Answers to Packaging and Notification of Awards Sample Test

All tests will include a combination of multiple-choice and scenario-based questions. The following examples are similar in structure and scope to the questions that will appear on the test for this topic.

1. Which of the following is NOT considered estimated financial assistance (EFA) when packaging TEACH, campus-based aid, or federal loans?

    • CORRECT: Veterans education benefits
    • Private scholarships
    • Waivers for tuition and fees
    • State grants

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2. After initial packaging, a student may receive additional estimated financial assistance (EFA) that causes an overaward. Which type of aid is never reduced to correct an overaward?

    • Federal Perkins Loan
    • CORRECT: Federal Pell Grant
    • TEACH Grant
    • Federal Direct Loan

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3. The __________ packaging model ensures that all students receive a certain level of gift aid.

    • first-come, first-served
    • gift aid first
    • CORRECT: equity
    • self-help first

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4. The Financial Aid Shopping Sheet, provided by the U.S. Department of Education, includes all of the following institutional performance metrics, EXCEPT

    • six-year graduation rates.
    • percentage of borrowers entering repayment within 3 years of leaving school.
    • median undergraduate borrowing.
    • CORRECT: freshman-to-sophomore year retention rate

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5. A school can use __________ funds to substitute for the student’s EFC when packaging.

    • Federal Perkins Loan
    • CORRECT: TEACH Grant
    • FWS
    • Iraq and Afghanistan Service Grant

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Publication Date: 2/15/2017

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