Content Areas

To earn this credential, you will need to know the basic principles and processes of student budget construction. You will need to know the standard components of a student’s cost of attendance (COA), allowable additional costs, and rules related to recalculation of the COA. This will help you demonstrate the ability to protect the integrity of the Title IV programs by ensuring your school’s COA policies and procedures result in the construction of accurate and appropriate student budgets, which directly affects the equitable distribution of financial aid funding. 

The range of topics in this test include:

• Student Budget Construction
• Cost of Attendance Components and Restrictions
• Recalculations and Non-Title IV Aid

Tests may include questions pertaining to a variety of program structures, such as credit- or clock-hour, term or nonterm, standard or nonstandard term, undergraduate or graduate/professional programs, and programs of various length (shorter than one year, two-year, four-year, certificate, etc.).

Sample Test Questions

All tests will include a combination of multiple-choice and scenario-based questions. Some questions may involve viewing or downloading worksheets, charts, and tables. Please ensure you have a calculator available while taking a credential test.

Review the following examples, which are similar in structure and scope to the questions that will appear on the test for this topic. Check your answers by selecting the question's link.

1. Which of the following costs cannot be included in a student’s cost of attendance?

• A computer purchased in the summer for use in the fall
• Purchase of a vehicle to provide transportation to and from school
• Child care during a study group session
• A fee for a licensing exam

2. Which of the following Title IV programs is always based on the cost of full-time attendance for a nine-month academic year?

• TEACH Grant
• Direct Loans
• Campus-Based Aid
• Federal Pell Grant

3. For students enrolled less than half time, the school cannot include __________ in the cost of attendance.

• transportation
• food and housing
• miscellaneous and personal expenses
• an allowance for dependent-care expenses

4. What is the maximum number of semesters (or equivalent) a less than half-time student may have food and housing included in the cost of attendance?

• 1
• 2
• 3
• 4

Recommended Resources

Prepare for this test by reviewing related content in resources such as:

• Higher Education Act of 1965, as amended (view U.S Code Title 20, Chapter 28)
• Federal regulations (view NASFAA’s Compiled Title IV Regulations)
• U.S. Department of Education guidance:
  
  • Dear Colleague Letters
  • Electronic Announcements
  • Federal Student Aid Handbook
  • Search for "FAFSA Specifications Guide" in the FSA Knowledge Center
• Student Aid Reference Desk

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