Paying for College

In order to qualify for financial aid, which application must you submit?

• FAFSA

• SAVE

The federal government makes interest payments on ________ while you’re enrolled in school at least half-time, for the first six months after you leave school, and during any period of deferment.

• Subsidized federal loans

• Unsubsidized federal loans

During a period of financial hardship, you can apply for this to pause student loan payments while interest still accrues...

• Grace period

• Forbearance

What types of money are used in paying for college and in what order should you use them?

• Your money, free money, borrowed money

• Free money, your money, borrowed money

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

• Tuition

• Food and entertainment

Who receives and uses the information submitted in your FAFSA?

• The federal government for tax purposes

• The schools you’ve applied to and your state government to determine your eligibility for financial aid

Although it's not a type of financial aid, how can transferring credits from a community college help save you money on college costs?

• It reduces the amount of credits you'll have to pay for at your 4-year college

• Eligible for lower interest rates when taking out federal student loans

Janelle's family earns about $60,000 per year. She has been accepted to College A and College B and is comparing their financial aid packages. College A has a sticker price of $28,000 and net price of $12,000. College B has a sticker price of $60,000 and net price of $9,000. Which statement below is FALSE?

• It will cost less to attend College A

• It will cost less to attend College B

Which of these options lists the types of financial aid from MOST attractive to LEAST attractive?

• Grants/Scholarships, Work-study, Federal loans, Private loans

• Federal loans, Grants/Scholarships, Work-study, Private loans

Which of the formulas below correctly calculates net price?

• Sticker price - student loans = net price

• Sticker price - grants and scholarships = net price