Understanding the New SAVE Plan for Student Loans

Understanding the New SAVE Plan for Student Loans

Assessment

Interactive Video

Business

9th - 10th Grade

Hard

Created by

Jennifer Brown

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of the new SAVE Plan for student loans?

To increase interest rates on loans

To eliminate student loans entirely

To increase monthly payments

To cut student loan payments in half

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is discretionary income calculated under the SAVE Plan?

By subtracting 225% of the federal poverty line from adjusted gross income

By multiplying adjusted gross income by 225%

By adding 225% of the federal poverty line to adjusted gross income

By dividing adjusted gross income by 225%

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage of discretionary income will undergraduate debt payments drop to starting in July?

5%

10%

20%

15%

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if the interest on your loan accrues more than your monthly payment?

The interest is added to the principal

The government covers the excess interest

The interest is forgiven

The borrower pays the excess interest

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the payment calculated for borrowers with both undergraduate and graduate loans?

Based on the highest loan balance

As a weighted average between 5% and 10% of discretionary income

As a flat 5% of discretionary income

As a flat 10% of discretionary income

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is eligible to apply for the SAVE Plan?

Only undergraduate students

Only graduate students

All federal student loan borrowers with Direct Loans

Only borrowers with private loans

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the main reasons borrowers miss out on repayment options?

Low income levels

High interest rates

Not knowing about their options

Lack of interest in repayment plans

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