Personal Financial Literacy: Paying For College Unit Test

Front

What is the value of a college degree?

Back

A college graduate can expect to earn, on average, more than a high school graduate over a career.

Front

What is forbearance in relation to student loans?

Back

Forbearance allows you to pause student loan payments while interest still accrues during financial hardship.

Front

What does an Expected Family Contribution (EFC) of $10,000 mean?

Back

The government expects that your family can contribute about $10,000 to the cost of your education.

Front

Which organization does NOT offer grants to college students?

Back

FAFSA does not offer grants; it is a form used to apply for financial aid.

Front

What is a good strategy for paying for college?

Back

Save your earnings from your summer job to reduce the amount of loans you need to take.

Front

What is FAFSA?

Back

FAFSA stands for Free Application for Federal Student Aid, which is used to determine eligibility for financial aid.

Front

What are grants?

Back

Grants are financial aid that does not need to be repaid, often awarded based on need or merit.

Front

What is the difference between scholarships and loans?

Back

Scholarships are funds that do not need to be repaid, while loans must be repaid with interest.

Front

What is a grace period for student loans?

Back

A grace period is a set time after graduation or leaving school during which you are not required to make loan payments.

Front

What is the purpose of student aid reports?

Back

Student aid reports summarize the information provided on the FAFSA and indicate eligibility for financial aid.