Paying for College

Which is TRUE about the FAFSA?

• You only need to file the FAFSA 1x in your college career

• Your parents must earn below a set amount for you to apply

• You need to file it at the start of every quarter/semester

• There is no cost to file the FAFSA

Which of the following is TRUE about federal and private student loans? Private loans may be subsidized; federal ones are not, Both types offer the same repayment plans, Private loans always offer fixed interest rates, Fed. loans don't have prepayment penalties; private ones may

• Private loans may be subsidized; federal ones are not

• Both types offer the same repayment plans

• Private loans always offer fixed interest rates

• Fed. loans don't have prepayment penalties; private ones may

What can happen if you don't make payments towards your student loans?

• Your credit score may suffer.

• You may receive a scholarship.

• Your interest rates will decrease.

• You will be eligible for loan forgiveness.

How can you lower the total amount you pay in student loans?

• Make interest payments during your grace period.

• Consolidate your loans into a single payment.

• Ignore the loans until after graduation.

• Increase your loan amount to cover more expenses.

What is a benefit of going to college and having a college degree?

• Lower lifetime earnings

• Lower interest rates on future loans

• Expanded professional and social network

• Guaranteed starting salary of $50,000 after graduation

Which is TRUE about the Student Aid Index (SAI)?

• It's the cost of filing the FAFSA

• It's how much you & your family are expected to pay for college

• It's another term for "net price"

• It's how much your parents must contribute towards college

When does the FAFSA filing period open every year?

• September 1st

• October 1st

• November 1st

• August 1st

All of the following are costs of going to college EXCEPT...

• Tuition and fees

• Room and board

• Textbooks and school supplies

• Scholarships and grants

In what order should you accept different types of financial aid?

• Work-study, scholarships, federal loans, private loans

• Private loans, scholarships, work-study, federal loans

• Scholarships, work-study, federal loans, private loans

• Scholarships, work-study, private loans, federal loans

If you select a repayment plan with a longer term for your loans...

• You will have a smaller monthly payment

• You will pay more interest over time

• You will pay off your loans faster

• You will have higher monthly payments