Quiz Unit 6

During a period of financial hardship, you can apply for this to pause student loan payments while interest still accrues…

• Grace period

• Grants and scholarships

• FAFSA

• Forbearance

Which of the following statements is TRUE about the value of a college degree? 

• A high school graduate can expect to earn about the same as a college graduate

• Every college graduate can expect to have a starting salary over $60,000 right after college

• A college graduate can expect to earn, on average, more than a high school graduate over a career

• A college graduate typically earns less than someone with a high school diploma for the first 10 years

Which of these options lists the types of financial aid from MOST attractive to LEAST attractive?

• Private loans, Federal loans, Work-study, Grants/Scholarships

• Grants/Scholarships, Work-study, Federal loans, Private loans

• Work-study, Grants/Scholarships, Federal loans, Private loans

• Federal loans, Grants/Scholarships, Work-study, Private loans

In order to qualify for financial aid, which application must you submit?

• FAFSA

• PLUS

• EFC

• SAR

What types of money are used in paying for college and in what order should you use them?

• Your money, borrowed money, free money

• Borrowed money, your money, free money

• Your money, free money, borrowed money

• Free money, your money, borrowed money

The federal government makes interest payments on __________ while you’re enrolled in school at least half-time, for the first six months after you leave school, and during any period of deferment.

• Work-Study

• Subsidized federal loans

• Unsubsidized federal loans

• Grants

Which of the following is a good strategy to use when it comes to paying for college?

• Only report your own earnings and savings, not those of your parents, even if you live with them full-time

• See how much you can borrow in loans before applying for scholarships

• Spend the money that you earn from your summer job so you can get more financial aid

• Save your earnings from your summer job so that you can reduce the amount of loans you need to take

How much does it cost to file the FAFSA?

• It is free

• It is free the first time you file, but costs $9.99/year thereafter

• It is 2% of your total loan amount

• $50

Typically, when should you first file the FAFSA?

• After you finish freshman year of high school

• October or November of your last year of high school

• After you receive your Student Aid Report

• Once you are ready to start repaying your student loans

Your school counselor is a great resource for all of the following EXCEPT…

• Providing information about scholarships and grants you wouldn’t be able to find elsewhere

• Negotiating lower interest rates with your lenders

• Suggesting specific scholarship and grant opportunities based on your personal strengths and accomplishments

• Comparing different colleges, their costs of attendance, and financial aid offers