The way FAFSA and scholarships work.

Can you help me understand this Economics question?


Challenge One – FAFSA

Using the information from the “About Us” section, answer the following questions.

  1. What is FAFSA?

    Who is eligible?

  2. What does Federal Student Aid do?

    Describe all six goals.

  3. When do I complete the FAFSA form?
  4. Define the following terms.

    1. work study
    2. federal student aid programs
    3. federal student loan

On the FAFSA website, locate the information detailing “Types of Aid,” and answer the following questions.

  1. What are the foursources of aid described on the website?
  2. What are the three types of federal student aid?
  3. Go to the section on state aid, and identify the state agency you can contact.

Back at the home page, find the grants and scholarships information by clicking on “What Types of Aid Can I Get?

”, then answer the following questions.

  1. What are the four types of federal grants available?
  2. Why are grants and scholarships called “gift aid”?
  3. Why would you have to pay a grant back?

Challenge Two – Scholarships

In one to two paragraphs:

Research your college, community, and state to find various scholarships.

Find three scholarships for which you qualify, then describe the requirements and provider for each.

Which of these scholarships is the most probable for you to receive?


Challenge Three – Loans

Create a chart comparing private and federal loans, and include the definition of each, payment plan, and benefits.

Which one fits your needs most closely?


Challenge Four – Work-study Programs

In one to two paragraphs, research work-study programs.

Identify the qualifications, types of jobs, payment plan, and other details about this funding program.

Challenge Five – Nontraditional Funding

Make a quick list of five other ways you might pay for college that have not been discussed in this project.

Research to see what is available in your area and at your chosen institution of higher learning.


Make sure you answer all parts of the challenge and use the correct website from the federal government.

You may bullet or write paragraphs for answers.

This activity will prepare you for succeeding at the challenge of the next step in your education.


Click here

for a printable version of the project rubric that you will be graded by.

Criteria Points Possible 25 16-20 9-16 0-9 Points Earned
Formation and Information



25 Format correct with all completed information. Format correct with limited information. Format correct with missing information. Format is lacking, and information is incomplete.



25 Research is evident beyond the information in the lessons. Some research is evident beyond the lessons. No research evident, only information from lessons. Information lacking.
Word Choice/Grammar




25 Broad range of descriptive words; creative examples and vivid details and images, with correct grammar. Language is functional and appropriate; descriptions may lack detail or be overdone, with a few grammatical errors. Words may be correct but simplistic; no attempt at detail, description, or examples, with multiple grammatical errors. Word choice is limited, words are often misused, supporting detail and examples are nonexistent, errors throughout.
Detailed Answers

‧Complete explanations

25 Explained reasons and results. Explained most reasons and results. Explained some reasons and results. Some reasons and results were not explained.