Paying for College

What is the "Sticker Price" in the context of financial aid for college?

• The published cost of tuition and fees along with room and board

• The amount you pay after receiving scholarships and grants

• The cost of textbooks and supplies

• The cost of living expenses off-campus

What does the "Net Price" represent in the financial aid process?

• The total cost of attending college without any financial aid

• The amount you will actually pay after receiving scholarships and grants

• The cost of room and board only

• The cost of tuition only

What is the purpose of the FAFSA?

• To apply for private loans

• To apply for federal student aid

• To apply for scholarships only

• To apply for work-study programs only

Which type of financial aid does not need to be paid back?

• Federal Student Loans

• Private Loans

• Grants and Scholarships

• Unsubsidized Direct Loans

What is a characteristic of Subsidized Direct Loans?

• Interest accrues while you are in school

• The federal government pays the interest while you are in school

• They are only available to graduate students

• They are offered by private lenders

What should you do when you receive financial aid offer letters from multiple schools?

• Accept the first offer you receive

• Compare them to see which one is best for you

• Reject all offers and apply for private loans

• Only consider the school with the highest sticker price

What is a common repayment option for federal loans after graduation?

• Immediate full payment

• Fixed payment schedule

• No repayment required

• Only interest payments

What is one benefit of loan consolidation?

• Higher monthly payments

• Combining multiple federal loans into one bigger loan

• Losing borrower benefits

• Increased interest rates

What is the grace period for most federal student loans after graduation?

• 3 months

• 6 months

• 9 months

• 12 months

Which type of loan requires a credit check?

• Subsidized Direct Loans

• Unsubsidized Direct Loans

• PLUS Loans

• Perkins Loans