Quiz About Higher Education

1. How much money does the U.S. Department of Financial Aid award to college students annually?
a. $80 Million
b. $22 Billion
c. $80 Billion
d. $45 Billion

2. About half of the average college students living expenses are for housing and food.
a. True
b. False

3. How many college students apply for some type of federal aid annually?
a. 10 Million students
b. 3 Million students
c. 23 Million students
d. 14 Million students

4. The loan portfolio for Federal Financial Aid has how much money to disperse?
a. $125 Million
b. $400 Billion
c. $124 Billion
d. $200 Billion

5. The Federal Family Education Loan (FFEL) Program was designed to
a. Help relieve costs of tuition for families that have multiple family members enrolled in college.
b. Create special scholarships for families that have a parent and child enrolled in college.
c. Ensure that students have continued access to federal student loans.
d. Create loan opportunities for first generation college students.

6. In attempt to make college more affordable, President Obama and Biden plan to implement a new American Opportunity Tax Credit worth how much per student?
a. $1500
b. $4000
c. $3000
d. $2000

7. In attempt to make college more affordable, President Obama and Biden plan to implement a new American Opportunity Tax Credit under the condition that students do what?
a. An essay application
b. An Interview by the Higher Education Institution
c. Need-based rewards
d. community service participation

8. Obama and Biden plan to streamline the financial aid process by eliminating the current federal financial aid application and enabling families to apply simply by checking a box on their tax form, authorizing their tax information to be used, and eliminating the need for a separate application.
a. True
b. False

9. President Obama’s very first bill as a senator sought to increase the maximum Pell Grant award to how much money?
a. $5,100
b. $4,000
c. $3,500
d. $6,000

10. Which of the following standards must a college student meet to be eligible for Federal Financial Aid?
a. You must not owe a refund on a federal grant or be in default on a federal student loan.
b. Be a U.S. citizen or eligible non-citizen.
c. Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs.
d. All of the above.

Sources:
"Education." Barack Obama and Joe Biden: The Change We Need. Barack Obama For America. 1 Dec. 2008 .

Higher Education Update. U.S. Department of Education. 1 Dec. 2008 .

"How To Pay." College. U.S. Department of Education. 2 Dec. 2008 .