Everfi Cumulative Final for Online PF1

A positive return on investment in higher education _______________.

• happens when you get a very good scholarship and tuition discounts

• is when your earning potential is greater than the cost of your education

• is when you get a job after graduating

• happens when the costs of higher education are lower than you expected

Jobs and careers that require degrees or certificates generally ___________ jobs that require little or no training.

• earn about the same amount of money

• have fewer responsibilities

• earn more money than

• earn less money than

What is the "sticker price" for higher education?

• The tuition price in monthly payments.

• The costs of each class broken down by how much each credit is worth.

• Your total scholarships and grants.

• The cost of attendance including tuition, room and board, books, and other expenses.

How can attending a community college help create a positive return on investment in higher education?

• You can extend your studies for two more years.

• You spend less money during the first 2 years and then have the option to transfer to a 4-year institution.

• Since community colleges are intense, they cover 4 years of college in 2 years.

• Community colleges generally charge less money for their books.

What do you need to submit to access need-based federal aid and federal loans?

• Credit report application

• The application to attend your higher education institution

• The FAFSA.

• The common scholarship application at your high school.

What do you need to consider to decide if you can afford to go to an institution of higher education?

• Your car payment and insurance costs

• Loan interest rates and borrowing costs.

• Cost of Attendance (COA) and financial aid.

• Terms of work-study offers.

Which of the following terms is a percentage of the loan that you pay in addition to what you have borrowed?

• Security deposit

• Interest

• Principal

• Balance

Which is an example of an income-driven repayment plan for student loans?

• Payments start lower and increase every 2 years regardless of income

• Payments are high and can last up to 25 years

• Payments are the same each month for 10 years regardless of income

• Payment amounts are based on a percentage of what you earn.

Which of the following options is NOT true if you default on a student loan?

• You may be taken to court and have to pay all fees.

• Your passport will be taken away.

• You may not be eligible for additional financial aid for future studies.

• Your tax refund may be withheld.

What is the difference between a salary and an hourly wage?

• An hourly wage generally has benefits and is flexible, while a salary does not.

• A salary is paid regardless of how many hours you work, while an hourly wage is paid only for the time you are at work.

• An hourly wage is paid in installments, while a salary is paid once a year.

• A salary is paid based on the time worked and an hourly wage is paid when the work is completed.