34 What is the name of the federal loan given to most students? 300
35 The Stafford loan Some students also qualify for a Perkins loan.
36 What does it mean if you get a loan that is “subsidized”? 400
37 The government will pay the interest on your loan while you are in school.
38 When do you have to start repaying your federal loans? 500
39 Six months after you have completed school or stopped enrolling.
40 What is the difference between a federal loan and a private loan? 600
41 Federal serviced by the gov’t 6-month grace period deferral & forgiveness options different repayment plans Private serviced by a bank may not have a grace period may not have deferral or forgiveness options may not have flexible repayment options
42 Name one instance when a loan payment can be deferred? 700
43 Enrollment in school Economic hardship Unemployment Military Service
47 The Financial Aid Office at your college can tell you where to find work-study job listings both on and off campus.
48 When do I get the money I earn through work-study? 300
49 Work-study money is given in the form of a paycheck. Depending on your job, you may get a weekly, bi-weekly, or monthly check.
50 Is there a limit to the amount of money you can earn through a work-study job? 400
51 Yes The amount of work-study money you can earn per year is determined by your FAFSA and shown on your Student Aid Report.
52 TRUE or FALSE: Individual colleges offer their own grants and scholarships 500
53 TRUE! Financial aid is available from colleges themselves as well as the federal and state government.
54 What is the difference between financial aid given by colleges and aid given by the government? 600
55 Aid from Colleges Contingent on your enrollment to that particular school May take more factors into consideration than just the FAFSA Aid from Gov’t Not linked to a particular school Determined by FAFSA/PHEAA
56 How do I qualify for financial aid from individual colleges? 700
57 1.Complete the FAFSA 2.Meet all school- based deadlines (which tend to be much earlier than FAFSA deadlines)
58 TRUE or FALSE: Grants are “free” money and do not need to be repaid. 100