Student Loans 101 video quiz

What are the two basic groups of student loans?

• federal student loans and private student loans
• scholarship student loans and grant student loans
• corporate student loans and community student loans
• state student loans and international student loans

Federal student loans are paid for by the ________

• students
• government
• employers
• banks

Private student loans can come from _______________________.

• Government agencies, insurance companies, or utility providers

• Payday loan companies, pawn shops, or loan sharks

• Family members, or employers

• Banks, credit unions, or other private institutions

The interest rate [fee you pay for borrowing money] for federal student loans is set by _________

• President of the United States

• Congress

• Department of Education
• Federal Reserve

True or False: The interest rate for federal loans is a fixed rate that is often lower than private loan rates

• True

• False

Certain federal student loans, such as the Perkins Loan, are government-subsidized which means that you ________________________

• must pay-off the entire loan after graduation

• do not pay interest after graduation

• do not have to pay interest while the student is in school

• will have your loan forgiven by the executive branch

True or False: You are not responsible for paying private student loans while you're a student.

• True

• False

True or False: Some student loans are only available based on financial need.

• True

• False

______ is a free application you submit to find out if you qualify for financial aid for federal loans

• Scholarship Application
• FAFSA
• CSS Profile
• Loan Application

What do private student loan lenders sometimes require?

• Blood type verification
• Proof of citizenship
• Favorite color disclosure
• a good credit score or a co-signer