Paying for College Assessment

Read this common statement about the value of education. Is it true or false?

"A college graduate can expect to earn, on average, about $1 million more than a high school graduate over a career."

• True

• False

What are some good questions to ask yourself when choosing a major in college? Select all that apply.

• Will this degree help me to get a good job?

• Will this degree help me to get a job that I want to do?

• Does this major require a lot of early morning classes?

• Will this degree be fun?

What is the difference between the sticker price and the net price of the cost of attending a specific college?

• Sticker price is what they advertise in the brochure while net price is what you will actually pay.

• Net price is what they advertise in the brochure while sticker price is what you will actually pay.

• They are the same.

Which of the following statements is TRUE about filing the FAFSA?

• You need to file the FAFSA for every year you will be in school no matter what.

• You only need to file the FAFSA if you received a tax refund.

• You only need to file the FAFSA if your parent/guardian's financial situation has changed.

• You only need to file the FAFSA if your financial situation has changed.

Why is it important to only borrow what you actually need for college?

• Because you will have to pay it back with interest.

• Because if you get caught borrowing too much, you'll go to jail.

• Because you might run out of money if you have too much money.

Which of these are advantages of federal student loans over private student loans? Select two that apply.

• Federal student loans almost always have a lower interest rate.

• Federal student loans tend to have more options for how to pay them back affordably.

• Federal student loans are unlimited.

• You don't have to pay back federal student loans.

What month is the FAFSA due by?

• June

• October

• May

• February

Which of these is a good strategy when taking out student loans?

• Only borrow what you actually really need to.

• Take out as much money as possible so that you don't have to stress about money while in school.

• Only borrow money from banks instead of the government.

• Take out a lot of loans and then declare bankruptcy so that you don't have to pay them back.

What is the difference between grants and scholarship?

• Grants are generally need based while scholarships are awarded based on academic or other criteria.

• Scholarships are generally need based while grants are awarded based on academic or other criteria.

• You have to pay grants back while scholarships are free money.

• You have to pay scholarships back while grants are free money.

Which of the following is the biggest cost in paying for college for most students?

• Tuition and fees

• Room and board

• Books and supplies

• Personal expenses