Ball State FIN 101 Exam 1 (Olga); Questions and
Answers 100% Correct
Chapters 9 & 10 Correct answerFAFSA Correct answer--Free Application for Federal Student Aid
-Main federal form used to qualify for financial aid
-Best way to start applications for college financial aid
Ball State FIN 101 Exam 1 (Olga) ; Questions a nd Answers 100% C orrect Chapters 9 & 10 Correct answer - FAFSA Correct answer --Free Application for Federal Student Aid -Main federal form used to qualify for financial aid -Best way to start applications for college financial aid The Aid Package Correct answer --Scholarships & Grants -Student Loans -Work -study Types of Grants Correct answer --Pell Grant -TEACH Grant -Academic Competitiveness Grant -Federal Supplemental Education Opportunity Grant Pell Grants Correct answer --Largest & best known program of college aid Stafford Loans; Subsidized Loans Correct answer --Government pays interest while in school & for 6 months after graduation. Ball State FIN 101 Exam 1 (Olga) ; Questions a nd Answers 100% C orrect -Loan is need based and is determined by FAFSA form. Stafford Loans; Unsubsidized Loans Correct answer --A straight loan regardless of need. -Interest payments can be accrued and rolled into the principle if the student wants. Federal Supplement Education Opportunity Grants Correct answer --Source of assistance that targets students in extreme need Perkins Loans Correct answer --Federal loan program that offers best interest rates Plus Loans (PLUS) Correct answer --Federal loan program that lets parents borrow up to the total cost of college, minus the aid the student receives. Advantages of 529 Prepaid College Tuition Plans Correct answer --Lock in tuition rates years before needed -May earn a state income tax deduction -Change beneficiaries if student changes mind -Out of state relatives can invest
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