UPC 24.25_Entrance Loan Counseling Flashcard Review

Front

What is the current Federal Student Loan Interest Rate as a percentage?

Back

6.53%

Front

What is the PLUS loan dependent on? Options: Credit history, Income level, Enrollment status, Academic performance

Back

Credit history

Front

If you take a loan out your sophomore year, how many months of accrued interest will be added to your principal balance?

Back

42

Front

During your senior year of college, how much money in Federal Loans will you be offered?

Back

$7,500

Front

What document explains your rights and responsibilities as a federal student loan borrower?

Back

Your Master Promissory Note

Front

Which loan type provides interest subsidy, meaning Department of Education pays your interest while you're in school, during your grace period, and during deferment?

Back

Direct Subsidized

Front

Who should you contact if you have trouble making payments once you leave school? Options: Your school's financial aid office, Your loan servicer, Your parents, None of the above

Back

Your loan servicer

Front

Who do you contact if you've already accepted more loan money than you need?

Back

Your school's financial aid office

Front

What increases your total loan balance? Options: Interest accrual, Interest capitalization, Both interest accrual and interest capitalization, None of the above

Back

Both interest accrual and interest capitalization

Front

How can you reduce your total loan cost? Options: Make interest payments while in school, Make interest and principal payments while in school, Make interest and principal payments during the grace period, Any of the above

Back

Any of the above