Everfi - Financing Higher Education: Modules 4 & 5

How is cost of attendance (COA) determined at an institute of higher education?

• It’s based on tuition so it is calculated from the number of classes you enroll in.

• It combines financial aid, what your family can pay, plus tuition and room and board.

• It is the cost of tuition plus taxes.

• It is an estimate of tuition, fees, room and board, books, supplies and other expenses.

What is considered by the federal government to be what your family will be able to pay per year toward your school expenses?

• Family Loan Savings Plan (FLSP)

• Cost of Attendance (COA)

• Projected Financial Aid Package (PFAP)

• Expected Family Contribution (EFC)

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.8.5

financial aid letters from institutes of higher education show your aid and costs of attendance for

• 4 years

• 2 years

• a semester

• 1 year

If you are comparing the financial aid letters from two higher education institutions, how can you determine which one is more affordable?

• The higher education institution that gives more financial aid will be more affordable.

• The higher education institution that has a lower cost of attendance will be more affordable.

• Subtracting the financial aid offer from the cost of attendance will help you determine which one is more affordable.

• Adding the financial aid offer to the cost of attendance will help you determine which one is more affordable.

Tags

CCSS.6.RP.A.3B

The amount of money you will still need after subtracting scholarships, grants, and work study will help determine the amount of money _____.

• you need to borrow in loans or pay out of pocket

• to accept in grants and scholarships

• to use for room and board, books and other expenses

• to set aside in savings

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.8.5

A percentage of the loan that is charged to cover the cost of giving the loan is known as _____.

• a loan officer's fee

• the administration fee

• an origination fee

• a higher education penalty

Which type of interest can change over the life of a loan?

• Variable interest

• Fixed interest

• Annual percentage rate (APR)

• Principal interest

Tags

CCSS.7.RP.A.3

Which type of interest does not change over the life of a loan?

• Variable interest

• Fixed interest

• Annual percentage rate (APR)

• Principal interest

Tags

CCSS.7.RP.A.3

The _____ is the additional costs you pay each year in order to borrow money in loans, including both interest and fees.

• origination fee

• variable interest rate

• fixed interest rate

• annual percentage rate (APR)

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.6.5

CCSS.RI.7.5

How does a loan’s term, or number of years to repay a loan, affect your monthly payments and amount owed?

• The longer the term, the higher your monthly payment but less interest over the life of the loan.

• The shorter the term, the lower the monthly payment but more interest paid over the life of the loan.

• The longer the term, the lower your monthly payment but less interest over the life of the loan.

• The shorter the term, the higher your monthly payment but the less interest over the life of the loan.