Financial Aid and Student Loans Quiz

What does the term "Cost of Attendance" refer to?

• The total expense of going to college, including tuition, room and board, fees, books and supplies, transportation, or health insurance.

• The amount of money borrowed from the federal government or a private lender to help pay for college costs.

• The original amount of money borrowed, separate from interest or fees.

• The sticker price for the academic portion of your college expenses.

What is a Student Loan?

• Money that is borrowed from the federal government or a private lender to help pay for college costs.

• A type of aid primarily awarded for academic merit or for something you have accomplished.

• The total expense of going to college, including tuition, room and board, fees, books and supplies, transportation, or health insurance.

• The original amount of money borrowed, separate from interest or fees.

How do lenders make money from the amounts you borrow from them?

• Through grants.

• By charging interest.

• By providing scholarships.

• Through work-study programs.

What is Federal Student Aid?

• Low-interest loans for students and parents to help pay for the cost of a student's education after high school.

• Financial aid given based on a person's financial need that doesn't have to be repaid.

• A federal work program through which college students at participating schools earn money to help pay for school.

• A plan that outlines your monthly loan payment, repayment period, and how much interest you will pay over the life of the loan.

What are Grants?

• Financial aid given based on a person's financial need that doesn't have to be repaid.

• Low-interest loans for students and parents to help pay for the cost of a student's education after high school.

• Loans that are made to students or their parents by companies whose rates are often high.

• The sticker price for the academic portion of your college expenses.

What is the purpose of a Work-Study program?

• To provide low-interest loans for students and parents.

• To help students earn money to help pay for school.

• To outline your monthly loan payment, repayment period, and how much interest you will pay over the life of the loan.

• To provide financial aid based on a person's financial need that doesn't have to be repaid.

What does the term "Principal" refer to in the context of loans?

• The total expense of going to college, including tuition, room and board, fees, books and supplies, transportation, or health insurance.

• The original amount of money borrowed, separate from interest or fees.

• The sticker price for the academic portion of your college expenses.

• A type of aid primarily awarded for academic merit or for something you have accomplished.

What are Private Loans?

• Loans that are made to students or their parents by companies whose rates are often high.

• Financial aid given based on a person's financial need that doesn't have to be repaid.

• Low-interest loans for students and parents to help pay for the cost of a student's education after high school.

• A federal work program through which college students at participating schools earn money to help pay for school.

What is a Subsidized Loan?

• A loan where the government pays the interest while you are in school.

• A loan where the interest begins to be charged as soon as the college gets the money for the semester.

• Financial aid given based on a person's financial need that doesn't have to be repaid.

• A type of aid primarily awarded for academic merit or for something you have accomplished.

When does the interest begin to be charged on an Unsubsidized Loan?

• As soon as the college gets the money for the semester.

• After you graduate.

• When you start repaying the loan.

• When you apply for the loan.