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WorksheetsPaying for College
Total questions: 20
Worksheet time: 8mins
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 netowrk
Guaranteed starting salary of $50,000 after graduation
All of the following are costs of going to college EXCEPT...
Tuition and fees
Room and board
Textbooks and school supplies
Scholarships and grants
Which is TRUE about sticker price and net price?
Net price is the sticker price minus loans
Sticker Price is the published cost of going to a school
Net price is the sticker price minus loans
Sticker price is the net price minus scholarships & grants
When does the FAFSA filing period open every year?
January 1st
June 1st
October 1st
December 1st
Why should you file the FAFSA as early as possible?
It can help your chances of being accepted into schools
Aid is given out on a first-come, first-serve basis
You're guaranteed to get more merit-based scholarships
You'll get a lower interest rate on federal student loans
When filing the FAFSA, you are eligible for all of the following EXCEPT:
Grants and Scholarships
Private Student Loans
Work-Study
Federal Student Loans
How do scholarships and grants differ?
Scholarships are need-based; grants are merit-based
Grants are private forms of aid; scholarships are federal
Grants are need-based; scholarships are merit-based
They're not different; they are one and the same
What do you need to file your FAFSA if you're a dependent?
Just your tax forms
Your high school student ID number
Your and your parents' tax forms from 2 years priors
A pay stub if you had a job in the past year
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 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
Which of the following is the correct flow of submitting/receiving these documents?
FAFSA Submission Summary > FAFSA > Financial Aid Package
Financial Aid Package > FAFSA Submission Summary > FAFSA
FAFSA > Financial Aid Package > FAFSA Submission Summary
FAFSA > FAFSA Submission Summary > Financial Aid Package
What must you do if you accept a Federal student loan?
Agree to an official credit check by the government
Pay off all credit card debt
Pay a refundable deposit to secure your loan
Sign a Master Promissory Note
Which of the following is TRUE about how you get your financial aid?
All financial aid is paid directly to you in one payment
All financial aid is paid to you in installments
Aid is 1st applied to your account; you get the rest
The school receives all of your financial aid
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
How can you lower the total amount you in pay in student loans?
Choose a repayment plan with a longer term
Accept private loans first, then federal ones
Make interest payments during your grace period
Accept loans with variable interest rates, not fixed ones
If you select a repayment plan with a longer term for your loans...
You will have a larger monthly pyament
You will have a smaller monthly payment
You will pay less in interest
You will pay the same amount in interest
Which is TRUE about loan payments?
$ goes 1st towards the principal, then the accrued interest
Interest rate has little impact on total cost of the loan
Payments are not split between interest and principal
Interest can be added to the principal if it goes unpaid
What can happen if you don't make payments towards your student loans?
You may lose your car or home
Your loan balance may become due in full, but no interest
You may lose your car or home
Your credit score may suffer
When looking at a financial aid award letter, which type(s) of aid would you have to pay BACK?
Federal Pell Grant
Direct Subsidized Loan
Merit Scholarship
Federal Work-Study
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
