Take the College Scholarship Quiz

(MoneyWatch)  How much do you really know about winning a college scholarship? Take this scholarship quiz to find out:

1. In recent years, the number of affluent students who receive merit scholarships from state and private universities has been increasing.

1. A. True.
2. B. False.

2. For most schools, the biggest factor for scholarships and admission decisions is:

1. A. SAT or ACT test scores.
2. B. Grade Point Average.
3. C. Recommendations and college essay

3. If a student receives a scholarship or aid package from a college or university, he or she can negotiate for a larger award.

1. A. True.
2. B. False.

4. The biggest source of scholarship cash comes from private scholarships such as the Coca Cola Scholars awards and the Intel Science Talent Search, not from the colleges themselves.

1. A. True.
2. B. False.

5. About 7% of students receive a private college scholarship. A. True.
B. False.

6. If you don't take the ACT or SAT test, you won't be eligible for academic scholarships from a college or university.

1. A. True.
2. B. False.

7. Which statement about SAT and ACT tests is incorrect?

1. A. There are more than 820 SAT-optional colleges and universities.
2. B. At many schools, a student can receive a college scholarship without submitting standardized test scores.
3. C. All SAT and ACT scores, even mediocre ones, must be reported to colleges.
4. D. You can take the SAT or ACT as many times as you'd like.

8. Which statement about Ivy League awards is incorrect:

1. A. Harvard, Yale and other Ivy League schools award merit scholarships to their top students.
2. B. Ivy League schools only give awards to students with financial need.
3. C. You can make up to $180,000 in family income and still qualify for financial aid at Harvard.

9. Grants, which don't have to be repaid, represent the largest source of federal financial aid.

1. A. True.
2. B. False.

Answers: 1) A. 2) B. 3) A. 4) B. 5) A. 6) B. 7) C. 8) A. 9) B.

Didn't do so hot on the college scholarship quiz? In my next post, I'll share some great higher-ed resources to jump start your knowledge on financing a college degree.

Question mark image by Janneke Hikspoor.