Financing Higher Education

What is true about private student loans from banks or credit unions?

• Interest rates are typically lower compared to federal student loans

• You can only use these loans for private schools

• Interest rates could change over time

• None of the above

To qualify for federal student aid and certain scholarships & grants, you need to fill out what?

• Roth IRA

• 403B

• FAFSA

• Student financial application

Which grade are you in when you fill out FAFSA?

• 9th

• 10th

• 11th

• 12th

After you fill out the FAFSA what is sent to you?

• Your acceptance letter of the school you want to go to

• A scholarship

• Tax Return

• Student Aid letter

How often do you have to update your FAFSA?

• Every year you are in college

• You never have to update it

• Only every other year that you are in college

• Every day you are in college

Which account can you set up to save for college & has tax benefits?

• 529

• 401K

• 403B

• Federal grants

What is true about Federal Grants?

• You ave to pay them back

• Everyone can apply and receive these

• They do not need to be repaid

• You can only get them your 1st year of college

Which is a difference between unsubsidized vs. subsidized loans?

• When interest starts to accrue

• When the payment is due

• Who is allowed to borrow each

What does federal work-study mean?

• Provides a job to people after they graduate in their fields

• Provides part-time employment for any student

• Opportunity to do internships in college

• Provides part-time employment for students who qualify for financial need

What do you think is the interest rate on federal student loans currently?

• 3.7%

• 2.5%

• 10.3%

• 15.6%