8. Who receives and uses the information submitted in your FAFSA?

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

Your employer to see if you’ll still be able to work while attending college

Your parents to keep track of your progress at college

The federal government for tax purposes

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

Free money, your money, borrowed money

Your money, borrowed money, free money

Borrowed money, your money, free money

Your money, free money, borrowed money

10. 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 amount of credits you’ll have to pay for at your 4-year college

Colleges will pay you for any credits transferred from a community college

The cost of community college credits can be deducted on your taxes

Transferring credits from a community college makes you eligible for lower interest rates when taking out federal student loans

11. 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

It will cost less to attend College B

12. Which of the following is a good strategy to use when it comes to paying for college?

Save your earnings from your summer job so that you can reduce the amount of loans you need to take

Only report your own earnings and savings, not those of your parents, even if you live with them full-time

See how much you can borrow in loans before applying for scholarships

Spend the money that you earn from your summer job so you can get more financial aid

13. Who is eligible to receive Direct Subsidized loans?

Students enrolled less than half-time

16. How much does it cost to file the FAFSA?

It is free the first time you file, but costs $9.99/year thereafter

It is 2% of your total loan amount

17. Typically, when should you first file the FAFSA?

October or November of your last year of high school

After you finish freshman year of high school

After you receive your Student Aid Index

Once you are ready to start repaying your student loans

18. Your school counselor is a great resource for all of the following EXCEPT…

Negotiating lower interest rates with your lenders

Providing information about scholarships and grants you wouldn’t be able to find elsewhere

Suggesting specific scholarship and grant opportunities based on your personal strengths and accomplishments

Comparing different colleges, their costs of attendance, and financial aid offers

19. Which of the following is TRUE about the Student Aid Index (SAI)?

The LOWER your SAI the MORE financial aid you are eligible for

The HIGHER your SAI the MORE financial aid you are eligible for

The LOWER your SAI the LESS financial aid you are eligible for

Your SAI does not impact how much financial aid you are eligible for

20. Keith's tuition, room & board, and fees for freshman year total $26,000. Including scholarships, grants, and federal student loans, his financial aid package is $25,500. Which option below is both realistic and the most financially responsible?

Keith should pick up a part-time job to cover his remaining costs and personal expenses

Keith’s financial aid package covers all of his necessary costs, so there is no need for him to do anything else

Keith should take out a private loan and limit himself to $8000 in other expenses freshman year

Keith should not attend this college because he cannot afford it

23. As you make decisions during college, you should focus on…

Balancing your academic, social, and financial decisions to make the most out of the entire experience while setting yourself up for success post-college

Minimizing your student loan debt at all costs

Having fun, because you’re only in college once

Focusing entirely on your studies to maximize your GPA

24. You will find each of the following pieces of information on your FAFSA Submission Summary EXCEPT…

a record of all scholarships you have applied for

a record of the answers you submitted on your FAFSA

your eligibility for federal student aid

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

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

You will pay the least amount of interest over the life of the loan when compared to other loans

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

Paying for College - Unit Test

Authored by Ragan Rogers

Financial Education

9th - 12th Grade

Used 1+ times

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25 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Which of the following statements is TRUE about the value of a college degree?

A high school graduate can expect to earn about the same as a college graduate

Every college graduate can expect to have a starting salary over $60,000 right after college

A college graduate can expect to earn, on average, more than a high school graduate over a career

A college graduate typically earns less than someone with a high school diploma for the first 10 years

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Grace period

Grants and scholarships

FAFSA

Forbearance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. 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

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

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

FAFSA

PLUS

SAVE

SAI

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Which of the formulas below correctly calculates net price?

Sticker price - student loans = net price

Grants and scholarships + student loans = net price

Sticker price - grants and scholarships = net price

Sticker price + grants and scholarships = net price

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. 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

Unsubsidized federal loans

Grants

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Travel expenses

Cell phone bill

Tuition

Food and entertainment

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