Unit 9 Test - Life After High School

First Name:

Last Name:

1) Which of the following is a benefit of going to college and obtaining a degree?

• A higher credit score
• Higher potential earnings
• A nicer home
• Increased amount of debt

2) Which of these is a way to pay for college rather than an expense of attending college?

• Grants
• Tuition
• Room & Board
• Books & Supplies

3) Scholarships are a great way to minimize the large expense of college. Which statement best describes a scholarship?

• A scholarship is a loan of money that must be paid back before graduating college.
• A scholarship is a loan of money that must be paid back after graduating college.
• A scholarship is free money that you must qualify for but do not need to pay back.
• A scholarship is free money given to every student who decides to attend college.

4) Tatiana was offered a large amount of "gift aid" from one of the colleges to which she applied. What is gift aid?

• Gift aid is money that is loaned to you to attend college that you will eventually have to pay back.
• Gift aid is money that you work for while in college or career school.
• Gift aid is free money that you don’t have to pay back, and it reduces the total price you’ll pay for college.
• Gift aid is a type of loan that needs to be paid back on an annual basis.

5) Which college payment option is considered "gift aid"?

• Federal student loans
• Private student loans
• Savings
• Scholarships

6) Which type of financial aid must be paid back with interest?

• Scholarship
• Grant
• Loan
• Work Study

7) What’s the best advice on how much money to borrow in student loans?

• Borrow less than you need, and just hope they don’t kick you out before graduation
• Borrow only what you need for college costs and basic needs
• Borrow the maximum amount so you have a fun, exciting time during college
• Under no circumstance should you ever borrow money for college

8) Damica wants to attend a college with a sticker price of $45,000. She qualifies for $13,000 in gift aid. What will Damica's net price be?

• $58,000
• $45,000
• $32,000
• $13,000