FAFSA– Free Application for

Federal Student Aid

Merit

• Scholarships• H.O.P.E.

• Helping Outstanding Pupils Educationally

Money is Available!

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1. Which of the following is increasing?A. Number of students attending CollegeB. Need for higher degrees to get a jobC. Amount of financial aid availableD. All of the Above

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2. Financial aid is available for anyone who needs it.

A. TrueB. False

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3. What form must you fill out by the deadline to be eligible for educational aid?

A. FAPSAB. PAFSAC. FAFSAD. PAPSA

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4. After filling out the required from (from Question3), what type of aid is NOT available to you?

A. GrantsB. LoansC. ScholarshipsD. Work Study

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5. Financial Aid obtained from completing the FAFSA is awarded to a student based on

A. GradesB. Financial NeedC. Test ScoresD. Class Rank

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6. Which of the following forms of student aid is often awarded to students with the greatest need and does not have to be paid back?

A. ScholarshipsB. LoansC. Work StudyD. Grants

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7. Which form of student aid provides you with a job that pays and also allows you a flexible schedule for time to study?

A. ScholarshipsB. LoansC. Work StudyD. Grants

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8. The largest financial aid category which provides aid that must be paid back?

A. ScholarshipsB. LoansC. Work StudyD. Grants

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9. Which of the following is NOT true about Federal Education loans?

A. You don’t have to pay them back until you graduateB. You have to pay them back if you fall below ½ time

enrollment statusC. The interest is locked in at a low rateD. You get one based on your grades

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10. Private education loans are often more affordable than federal loans obtained by filling out a FAFSA?

A. TrueB. False

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GRANTS• Money from the Government

or other private organizations• Based on your financial need

•FREE! FREE! You don’t have to pay it back!!

FEDERAL WORK STUDY• Money from the

Government• Work at a job on

campus• Flexible hours so

you can study

F.A.F.S.A.

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11. Which of the following is a good reason NOT to go to college?

A. New and exciting opportunitiesB. Better pay in your careerC. College costs are increasingD. None of the above

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12. Which of the following is true about paying for college?

A. College costs are going upB. There’s very little money available to people who

want to go to collegeC. The government does not offer any free financial aidD. Poor people have no chance of paying for college

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13. Who uses FAFSA to determine if a student is eligible for financial aid for college?

A. Federal GovernmentB. StatesC. Individual SchoolsD. All of the above

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14. A FAFSA can only be submitted by filling in the information on the official paper form?

A. TrueB. False

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F.A.F.S.A.• Form required to

get free gov’t aid• Do it when

parents do taxes• Do it every year• You don’t qualify

unless you apply

Scholarships• Money for college based on

–Grades–Athletic Ability–Clubs / Community Involvement–Leadership Ability

• Don’t have to pay it back• Some come with obligations attached

H.O.P.E.• Helping Outstanding Pupils

Educationally• Funded by the Georgia Lottery• “B” average to qualify• “B” average to maintain it

• Not always based on financial need• Several places to borrow money for

school• Need FAFSA to get Loans based on

need

• Either way, you must pay it back

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15. FAFSA stands for?A. Federal application for Financial Student AidB. Federal Association of Free Student AssistanceC. Free Application for Federal Student AidD. Federal Application for Free Student Aid

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16. Which of the following is an easy way to remember to fill out the FAFSA?

A. Do it before the HolidaysB. Do it after the HolidaysC. Do it right after you start collegeD. Do it when your parents do their taxes

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17. Which of the following BEST describes federal aid obtained based on information in the FAFSA?

A. You must have good grades to qualifyB. You must apply to qualifyC. You must live below the poverty level to qualifyD. You must have high SAT scores to qualify

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18. Which of the following is NOT a qualification for paying for college by way of Scholarships?

A. Financial NeedB. GradesC. Athletic AbilityD. Leadership Skills

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19. You can’t have any C’s on your report card to be eligible for the H.O.P.E. Scholarship?

A. TrueB. False

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20. Which of the following is NOT true about student loans to pay for college?

A. Not all loans are based on financial needB. Both bank loans and government loans have to be

paid back with interestC. You still have to fill out FAFSA to get a loan from the

GovernmentD. None of the above--All are true

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Financial Aid Summary• Lots of money Available• Fill out FAFSA at Tax time

to get need-based aid for college

• Be a good student NOW—it will pay you back later

• Be involved in clubs, sports and community

• Know requirements for getting available money

• Enjoy the benefits of your education