Financial Literacy Final

What does FAFSA stand for?

Free Application for Federal Student Aid

Free Agent for Federal Soccer Agency

Free Application for Free Student Accounts

What does a Student Aid Report show?

The SAR also includes a summary of your federal student loans, information you reported on the FAFSA form, and your estimated eligibility for federal student loans and Federal Pell Grant.

It only shows your EFC (Estimated Family Contribution)

What schools you have attended or will attend.

What are common payroll deducations?

Groceries, Gas and Spending money

Income Taxes, Social Security and State taxes

Money earned for working more than 40 hours

What is Net pay?

How much employees earn before taxes and other withholdings.

Money earned for working more than 40 hours.

The amount of money employees actually take home after all payroll deductions

What is Gross pay?

How much employees earn before taxes and other withholdings.

Money earned for working more than 40 hours.

The amount of money employees actually take home after all payroll deductions.

What is the difference between Wants and Needs?

Needs are the fun stuff, Wants are what is required to survive.

A need is something that is needed to survive. A want is something that an individual desires, but would be able to live without.

What does a Pell Grant do?

The Pell Grant is the largest federal grant program offered to undergraduates and is designed to assist students from low-income households. A Federal Pell Grant, unlike a loan, does not have to be repaid.

It is a loan to pay for school.

It is free money to help pay for vacations during college.

What is the purpose of a budget?

To be able to spend money on only the fun stuff.

A way to keep track of the money you are getting and the money you are spending. A budget is a great way to make sure that you can cover your expenses from month to month.

What is the EFC on the FAFSA application?

It is the Estimated Food Consumption.

It is the Expected Funnel Cake.

Expected Family Contribution

What does the EFC on the FAFSA show?

It’s the amount you’re expected to pay to cover your college costs, including tuition, books, supplies, accommodation, transport, and other study expenses.

It is the amount of money you're supposed to get paid each semester.

It is the amount of fun you are supposed to have while in college.

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