Financing Education Final Quiz

Which of the following statements is TRUE about the value of a college degree?

• A high school graduate can expect to earn about the same as a college graduate
• Every college graduate can expect to have a starting salary over $60,000 right after college
• A college graduate can expect to earn, on average, more than a high school graduate over a career
• A college graduate typically earns less than someone with a high school diploma for the first 10 years

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 the net price for attending college?

• 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

Which of the following is considered a direct cost of attendance?

• Travel expenses
• Cell phone bill
• Tuition
• Food and entertainment

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

Which of the following factors are typically considered by colleges when reviewing applications? Check all that apply.

• Involvement in school or community activities.
• The rigor of the courses you have taken in high school.
• High GPA and academic performance
• Personal essays and letters of recommendation
• Social media popularity/Number of followers

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

Preparing to pay for higher education can start in 9th grade or earlier by...

• applying for scholarships.
• opening a 529 plan.
• taking out student loans.
• applying for grants.

Which of the following answers lists 4 year colleges from generally the least expensive to most expensive?

• In-state public university, private university, out-of-state public university
• In-state public university, out-of-state public university, private university
• Private university, in-state public university, out-of-state public university
• Out-of-state public university, private university, in-state public university