Paying for College Quiz

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 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

• SAVE

• SAI

Which of the formulas below correctly calculates net price?

• Sticker price - student loans = net price

• Grants and scholarships + student loans = net price

• Sticker price - grants and scholarships = net price

• Sticker price + grants and scholarships = net price

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 considered a direct cost of attendance?

• Travel expenses

• Cell phone bill

• Tuition

• Food and entertainment

Who receives and uses the information submitted in your FAFSA?

• Your employer to see if you'll still be able to work while attending college

• Your parents to keep track of your progress at college

• The federal government for tax purposes

• The schools you've applied to and your state government to determine your eligibility for financial aid

Janelle's family earns about $60,000 per year. She has been accepted to College A and College B and is comparing their financial aid packages. College A has a sticker price of $28,000 and net price of $12,000. College B has a sticker price of $60,000 and net price of $9,000. Which statement below is TRUE?

• It will cost less to attend College A

• College B is providing Janelle more grants and scholarships

• College A has a lower sticker price than College B

• It will cost less to attend College B

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