Paying for School Q&A

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Paying for School Q&A

Scholarships… who gets them?

  1. Students from low-income families
  2. Students who score high on the ACT1 or SAT2 test
  3. Good athletes
  4. Tall students

All of the answers are correct. Scholarships are awarded for a variety of reasons. You could get a scholarship based on your financial situation, your academic ability, or your athletic ability. But there are also scholarship opportunities available for students with unusual interests and talents. Search for and apply for as many scholarships as possible.

How many of the following are types of student aid?

  1. Grants
  2. Scholarships
  3. Loans
  4. Work-study

All of them. Any type of funding you receive to help pay for school—not just "free" money—is considered to be student aid. And to receive student aid, you must apply.

When is the best time to apply for student aid?

  1. At the same time you apply to school
  2. As soon as you have been accepted for admission
  3. As soon as possible after January 1 of the year you plan on attending
  4. When you have decided which school you will be attending

Correct answer is C. Apply as soon as possible after January 1. You do not have to be accepted or know where you plan to attend in order to apply for student aid. But be sure to check on state and college deadlines and file your applications by the earliest deadline.

How often do you have to apply for student aid?

  1. Just once, before the beginning of your freshman year
  2. Every semester that you want to receive student aid
  3. Every year that you want to receive student aid
  4. Only when your financial circumstances change

Correct answer is C. Apply for student aid every year that you want to receive it. You need to complete the FAFSA® (Free Application for Federal Student Aid) only once. However, you must update it every year you want to receive student aid in case anything may have changed, such as income or assets.

How many students receive student aid to pay for college?

  1. Less than one-third
  2. One-third
  3. Two-thirds
  4. More than two-thirds

Correct answer is C. Nearly two-thirds of students get some type of student aid to pay for college.

How long do you usually have to pay back a student loan?

  1. 5 Years
  2. 10 Years
  3. 15 Years
  4. More than 15 years

Correct answer is B. When you take out a student loan, you usually have 10 years to pay it back, unless you request a different repayment plan.

1ACT is a registered trademark of ACT, Inc.

2SAT is a registered trademark of the College Board, which was not involved in the production of, and does not endorse, this product.