Everfi- Financial Literacy Lesson 6

Making the choice to spend money on post secondary education pays off in the long run because:

• You or your parents can write it off your taxes.

• You can get grants and scholarships to pay for post secondary education while you are there.

• The salary you will earn with a degree will pay back the cost of college over your career.

• There are less expensive options for obtaining a post secondary education.

Dimitri’s counselor told him that post secondary education can be expensive but can pay off in the long run,

what does that mean?

• The salary you will earn with a degree will pay back the cost of college over your career.

• You can get grants and scholarships to pay for post secondary education while you are there.

• There are less expensive options for obtaining a post secondary education.

• All of the above

What are the benefits of attending a local community college?

• It is cheaper to earn an Associate’s degree at a community college and then transfer to a four-year

  college to finish.

• You can live at home and save dorm fees while earning an Associate’s degree.

• Choosing a local community college within closer driving range saves on transportation costs.

• All of the above.

Andrew doesn’t want to spend a lot of money on student loans, and does not qualify for grants. What is his

best option for affording a Bachelor's Degree?

• He can enroll in a trade school and transfer his courses later.

• He can attend a specialized training program and transfer a couple of his courses.

• He can attend the local community college whose courses transfer to the public four-year college.

• None of these are correct.

Which is NOT considered an additional cost beyond tuition for higher education?

• Textbooks and supplies

• Academic counseling

• Room and board

• Transportation

Textbooks, transportation and room and board are all...

• included in the price of attending a college or university.

• additional costs for attending a college or university.

• included in a school's tuition.

• usually offered to students who stay on campus.

Which is a tax-free savings account that can only used for educational expenses?

• Federal grants

• Merit-based scholarships

• Merit-based scholarships

• A 529 plan

A 529 plan can help you save more money than a traditional savings account because...

• it is a tax free.

• it is given to you at a very young age.

• the interest rates are considerably better.

• it is linked to the stock market.

Preparing to pay for higher education can start in 9th grade or earlier by...

• applying for scholarships.

• opening a 529 plan.

• taking out student loans.

• applying for grants.

Which of the following is true about the Free Application for Federal Student Aid (FAFSA)?

• The earliest you can submit your FAFSA is October 1st of each year.

• The form is available online or on paper.

• States may have different deadlines for applying for state aid.

• All of the above