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Thank you for your time and effort.
After answering all the questions correctly, you will be asked for your name
and either your Social Security Number or your N-Number. When click the Submit button at the bottom of this page,
GBC's Financial Aid Office will be notified
of your completion of this quiz.
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Question 1
The financial need of the student is determined
by considering the cost of attendance at GBC and subtracting the Expected
Family Contribution. The cost of attendance for a student at GBC will vary based
upon the living situation. For example, whether the student is living
off-campus, with parents, or is a single parent.
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Which of the following are components of a
Student Budget?
Residency, living arrangements, number of dependents, and enrollment level.
Amount of car payment.
None of the above.
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Question 2
Students receiving monies from federal financial aid programs who withdraw from
100% of their semester credits are subject to the federal refund policy and return of
funds. The amount of federal aid a student is eligible to receive is determined on a
percentage basis as to what has been "earned" by the completion of days within the
semester. If the calculated percentage earned is 60% or greater, the student has
"earned" 100% of the funds and no repayment/refund is required.
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a) I received financial aid and then withdrew from classes the second week of the semester.
Will I have to repay those monies?
Yes, I may need to repay the Department of Education and GBC.
No, the money is mine.
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b) I received financial aid and never attended my classes. Will I still have to repay those monies?
Yes, I will have to repay all monies.
No, The money is mine
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Question 3
Funding is based on enrollment levels.
Full-time: 12 credits or more per semester
3/4 time: 9-11 credits per semester
1/2 time: 6-8 credits per semester
Less than 1/2 time: less than 6 credits
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Financial Aid disbursement of funds will be based on......
how many classes I take.
the level of difficult of the classes I enroll in.
the number of credits and where they fall into the 'funded level' schedule.
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Question 4
Federal financial aid (except a loan) is considered as income for federal tax purposes and must be reflected when completing federal income tax returns. However, amounts used to cover tuition, fees, books, and supplies are exempt, as are loan amounts, as they are a debt which must be repaid.
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Financial aid is not considered as income for federal income tax purposes.
True
False (With the exception of loans, financial aid is taxable)
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Question 5
In order to sustain eligibility as a financial aid recipient, a student must: (1) declare
a degree or certificate objective (2) maintain the required cumulative grade point
average (GPA) of 2.0 (3) be enrolled in courses that apply to their particular
degree/certificate objective, and (4) satisfy course credit completion requirements.
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Which of the following must you have to sustain financial aid eligibility:
Satisfy course credit completion.
Maintain the required cumulative GPA of 2.0.
Declare a degree or certificate objective.
Enroll in courses that apply to the particular degree/certificate objective.
All of the above
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Question 6
Submit your FAFSA online at www.fafsa.ed.gov for the quickest results.
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There a variety of ways to submit your FAFSA. The quickest way is by...
mailing my paper FAFSA.
bringing it to the SFSO to process.
submitting it online at www.fafsa.ed.gov.
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