AVID 12 Student Loans & Debt

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Student loans are .....

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must be paid back and almost never forgiven

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You must begin paying back a student loan ...

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soon after you graduate

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This is the form you must fill out before going to college in order to get aid from the government to pay for college

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FAFSA

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What does it mean when a student loan is "forgiven"?

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You don't have to pay back the remainder of your loan debt

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Private student loans have better interest rates than government student loans

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False

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A federal student loan is provided by...

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US Federal government

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Which of the following statements is TRUE about the advantages of federal student loans compared to private student loans? Options: Federal student loans generally offer higher interest rates which remain fixed over the term of the loan, Federal student loans do not need to be repaid if the borrower runs into financial difficulty and goes bankrupt, Federal student loans require a credit check, Federal student loans offer more flexible repayment terms

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Federal student loans offer more flexible repayment terms

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A _________________ allows students to work on or off campus to earn money to help pay college costs.

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federal work study

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period during which repayment of the principal and interest of your loan is temporarily delayed.

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Deferment

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to stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue.

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Forbearance