Understanding College Savings

Question 9 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

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

Answer

Most student loans from the government have a lower interest rate than other types of loans.

If you receive a grant, you cannot also get a scholarship.

The FAFSA helps the government determine how much financial aid you need.

Work-study programs provide job experience, but no pay.

Money from scholarships must be paid back.

The FAFSA is available on paper and online.

Explanation

Government student loans generally have lower interest rates than other kinds of loans, so A is true. The FAFSA (Free Application for Federal Student Aid) helps determine a student’s eligibility for financial aid based on financial need, and it can be completed online or on paper, so C and F are true. Grants and scholarships can both be received, work-study jobs pay wages, and scholarships generally do not have to be repaid.

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