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WorksheetsPaying for College Assessment
Total questions: 34
Worksheet time: 9hrs 30mins
Read this common statement about the value of education. Is it true or false?
"A college graduate can expect to earn, on average, about $1 million more than a high school graduate over a career."
True
False
What are some good questions to ask yourself when choosing a major in college? Select all that apply.
Will this degree help me to get a good job?
Will this degree help me to get a job that I want to do?
Does this major require a lot of early morning classes?
Will this degree be fun?
What is the difference between the sticker price and the net price of the cost of attending a specific college?
Sticker price is what they advertise in the brochure while net price is what you will actually pay.
Net price is what they advertise in the brochure while sticker price is what you will actually pay.
They are the same.
Which of the following statements is TRUE about filing the FAFSA?
You need to file the FAFSA for every year you will be in school no matter what.
You only need to file the FAFSA if you received a tax refund.
You only need to file the FAFSA if your parent/guardian's financial situation has changed.
You only need to file the FAFSA if your financial situation has changed.
Why is it important to only borrow what you actually need for college?
Because you will have to pay it back with interest.
Because if you get caught borrowing too much, you'll go to jail.
Because you might run out of money if you have too much money.
Which of these are advantages of federal student loans over private student loans? Select two that apply.
Federal student loans almost always have a lower interest rate.
Federal student loans tend to have more options for how to pay them back affordably.
Federal student loans are unlimited.
You don't have to pay back federal student loans.
What month is the FAFSA due by?
June
October
May
February
Which of these is a good strategy when taking out student loans?
Only borrow what you actually really need to.
Take out as much money as possible so that you don't have to stress about money while in school.
Only borrow money from banks instead of the government.
Take out a lot of loans and then declare bankruptcy so that you don't have to pay them back.
What is the difference between grants and scholarship?
Grants are generally need based while scholarships are awarded based on academic or other criteria.
Scholarships are generally need based while grants are awarded based on academic or other criteria.
You have to pay grants back while scholarships are free money.
You have to pay scholarships back while grants are free money.
Which of the following is the biggest cost in paying for college for most students?
Tuition and fees
Room and board
Books and supplies
Personal expenses
Your parent/guardian can use your FSA ID to submit any information for your FAFSA application.
True
False
The higher your Expected Family Contribution, the _________________ financial aid you will likely receive.
More
Less
What is a promissory note?
The contract you sign that obligates you to pay back a loan.
The contract you sign with your college promising to get good grades.
The contract you sign with your college stating that you will attend.
The form you fill out to be eligible to receive financial aid.
Which of these is the best option for paying for college?
Grant
Federal student loan
Private student loan
Work-study
What does FAFSA stand for?
Financial Assistance for Students' Aid
Federal Assistance For Student Aid
Free Application for Federal Student Aid
Financial Aid for Student Assistance
Which types of student loans require a credit check
Private Loans
Stafford Loans
Perkins Loans
All of the above
The phrase "going to college" refers to any post secondary training or instruction you receive which includes trade school, certification courses, two year and four year institutions.
True
False
Which of these options depicts the types of financial aid from MOST attractive to LEAST attractive?
Private loans, Federal loans, Work-study, Grants/Scholarships
Grants/Scholarships, Work-study, Federal loans, Private loans
Work-study, Grants/Scholarships, Federal loans, Private loans
Federal loans, Grants/Scholarships, Work-study, Private loans
Which of the formulas below equates to net price?
Sticker price minus student loans = net price
Grants and scholarships + student loans = net price
Sticker price minus grants and scholarships = net price
Sticker price + grants and scholarships = net price
Janelle's family earns about $60,000 per year. She has been accepted to State U and Greenlawn College and is comparing their financial aid packages. State U has a sticker price of $28,000 and net price of $12,000. Greenlawn College has sticker price of $60,000 and net price of $9,000. Which statement below is FALSE?
If making a decision strictly based on cost, Janelle's best option is State U
Greenlawn College is providing Janelle more grants and scholarships
State U has a lower sticker price than Greenlawn College
One factor that impacts net price is family income
Which type of financial aid am I? I have limits on the amount that you can borrow based on your year in college. The federal government makes the interest payments on me while you are in college, and you make the interest payments on me after you graduate.
Work-Study
Subsidized federal loan
Unsubsidized federal loan
Grants
When filing your FAFSA, you’ll need each of the following documents EXCEPT...
Tax return from 2 years ago for you and your parents (in most cases)
Social Security card, driver’s license, or proof of permanent residency
Bank and/or investment statements (if applicable)
Proof of Employment
What is a good rule of thumb to consider when it comes to student loan debt?
You should never borrow money to go to college because it is unlikely that you will be able to pay it back
You should borrow as much money as you can through private loans and then take out federal loans
You should borrow as much as your college says you should borrow as laid out in your financial aid offer
You should generally limit your borrowing to what you expect to earn as a starting salary when you leave college
Which of the following is a good strategy to use when it comes to paying for college?
Only report your own earnings and savings, not those of your parents, even if you live with them full-time
Spend the money that you earn from your summer job so you can get more financial aid
Spend the money that you earn from your summer job so you can get more financial aid
Save your earnings from your summer job so that you can reduce the amount of loans you need to take
Your financial aid package at your dream school includes eligibility for a work-study job. Which of these is a valid reason for rejecting that opportunity?
Work-study jobs pay less than minimum wage, so it’s usually not worth the time
The amount you earn through work-study will eventually need to be repaid in your student loan debt, with interest, making it a bad deal
Once you accept a work-study job, you are not legally allowed to accept any other part-time work
If you cannot handle the time commitment of academics and the work-study job, your grades might suffer
Fred is comparing different financial aid offers he has received. He notices that some of the offers do not contain sufficient information for him to determine the net price for that school. What is the BEST course of action that Fred can take?
Nothing - Fred can assume that he will receive the information he needs in future mail/email from the college.
Fred should contact the financial aid office at each school to ask for the missing information.
Fred should talk to the guidance counselor at his high school to get the most updated information for each college.
Fred should do research online to find the missing information.
Typically, when should you first file the FAFSA?
After you finish freshman year of high school
October or November of your last year of high school
After you receive your Student Aid Report
Once you are ready to start repaying your student loans
Which of these two documents are the same?
FAFSA and Student Aid Report
Student Aid Report and Financial Aid Package
Financial Aid Package and Financial Aid Offer
Financial Aid Package and Acceptance Letter
You will find each of the following pieces of information on your student Aid Report (SAR) except...
a record of the answers you submitted on your FAFSA.
your Expected Family Contribution (EFC)
your eligibility for federal student aid
a record of all scholarships you have applied for.
You’ll need a budget once you get to college, so that you aren’t overspending each month. Which piece of advice is MOST useful?
Have a conversation with your parent(s) beforehand, so you understand who will pay for which monthly expenses
Budget $25/month for everything not included in your financial aid package, such as off-campus dining, social events, etc.
Apply for a private bank loan to cover all your unexpected expenses
The summer before college, save an emergency fund of at least $400 to cover you for the year
The HELP Grant pays for
full tuition, room and board and fees.
full tuition and required fees.
room and board plus required fees.
books, full tuition, room & board, plus required fees.
Which Mississippi Grant am I?
* PAYS $2500 per year
*Requires 29 ACT
*Requires 3.5 GPA
MTAG
MESG
HELP
FAITH
Which Mississippi Grant am I?
*$500 per year for freshmen or sophomores
*$1000 per year for juniors or seniors
*Requires 15 ACT
*Requires 2.5 GPA
*Cannot be full pell-eligible
MTAG
MESG
HELP
FAITH
How many public universities are in Mississippi?
8
10
6
14
