Completed Quiz

Thanks for attending our CPR Workshop please use our completed quiz for your reference

1: What are the two different planning strategies for paying college expenses? Need Advantage, Tax Advantage

2: How many factors are used to calculate EFC? 7 – Parents Assets, Parents Income, Students Assets, Students Income, Number of People in Household, Number of People in College, Age of the Oldest Parent

3: Who or what is a FAO? Financial Aid Officer

4: Where will you find a FAO? Financial Aid office of all colleges and universities.  

5: What is the equation for determining “financial need”? Cost of Attendance – Expected Family Contribution = Financial Need

6: What are the two methodologies used by colleges to determine EFC? Federal Methodology, Institutional Methodology

7: What form is used for each methodology? FM= FAFSA – IM=CSS Profile

8: How often do the financial aid forms need completed? Every year

9: When is the earliest the FAFSA can be submitted? January 1st of the Senior Year

10: Whose income and assets are weighted more heavily when calculating the EFC? Students

11: What is the largest piece of the “financial aid pie”? Loans

12: What type of financial aid does not need to be repaid? Gift Aid 

13: What can be added to a family’s out-of-pocket expense for college over their EFC? Unmet Need, Loans

14: What are the two types of Stafford loans? Subsidized and Unsubsidized

15: What assets are not considered on the FAFSA form? Retirement Plans, Home Equity, Insurance Cash Value, Annuity Value

16: Short-term college planning involves what students? High School 

17: In a Divorced Family whose income and assets are reported on the FAFSA form for the student’s parents? Whichever parent the child spends more than 50% of their time

TRUE OR FALSE

The cost of college is increasing faster than the rate of inflation.  TRUE  /  FALSE

Financial need is the same for all students at a particular college. TRUE  /  FALSE

Consumer debt will help when applying for financial aid.  TRUE  /  FALSE

The FAFSA and the IRS 1040 ask the same type of questions, therefore, they should be completed using the same figures.  TRUE  /  FALSE

Sticker price determines a family’s out-of-pocket expenses for college. TRUE  /  FALSE

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