Paying for College - Unit Test

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

• 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.

• 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

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

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 FALSE?

• 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