Paying for College Quiz

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

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.

• Work-Study

• Subsidized federal loans

• Grants

1. 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

• College B is providing Janelle more grants and scholarships

• College A has a lower sticker price than College B

Who is eligible to receive Direct Subsidized loans?

• Professional students

• Undergraduate students

• Students enrolled less than half-time

Which repayment option does not accrue interest while your required payments are paused?

• Consolidation

• Deferment

• Refinancing

How much does it cost to file the FAFSA?

• It is free

• It is 2% of your total loan amount

• $50

Typically, when should you first file the FAFSA?

• After you finish freshman year of high school

• October or November of your last year of high school

• After you receive your Student Aid Index

Each of the following organizations offers grants to college students EXCEPT...

• the federal government

• colleges

• FAFSA

Which of the following is the default federal student loan repayment plan college graduates are entered into, requires the same minimum payment for the life of the loan, and ensures the borrower will pay the loan in full in ten years?

• Standard repayment plan

• Graduated repayment plan

• Extended repayment plan

Which of the following is a benefit of an income-driven repayment plan?

• Theoretically, your payment should never be more than you can afford

• They’re structured to be paid off in 5-10 years

• Even if you start to make more money, your monthly payments won’t change