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Modules (3-4) Questions

Aria Brown avatar Aria Brown
6 September 2022
4.7 (114 reviews)
20 test answers

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The FAFSA
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What do you need to submit in order to access need-based federal aid and federal loans?
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Free Money
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The biggest difference between scholarships and loans is that scholarships are considered _____ but loans must be paid back.
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Loans
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Which method of funding higher education accrues interest until it is paid back?
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These are special programs that have requirements to either work or serve in order to receive the money.
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Why aren't financial aid programs like work-study and military programs considered free money?
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Each state has it's own deadline and you need to apply every year.
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The FAFSA is unlike other financial aid applications because ____.
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Community Service
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Merit scholarships can be awarded for high GPAs or test scores, honors recognition, leadership roles and _____.
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Scholarships and grants are free money that do not need to be paid back.
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Why is it important to consider scholarships and grants before loans to pay for higher education?
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Information about their income and taxes.
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If you are a dependent of a parent or caregiver, what will you need from them to complete the FAFSA?
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School Counselors.
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Which person at your school would most likely have up-to-date information about scholarship opportunities?
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No, It is important that you apply early even before you have been accepted into a program.
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Should you wait to apply for the FAFSA until you know which higher education institution you will be attending?
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Money wiring agency
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Which resource would not have reliable information about student loans?
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Unsubsidized loan
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Which type of loan has a higher borrowing limit, a subsidized or unsubsidized loan?
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A parent or guardian
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Who would most likely be a cosigner on some student loans?
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A loan that is taken out for your education by a parent or guardian and they are responsible for paying it back.
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What is a parent loan?
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Federal loans always have a fixed interest rate and you qualify regardless of your credit score.
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Which statement best describes how federal student loans are different than private student loans?
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A fee that is charged by a lender to make up for the cost that they spend giving you a loan.
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What is an origination fee on a loan?
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Are based on financial need.
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Subsidized loans are different than other types of loans because they _____.
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High School Counselor.
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When researching financial aid options, who should you contact first?
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Every year
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How often do you need to fill out the FAFSA in order to apply for federal student loans?
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Financial institutions like banks or credit unions.
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Private student loans are from _____.