Understanding Federal Student Loans

What are some forms of financial aid mentioned that can help pay for college?

• Federal student loans, grants, work-study jobs, and scholarships

• Personal savings and credit cards

• Crowdfunding and donations

• Part-time jobs and internships

Why is it important to be a responsible borrower when taking out a federal student loan?

• Because loans are free money

• Because you might have to repay them for 10 years or more

• Because they are only available for a limited time

• Because they do not need to be repaid

What factors should you consider when deciding how much to borrow for school?

• The number of friends attending the same school

• The popularity of the school

• The location of the school and your future income

• The school's sports facilities

What is a promissory note in the context of student loans?

• An agreement to repay your loan

• A request for more financial aid

• A document that forgives your loan

• A scholarship application

How can you maintain communication with your loan servicer?

• By sending letters only

• Through web, email, and phone contact options

• By ignoring their communications

• By visiting their office daily