College Options & Paying for College - Unit Test Review

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

• FAFSA
• PLUS
• SAVE
• SAI

Which type of loan will the government pay the interest for you while you're in school and during a grace period?

• Work-Study
• Subsidized federal loans
• Grants

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

Although it’s not a type of financial aid, how can transferring credits from a community college help save you money on college costs?

• It reduces amount of credits you’ll have to pay for at your 4-year college
• Colleges will pay you for any credits transferred from a community college
• The cost of community college credits can be deducted on your taxes
• Transferring credits from a community college makes you eligible for lower interest rates when taking out federal student loans

Which of the following ways to pay for college is MOST likely to be based on someone’s financial need?

• Direct PLUS Loans
• Grants
• Scholarships
• Federal Subsidized Loans

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 Index
• Once you are ready to start repaying your student loans

Each of the following organizations offers grants to college students EXCEPT…

• the federal government
• colleges
• private companies
• FAFSA

As you make decisions during college, you should focus on…

• Minimizing your student loan debt at all costs
• Having fun, because you’re only in college once
• Focusing entirely on your studies to maximize your GPA
• Balancing your academic, social, and financial decisions to make the most out of the entire experience while setting yourself up for success post-college

What is NOT taken into account when determining a person's career path?

• Interests
• Skills
• Personality
• Genetics