Quiz Yourself

Have you got it? Match up each of the following terms with the statement below that best describes it. Answers are located at the bottom of the page.

Terms

Statements

1. Types of aid include... _______

a. the school's catalog, your high school counselor, your chamber of commerce or community center, books and/or computer software in your library's reference department, or the Internet.

2. The first source of money for paying for college is assumed to be... ______

b. a loan program through which banks or other financial institutions lend students money because the federal government has promised to back the student and to help pay the interest.

3. If the family cannot afford to pay for the whole cost of education, other sources of financial aid include... _____

c. a federal need-based grant program, awarded by schools to their neediest students, which is limited by the amount of funds the government allows the school to give out.

4. The Federal Pell Grant Program is... ______

d. a federal need-based program, run by schools, through which a student may work to pay for some of his or her educational costs as they arise.

5. The Federal Perkins Loan Program is... ______

e. a low-interest rate federal loan program, awarded to students by schools, that has generous conditions, including the chance to delay, interrupt, or cancel repayment.

6. The Federal Work-Study (FWS) Program is... ____

f. a loan that parents can get if they have a dependent child attending a postsecondary school, and which they can use in place of the Expected Family Contribution (EFC).

7. The Federal Supplemental Educational Opportunity Grant (FSEOG) Program is... ______

g. private donors, schools, and state and federal governments.

8. The Federal Stafford Loan Program is... ______

h. the student's family.

9. The Federal PLUS Loan Program is... ______

i. federal need-based gift aid that you may receive regardless of how many other students at the school also receive it.

10. The Direct Loan Program is... ______

j. grants, loans, and work programs, which may be based on merit or financial need.

11. You can find out about money available from the school and from private sources from... ______

k. a loan program similar to the FFEL Program, except that the source of funds is the federal government.