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WorksheetsPaying for College Unit Test Review
Total questions: 18
Worksheet time: 9mins
Name
Class
Date
1.
Which of the following statements is TRUE about the value of a college degree?
a)
a. A high school graduate can expect to earn about the same as a college graduate
b)
b. Every college graduate can expect to have a starting salary over $60,000 right after college
c)
c. A college graduate can expect to earn, on average, more than a high school graduate over a career
d)
d. A college graduate typically earns less than someone with a high school diploma for the first 10 years
2.
Which of these options lists the types of financial aid from MOST attractive to LEAST attractive?
a)
a. Private loans, Federal loans, Work-study, Grants/Scholarships
b)
b. Grants/Scholarships, Work-study, Federal loans, Private loans
c)
c. Work-study, Grants/Scholarships, Federal loans, Private loans
d)
d. Federal loans, Grants/Scholarships, Work-study, Private loans
3.
In order to qualify for financial aid, which application must you submit?
a)
a. FAFSA
b)
b. PLUS
c)
c. SAVE
d)
d. SAI
4.
Which of the formulas below correctly calculates net price?
a)
a. Sticker price - student loans = net price
b)
b. Grants and scholarships + student loans = net price
c)
c. Sticker price - grants and scholarships = net price
d)
d. Sticker price + grants and scholarships = net price
5.
The federal government makes interest payments on __________ while you’re enrolled in school at least half-time, for the first six months after you leave school, and during any period of deferment.
a)
a. Work-Study
b)
b. Subsidized federal loans
c)
c. Unsubsidized federal loans
d)
d. Grants
6.
Which of the following is considered a direct cost of attendance?
a)
a. Travel expenses
b)
b. Cell phone bill
c)
c. Tuition
d)
d. Food and entertainment
7.
Who receives and uses the information submitted in your FAFSA?
a)
a. Your employer to see if you’ll still be able to work while attending college
b)
b. Your parents to keep track of your progress at college
c)
c. The federal government for tax purposes
d)
d. The schools you’ve applied to and your state government to determine your eligibility for financial aid
8.
What types of money are used in paying for college and in what order should you use them?
a)
a. Your money, borrowed money, free money
b)
b. Borrowed money, your money, free money
c)
c. Your money, free money, borrowed money
d)
d. Free money, your money, borrowed money
9.
Janelle's family earns about $60,000 per year. She has been accepted to College A and College B and is comparing their financial aid packages. College A has a sticker price of $28,000 and net price of $12,000. College B has a sticker price of $60,000 and net price of $9,000. Which statement below is FALSE?
a)
a. It will cost less to attend College A
b)
b. College B is providing Janelle more grants and scholarships
c)
c. College A has a lower sticker price than College B
d)
d. It will cost less to attend College B
10.
Which of the following is a good strategy to use when it comes to paying for college?
a)
a. Only report your own earnings and savings, not those of your parents, even if you live with them full-time
b)
b. See how much you can borrow in loans before applying for scholarships
c)
c. Spend the money that you earn from your summer job so you can get more financial aid
d)
d. Save your earnings from your summer job so that you can reduce the amount of loans you need to take
11.
Which of the following ways to pay for college is MOST likely to be based on someone’s financial need?
a)
a. Direct PLUS Loans
b)
b. Grants
c)
c. Scholarships
d)
d. Federal Subsidized Loans
12.
How much does it cost to file the FAFSA?
a)
a. It is free
b)
b. It is free the first time you file, but costs $9.99/year thereafter
c)
c. It is 2% of your total loan amount
d)
d. $50
13.
Typically, when should you first file the FAFSA?
a)
a. After you finish freshman year of high school
b)
b. October or November of your last year of high school
c)
c. After you receive your Student Aid Index
d)
d. Once you are ready to start repaying your student loans
14.
Your school counselor is a great resource for all of the following EXCEPT…
a)
a. Providing information about scholarships and grants you wouldn’t be able to find elsewhere
b)
b. Negotiating lower interest rates with your lenders
c)
c. Suggesting specific scholarship and grant opportunities based on your personal strengths and accomplishments
d)
d. Comparing different colleges, their costs of attendance, and financial aid offers
15.
Keith's tuition, room & board, and fees for freshman year total $26,000. Including scholarships, grants, and federal student loans, his financial aid package is $25,500. Which option below is both realistic and the most financially responsible?
a)
a. Keith’s financial aid package covers all of his necessary costs, so there is no need for him to do anything else
b)
b. Keith should take out a private loan and limit himself to $8000 in other expenses freshman year
c)
c. Keith should pick up a part-time job to cover his remaining costs and personal expenses
d)
d. Keith should not attend this college because he cannot afford it
16.
Each of the following organizations offers grants to college students EXCEPT…
a)
a. the federal government
b)
b. colleges
c)
c. private companies
d)
d. FAFSA
17.
As you make decisions during college, you should focus on…
a)
a. Minimizing your student loan debt at all costs
b)
b. Having fun, because you’re only in college once
c)
c. Focusing entirely on your studies to maximize your GPA
d)
d. Balancing your academic, social, and financial decisions to make the most out of the entire experience while setting yourself up for success post-college
18.
You will find each of the following pieces of information on your FAFSA Submission Summary EXCEPT…
a)
a. a record of the answers you submitted on your FAFSA
b)
b. your Student Aid Index (SAI)
c)
c. your eligibility for federal student aid
d)
d. a record of all scholarships you have applied for
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