FAAC Practice Exam

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• If an institution's SAP policy contains a minimum grade point average or comparable factor that is measurable against a norm, it would be considered
• Direct Unsubsidized loans may be awarded in which of the following situations?
• Which database match is considered current through the application process?
• Which statement about overawards is accurate?
• A school closes a branch location. The school should maintain its loan records beyond the end of the 3-year record retention requirement to respond to the U.S. Department of Education to refute borrower claims of eligibility for discharge.
• At the beginning of an award year, what determines the amount of a school's Current Funding Level or Cash Control Amount?
• Who is responsible for professional judgment decisions?
• For campus-based programs, how long must the FISAP and supporting records be kept?
• Which of the following is the difference between a student's educational costs and the amount of money the student and the student's family are expected to contribute toward meeting those costs?
• Which of the following could a financial aid administrator take into account when performing an SAI adjustment using professional judgment?
• What type of arrangement exists if a school contracts with a financial institution to offer financial accounts directly to students enrolled at the institution?
• A postsecondary institution participating in the Title IV programs must provide information to its students and employees to help prevent drug and alcohol abuse. The institution is required to have a drug and alcohol abuse prevention program which is reviewed and readily accessible to its officers, employees, and students. How often is this program required to be reviewed?
• Which document is acceptable as evidence of U.S. citizenship for federal student aid?
• Which statement is true about overpayments of campus-based aid?
• In the Standard Verification Group, which trio of items must be verified?
• What is the 49 percent rule used for withdrawal exemptions in modular programs?
• A student is no longer eligible for Federal Pell Grant when they have reached a Pell LEU of
• Transfer hours in SAP policy: which statement accurately describes how transfer hours are treated when received during a term?
• Which of the following is the factor used to determine a school's Cash Control Amount at the start of the award year?
• Conflicting information on a student must be resolved when
• Which channel is not a valid means of distributing the annual Consumer Information Notice to enrolled students?
• The COA is also known as the
• The retention period for FISAP data is three years after which event?
• For federal aid applicants, the College Financing Plan is which?
• In the SAP scenario, after failing three of four courses and failing SAP in the spring term, what is the student's SAP status?
• What term must appear in the depository account title used for Title IV funds?
• Who are the only school staff designated by Congress with the authority to, and responsibility for, making the professional judgment decision?
• Which of the following costs could be included in a student's COA?
• How often do schools run SAP reviews?
• ECAR must be maintained until three years after which milestone?
• The SAI is calculated using data from the FAFSA and a formula in the Higher Education Act known as which methodology?
• In what scenario should a student change their own marital status initially reported on their FAFSA?
• Which of the following is a need-based grant based on highest financial need as expressed by the lowest SAI, and must be provided to a qualifying student?
• How many weeks of instructional time in an academic year must be included for a program offered in credit hours?
• To be exempt from the 30-day delay of first disbursement for first-time loan borrowers, the institution's Cohort Default Rate (CDR) must be below what threshold for the three most recent fiscal years?
• Which of the following factors does the Secretary of Education consider when determining whether an institution uses an adequate number of qualified persons to administer Title IV programs in which the institution participates?
• Which statement about the SAI allowances is true?
• Among the following documents, which is valid to prove U.S. citizenship?
• Which of the following is NOT an acceptable form of unexpired identification to verify identity for the Statement of Educational Purpose?
• During a semester, a student withdraws on September 15 and did not begin attendance in any classes. Do you need to complete an R2T4 for Title IV aid?
• FERPA notification must be delivered at least annually on a one-to-one basis and may be delivered by email.
• Which transportation cost is included in the Cost of Attendance (COA)?
• Which component is excluded in the cost of attendance (COA) for a student enrolled less-than-half-time?
• According to the FAFSA Simplification Act, the COA component for food for students living on-campus must be based on how many meals?
• When calculating net cost on a financial aid offer, which types of aid are subtracted from the Cost of Attendance?
• Which item is typically included as part of the cost of attendance (COA) for a student?
• Which system does the school use to submit and update eligibility information, recertification, or changes in the financial aid director?
• Which Pell Grant formula must be used for all clock-hour and non-term credit-hour programs?
• To officially withdraw, which method should a student use?
• According to the FAFSA Simplification Act, the COA component for books and supplies has been renamed to which of the following?
• Which of the following is not subtracted from the Cost of Attendance when calculating net cost?
• Which item requires written authorization if a student uses Title IV, HEA funds to pay for charges?
• If a school grants academic amnesty or grade forgiveness, how are forgiven grades treated in the SAP calculation?
• Within how many days must an institution provide a written notification to a student, or parent in the case of a parent PLUS, requesting confirmation the borrower wishes to receive post-withdrawal disbursement of loan funds?
• Maximum timeframe for SAP is defined for an undergraduate program, measured in either credit hour or clock hour as a period that is no longer than_____ of the published length of the educational program.
• Which of the following institutional charges should be included in the R2T4 calculation?
• Which statement about the 150 percent maximum time frame rule for SAP is true?
• A school is required to notify students of their rights under FERPA
• Direct unsubsidized loans may be awarded in which of the following situations?
• Which of the following would be a situation where you do NOT have to verify a dependent student's parental information reported on the FAFSA?
• What is the maximum amount of interest earnings a school may retain from Title IV funds deposited into its account?
• When a Dean's office scholarship is awarded, which office must be informed so it can be included in the financial aid package?
• In the context of Title IV aid, which scenario requires referral to the Office of the Inspector General?
• Which document communicates the FAFSA verification items for the year?
• What is the difference between a Financial Aid Warning status and a Financial Aid Probation status?
• The Administrative Cost Allowance (ACA) cannot be used to pay for which of the following?
• Which statement is true regarding consortium agreements?
• In the event of a data breach, when should the institution notify the U.S. Department of Education?
• In the Tunesville University example, what date would trigger the RT24 calculation for a withdrawn student?
• Which statement about the Joe scenario is true?
• In a withdrawal scenario where a student had no attendance, is R2T4 required?
• Campus-based funds must be made available to all eligible students throughout the award year for programs with multiple enrollment start dates.
• Which of the following is considered a current database match through the application process?
• Interim disbursements: If policy allows interim disbursements and you have no reason to believe FAFSA information is inaccurate prior to verification, you may
• What is the purpose of a consortium agreement?
• What is the Title IV limit on remedial courses a student can receive aid for?
• Which status requires an approved appeal?
• For campus-based funds, how many years must schools retain records from the end of the award year in which the FISAP was submitted?
• What is the undergraduate withdrawal rate for regular students required by new schools aiming to participate in FSA programs?
• Which of the following scenarios is NOT considered a regular Title IV student?
• Which threshold must apply to CDR to be exempt from the 30-day delay?
• Direct Loans are offered for which pair of academic year bases?
• "This status may only be used by schools that check SAP at the end of each payment period and only for students who were making SAP in the prior payment period for which they were enrolled or who were in the first payment period of their program" defines which SAP term?
• Transportation expenses can include the costs of
• Which document is an acceptable citizenship documentation for federal aid processing?
• An A-133 Audit concluded that 40 percent of the institution's student enrollment consisted of incarcerated students. Based on the audit finding, what would happen to the institution?
• Which of the reasons below would be justification for a dependency override?
• Can a school earn interest earnings on an account that the U.S. Department of Education deposits Title IV funds into upon request from the school? If so, what is the limit?
• Which statement about conflicting information resolution is accurate?
• Which action most clearly constitutes formal withdrawal notice to the institution?
• Which federal methodology is used to calculate the SAI?
• Which of the following is not a valid Administrative Cost Allowance (ACA) amount per Pell recipient?
• Which program is defined by a minimum of 26 weeks of instructional time and defines the hours to be completed by a full-time student as defined by the school?
• For cost of attendance allowances that include Federal student loan origination fees, which type of costs may be used?
• When performing an R2T4 calculation, when should charges for student health insurance required for all students be included as an institutional charge?
• In SAP evaluations, transfer hours received during the term are treated how?
• A dependent student's parent refuses to provide financial support, so the student is not eligible for a dependency override, but may receive
• COA is also known as
• Who must have ready access to the drug and alcohol prevention program?
• Before reducing campus-based aid due to over-need, what must be checked?
• Pell Grant Program recipients receive an Administrative Cost Allowance (ACA) of how much per unduplicated Pell Grant recipient at the school per award year?
• Which of the following is an example of an eligible noncitizen for Title IV aid?
• Which non-degree program is eligible for FWS funds, Direct Loans, and Direct PLUS Loans when the student is enrolled at least half-time?
• Which of the following is considered an acceptable special circumstance for professional judgment?
• Which status is listed as an example of an eligible noncitizen for Title IV aid?
• There is a change to a student's V4NS verification results. You must report the change within how many days?
• As required by the FAFSA Simplification Act, COA elements must be disclosed on an institution's website in what fashion?
• The student advising office would like a list of Federal Pell Grant recipients who are currently on SAP probation. They are examining the possibility of providing additional institutional grants funds to the student's account so that they can focus on school. What is the correct response to this request?
• How long must FISAP records be retained after submission?
• Which statement describes the timing for post-withdrawal grant funds disbursement to the student?
• Which phrase must appear in the title of the institution's Title IV funds depository account?
• The Program Participation Agreement may be certified for up to how many years, and paperwork for recertification must be submitted at least how many days prior to expiration?
• Which of the following conditions may qualify as unusual circumstances meriting a dependency override?
• Which communication announces FAFSA verification requirements to institutions each year?
• Which area must staff be designated to assist with?
• Which scenario may justify a special independence determination by a financial aid administrator with proper documentation?
• Which responsibility is attributed to the Primary Data Point Administrator regarding CDR data?
• Campus-based funds must be reasonably available to eligible students with multiple enrollment start dates by which standard?
• Which area commonly requires explicit staff designation to help enrolled and prospective students?
• With proper documentation, for which of the following situations may a financial aid administrator make a special determination of independence?
• Which option describes a voter registration notice delivery that is considered exclusively dedicated to that subject?
• Which of the following is not an allowed cost type for including loan origination fees in the cost of attendance?
• To be considered successfully closed out, which action must a school complete?
• Which of the following is the correct agency responsible for issuing policy communications related to Title IV Federal Student Aid programs?
• The COA for a student is an estimate of that student's ____ for the period of enrollment.
• In which area can a financial aid administrator exercise professional judgment?
• Direct Loans are offered for which types of academic year bases?
• When should the Office of the Inspector General be notified about suspected fraud?
• How many days does an institution have to return funds based on the R2T4 calculation?
• Identity Verification Results must be reported no more than ______ days following the school's first request for documentation of identity.
• When a student named Rory receives a scholarship from the Dean's office, what must occur?
• If your school has an undergraduate, credit-hour program with a published length of 120 credit hours, what would be the maximum timeframe allowed for completion?
• According to the FAFSA Simplification Act, COA elements must be disclosed on a website in which location or manner?
• For an institution that is required to take attendance, the date of determination that a student withdrew should be no later than __ days after the student's last date of attendance.
• What notice is published annually by the U.S. Department of Education to inform institutions about FAFSA verification requirements for the year?
• What constitutes official notice of withdrawal from an institution?
• The difference between preparatory coursework and remedial coursework depends on whether the student is enrolled as a regular student in an eligible postsecondary program.
• What is the effect on SAP when grade forgiveness is granted?
• To be eligible for a withdrawal exemption in a program offered in modules, a student must have
• The institution's SAP policy must
• An institution must directly disburse to the student any amount of post-withdrawal grant funds within which timeframe?
• Which item is a vital aspect of an institution's contingency plan?
• How long does a college have to refund a credit balance from Title IV aid to a student after official withdrawal?
• FWS funds may be used to support voter registration activities in which scenario?
• What is the fastest, easiest, and most secure method of meeting verification requirements?
• Which way can institutions comply with the consumer information requirement to notify students regarding voter registration?
• Which of the following unexpired identifications may be used to verify the identity of a student for the Statement of Educational Purpose?
• A student who is granted a successful SAP appeal can have aid reinstated for how long?
• Interim disbursements can be made for which type of Title IV program?
• If the college uses affirmative confirmation for Direct Loans, when must notification of disbursement and right to cancel be provided to the student borrower?
• What is considered sufficient academic engagement to document student attendance?
• In the Standard Verification Group, which trio of items must be verified?
• Which statement is accurate regarding the academic year definition?
• In Title IV funds depository account, what words are required in the title?
• Which allowance in the SAI formula is intended to cover basic living expenses of a family?
• A student is considered to have withdrawn from a payment period or period of enrollment if the student
• Which area must an institution designate staff to assist with?
• Students who are on financial aid probation for SAP may receive assistance under the Title IV programs for how many payment periods?
• Which non-degree program is eligible for FWS funds, Direct Loans, and Direct PLUS Loans if the student is enrolled at least half-time?
• Which statement best describes the Secretary's consideration of an institution's Title IV programs?
• The Primary Data Point Administrator (Primary DPA) is responsible for
• Under the FAFSA Simplification Act, the COA renamed to which phrase for books and supplies?
• FWS funds may be used to support voter registration activities in which circumstances?
• What is the purpose of a program review?
• A school's SAP policy must
• Which document is valid to prove U.S. Citizenship?
• Which of the following is an allowable adjustment within a student's COA?
• An FSA User ID that is not used within 90 days will be suspended. After 365 days, the access will be deactivated. What must the employee do after deactivation in order to access the system again?
• Which term describes the process of returning Title IV funds after a student's withdrawal?
• An institution must provide its annual Consumer Information Notice to each enrolled student on an individual one-to-one basis through appropriate mailings. Which of the following does not constitute a notice, and therefore cannot be used to distribute the annual notice to enrolled students?
• For Pell Grants, Formula 4 is required for which types of programs?
• Which type of funds would count toward a student's annual budget when awards exceed COA?
• Which of the following scenarios is not considered a regular Title IV student?
• In the context of dependency overrides, which statement is true?
• The three types of communication used to convey policy and operational guidance from the U.S. Department of Education regarding Title IV Federal Student Aid programs are
• Which of the following is a clearly recognized element of contingency planning as described?
• Which of the following is an allowable adjustment within a student's cost of attendance?
• Which statement describes withdrawal from a payment period?
• You are reviewing a student's COA for the academic year because their financial aid awards exceed their COA Which of the following types of funds would contribute towards the student's annual budget?
• If the school's business office receives an outside scholarship for a student, the financial aid office must resolve the conflicting information for the student unless