Financial Literacy

Front

Pell grant eligibility must be renewed every academic year.

Back

True

Front

Do you need to pay back your student loans if you go bankrupt?

Back

No, you still need to pay back your student loans even if you go bankrupt.

Front

Federal PLUS loans are available to graduate students or to parents of undergraduate students.

Back

True

Front

In terms of federal student aid, full-time students are those who take at least 12 credit hours per semester.

Back

True

Front

When do you start repaying federal (direct) loans after graduating, assuming no further enrollment?

Back

Six months after you leave college

Front

Which is NOT CORRECT about federal (direct) subsidized and unsubsidized loans? Options:

You can determine the amount of money you borrow from these loans.  

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Subsidized loans are only available to undergraduate students with financial needs.  

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The federal government pays interests on subsidized loans while students are in school at least half-time.  

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Interest rates on subsidized and unsubsidized loans are the same.  

Back

You can determine the amount of money you borrow from these loans.

Front

What is the current interest rate on federal (direct) subsidized loans?

Back

6.53%

Front

Which loan option charges the highest interest rate for a student with a low credit score? Options: Federal Subsidized loan, Federal Unsubsidized loan, Federal PLUS loan, Credit card revolving loan, Private student loan (from banks/other financial institution)

Back

Credit card revolving loan

Front

Which statement is NOT CORRECT about federal loan deferment? Options: You do not need to pay back your student loans during the deferment period, Even if you want to, you cannot pay back your student loans during the deferment period, You can defer federal loans while you are enrolled at least half-time in graduate school, You can defer federal loans while you are unemployed.

Back

Even if you want to, you cannot pay back your student loans during the deferment period.

Front

Which one of the statements about FAFSA (Free Application for Student Aid) is NOT CORRECT?

• You can submit a FAFSA for the 2025-2026 academic year starting around Dec. 1, 2024.
• Once you fail to submit a FAFSA on time, you are not eligible to submit a FAFSA next year.
• You must submit a FAFSA to be eligible for federal and state financial aid.
• You need your social security number and your (or your parents’) tax return to fill out a FAFSA.

Back

Once you fail to submit a FAFSA on time, you are not eligible to submit a FAFSA next year.