Scholarship Quiz

Scholarship/Financial Aid Quiz= =

1. When applying for a scholarshi= p, sponsors are most interested in:

A. Depends on a variety of possible f= actors

B. A high GPA = ; &n= bsp; = ; &n= bsp; = ; &n= bsp; = ; &n= bsp; = ; &n= bsp; = ; &n= bsp;

C. A quality essay

D. Extracurricular activities

2.&n= bsp; The best place to find scholar= ships is: = &nb= sp; = &nb= sp; = &nb= sp;

Using an online search such as www.fastweb.com=
Clubs, groups or organizations in you comm= unity
Your guidance counselor’s office
All of the above

3. If I’m asking for a lett= er of recommendation, I should:

Ask for letter one week before the letter = is due
Drop off my request and hope I get it back= on time
Give my recommender no less than three wee= ks to complete the recommendation and provide clear instructions on what is needed and when
Not worry about it—it isn’t important

4. Merit scholarships are given b= ased on:

Good looks
Achievements, academic performance and leadership abilities
Financial need
The mood of the scholarship provider<= /o:p>

5. The best time to search for scholarships is:

It’s always a good idea to be lookin= g for Scholarships
Not after the school year starts—it’s too late
Only over winter break
Scholarships? Who need those?

True or False?

6.&n= bsp; If I w= in a scholarship, I have to pay it back. However, I can make payments interest free. TRUE or FALSE

7.&n= bsp; I must accept all the aid listed on my financial aid award letter. TRUE or FALSE

8.&n= bsp; PLUS s= tands for “Parent Loans for Undergraduate Students.” TRUE or FALSE

9.&n= bsp; All fe= deral loans have the same repayment terms. TRUE or FALSE

10.&= nbsp; I can = expect a school to meet all of my financial need.= TRUE or FALSE

Answers: 1. A; 2. D;= 3. C; 4. B; 5. A;

False—Scholarships do not require you to = pay anything back. Once you = are awarded a scholarship, there is nothing to pay back, as long as you meet the terms of the scholarship.

False—You are not required to accept all = of the aid. Your award letter l= ists the aid that the school is OFFERING to you. Speak to your counselor or financial aid office if you have questions.

True—The Parent Loans for Undergraduate Students is available to PARENTS of dependent undergraduate students to cover costs not already covered by the student’s financial aid package. Interest rate is variable. Generally, rep= ayment begins 60 days after the loan is fully disbursed.

False—Federal loan terms vary by the loan= and recipient, for example: Federal Stafford loan for students is currently at 3.42% (cappe= d at 8.25%). Federal Perkins = loan for students is at a fixed rate of 5%, and the Federal PLUS loan for parents is currently a 4.22% (capped at 9%).

False—a student’s financial need (t= he difference between the educational costs at an institution and the family’s expected contribution towards the student’s education) may not be entirely covered in the award letter. This “unmet” need= is the family’s responsibility.&nb= sp; It can be “met” by using the PLUS loan as an exampl= e.