Financial Literacy

Next year, Richard is getting a student loan to pay for college. Which statement best describes a student loan?

• 
  Borrowed money that must be paid back with interest
• Money that is awarded to students usually based on need with no obligation to repay
• A bank account in which a person's money earns interest
• Money that is awarded to students based on educational achievement with no obligation to repay

Susanne is going to college and was informed that she will get a grant to pay for her tuition. Which statement describes a grant?

• Money that a student receives in exchange for work
• Money that a student must pay back when he or she graduates
• Money that a student has started saving well before the start of college
• Money that a student receives based on need and does not need to pay bac

Eduardo plans to attend college after he graduates from high school. He is making a smart move and planning early for how he will pay for college. He is applying for several types of financial aid. Which of the following is NOT a type of financial aid?

• Grants
• Student Loans
• Current Income
• Scholarships

In researching ways to pay for college Meg is realizing that there are a lot of scholarships available. Which of the following is true about scholarships?

• Scholarships have different application deadlines and requirements.
• Scholarships are paid by only private corporations and wealthy families.
• Scholarships are only for high school students with very good grades.
• All scholarship applications are due by the end of the first semester of the student's senior year.

Your uncle deposited $50 each month into a bank account. Your uncle plans to use the money to help pay for college. What type of college funding does this describe?

• grant
• scholarships
• loan
• savings

A college will give Kimberley $3,200 per year toward tuition if she competes on the track team. What type of college funding is this?

• scholarship
• grant
• loan
• savings

Benjamin's college estimates that he can earn about $2,500 during the school year by working at the campus bookstore. What type of college funding is described?

• scholarship
• grant
• work study
• savings

Erica is looking at several different career choices online. She notices that the salary earned for a job is closely tied to the education level that one completes. What trend does Erica mostly notice in her search?

• For many careers, the higher the level of education completed, the higher the salary will be.
• Salaries are higher for jobs with less education completed.
• The salary tends to be the same for careers which require a college degree and for careers which require a high school diploma.
• There is little change in salary between jobs which require a bachelor's degree in college and jobs that require a doctorate degree.

Regina is considering her options after high school. Which of the following degrees will give her the most earning potential?

• high school diploma
• associate's degree
• undergraduate degree
• graduate degree

Bobby is considering his options after high school. Which of the following degrees will give the least earning potential?

• Bachelors of Science
• Graduate Degree
• Associates of General Education
• Bachelor's of Art