Understanding College Savings Answers

13 verified answers
1
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Which statement best defines a grant?

A
A grant is an educational plan in which students alternate between studying for school and gaining work experience.
B
A grant is a loan offered to students to help pay for education-related expenses.
C
A grant is money given by an organization for a specific purpose.
D
A grant is a loan offered to anyone who is thinking about attending college.
2
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Marcus is in seventh grade. He has decided that he wants to go to college when he graduates from high school. What are the best things Marcus can do to help pay for his college education? Select all that apply.

A
Marcus could open a savings account and start saving money.
B
Marcus could ask his neighbors to help pay his college tuition.
C
If possible, Marcus’s parents could help him pay for his college expenses.
D
Marcus could ask the college to let him attend for free.
E
Marcus could drop out of high school, get a job, and save his tuition first.
3

Question text not available

Answers:
Selection 1:$8,050
Selection 2:$5,400
Selection 3:$2,650
4

What is the first step Brian should take?talk to a loan officer at his neighborhood bank✔ visit the Office of Federal Student Aid’s website and complete an application formwait until he’s ready to go to college to start saving money

Answers:
Selection 1:visit the Office of Federal Student Aid’s website and complete an application form
Selection 2:a FAFSA form
Selection 3:start saving money in an account
5

What form should Brian complete?a SMART forma TEACH form✔ a FAFSA forma work-study form

A
a SMART form
B
a TEACH form
C
✔ a FAFSA form
D
a work-study form
6

What else can Brian do to help pay for college?✔ start saving money in an accountdrop out of school and get a jobask his friends to pay for his textbooks

A
✔ start saving money in an account
B
drop out of school and get a job
C
ask his friends to pay for his textbooks
8

What is one major difference between a grant and a loan?

A
If you receive a grant, you cannot also get a scholarship. However, if you receive a loan, you can also get a scholarship.
B
A grant is considered a financial gift. Unlike a loan, you do not have to pay it back.
C
A loan is considered a financial gift. Unlike a grant, you do not have to pay it back.
D
You can apply for loans using the FAFSA, but you cannot use the FAFSA to apply for grants.
9

Which of these statements about financial aid are true? Select all that apply.

A
Most student loans from the government have a lower interest rate than other types of loans.
B
If you receive a grant, you cannot also get a scholarship.
C
The FAFSA helps the government determine how much financial aid you need.
D
Work-study programs provide job experience, but no pay.
E
Money from scholarships must be paid back.
F
The FAFSA is available on paper and online.
10

What will be the total cost of Devon’s first year?$4,040$5,550✔ $8,050

Answers:
Selection 1:$8,050
Selection 2:$5,400
Selection 3:$2,650
13

Justin’s plan doesn’t cover his costs completely. What are his options for covering the rest of his costs? Select all that apply.

A
He could try to save more money.
B
He could get a student loan for the extra amount he needs.
C
He could apply for a scholarship.
D
He could ask his friends to loan him money.
E
He could ask his family to contribute.

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