HS Personal Finance Chapter 6 & 7 Review

Many high schoolers get so caught up in the idea of the college experience that they don't think critically about...

• Their high school GPA

• How their college choice will affect their financial future

• Their dream job

• What requirements they need to get into college

Student loans are a type of "good" debt.

• True

• False

Part of making a plan to ______ involves searching for scholarships, saving, and talking with your family about what kind of financial help you'll get.

• A. Pay cash for college

• B. Live in a dorm

• C. Take out a student loan

• D. Get good grades

You can fund your education by finding the right mix of _______, _______, and _______.

• A. Cash; loans; grants

• B. Grants; scholarships; work

• C. Work; loans; cash

• D. Scholarships; trust funds; federal aid

Ask yourself, "Do I need this ______ for my ______?" before you start applying to schools.

• A. Loan; future

• B. Grant; job

• C. Degree; career

• D. Career; college

What's a better question to ask instead of, "Where do I want to go to college?"

• A. "What do I want to do for a career?"

• B. "How do I get into college?"

• C. "Where do I want to live?"

• D. "Do I want to go to college?"

It takes the average person ______ to pay off their student loan debt.

• A. 20 years

• B. 10 years

• C. 5 years

• D. 2 years

Private student loans typically have a higher interest rate than federal student loans.

• True

• False

Getting good grades and scoring well on college entrance exams give you a better chance of _______.

• Going to an out-of-state college

• Getting a scholarship

• Getting an interview

• Graduating early

Since federal funding is often awarded on a first-come, first-served basis, you'll be more likely to get financial help by filling out your FAFSA as soon as possible.

• True

• False