Foundations in Personal Finance- Chapter 5 Test

The total estimated student loan debt outstanding (unpaid) is over:

• $1 Trillion
• $10 Thousand 
• $7 Trillion
• $1 Billion 

Which of the following is not a good option when it comes to paying for your education?

• Plan ahead 
• Fill out the FAFSA
• Ask your parents to take out a loan 
• Get a part-time job

Which of the following are ways that you can invest in yourself?

• Find a mentor 
• Surround yourself with people who have similar goals and ambitions as you
• Read books 
• All of the above 

Which of the following statements is false?

• Millions of people can't afford to make their student loan payment every month
• Our culture accepts student loan debt as normal and sometimes even refers to it as good Debt.
• Debt is owning anything to anyone for any reason
• A student loan is an award 

Which of the following statements about college financial aid is false?

• Many businesses have scholarships for employees' children 
• Grants are free money
• The Free Application for Federal Student Aid (FAFSA) is the first step to receiving any kind of financial aid 
• Scholarships are only for the highest academic achievers 

You should visit your college's financial aid office if:

• Your parents' financial situation has changed 
• You have any problems with the financial aid application process
• A medical situation has come up
• All of the above 

Which of the following statemants is false?

• On-campus jobs may pay you directly or pay toward your tuition bill.
• Research shows that students who work up to 20 hours a week may affect  your grade point averages.
• Research shows that working more than 20 hours a week may affect your grade negatively.
• Students rarely drop out of college due to financial trouble.

Which of the following is not recommended when you are cash-following your college education?

• Live on a zero-based budget 
• Attend an out-of-state school
• Work abd save money over the summer months 
• Make sure you have and emergency fund

The average repayment period for a student loan is:

• 15 years 
• 5 years 
• 20 years 
• 10 years 

Which of the following statements is false?

• On-the -job training often combines a professional trainer, hands-on activities and formal classroom training.
• Students who are looking to learn specific skills cab look into free or low-cost certifications found online, at community colleges, or through government-funded programs.
• An associate's degree is a two-year degree that can offer specialized training and a flexible schedule that allows you to work while you earn your degree.
• All high-paying careers require a four year college degree.