4.4.

3
  Test (TST): Financial Aid Test
College and Career Preparation I Name:  
Date:  

1. Define need-based aid. (2 points)

need based aid is money that you can receive if you need financial help

2. List two personal attribute categories out of the four used to determine who
receives scholarships. (2 points)

good academically

community service

3. Define Federal Pell Grant. (2 points)

financial help for students who haven't earned their first bachelors degree

4. What is a first-generation student? (1 point)

a first generation student is someone who's the first in their family to go to college

5. Define award package. What does it include? (2 points)

An award package is different types of aid to help you pay for college. It includes funds from different financial programs

4.4.3 Test (TST): Financial Aid 1/3

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6. What advantage do subsidized Federal Stafford Loans have over all other loans?
(1 point)

The adavantage is the government pays for the student

7. Provide three potential issues you will face if you default on a loan. (3 points)

1. ruins credit

2. might not be able to get a job

3. extra fees

8. Explain what a college meal plan is. (2 points)

a college meal plan is when a students pays for a certain amount of meals from the school cafeteria instead of spending
everyday eating out

9. What is a 529 college savings plan, and who do you open one with? (2 points)
an investment plan made by the state that lets you save money, you open one with the parent with the child as the beneficiary

4.4.3 Test (TST): Financial Aid 2/3

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copying, reuse, or redistribution is prohibited.
10. List three advantages of investing in a 529 plan. (3 points)

1.

2.

3.

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copying, reuse, or redistribution is prohibited. Apex Learning ® and the Apex Learning Logo are registered trademarks of

Apex Learning Inc.

4.4.3 Test (TST): Financial Aid 3/3

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copying, reuse, or redistribution is prohibited.