WorksheetsPF 7.4 Student Loans
Total questions: 10
Worksheet time: 6mins
What are some differences between federal and private student loans?
Federal student loans are funded by the government
Federal student loans offer income-driven repayment plans
Private student loans have have forgiveness options
Private student loans are funded by private organizations
Why should you explore your federal loan options before private loan options?
Which student loan does NOT charge you interest while you're in school as an undergraduate?
Direct Subsidized
Direct Unsubsidized
Direct PLUS
Private
What is the first step for getting a federal student loan?
After graduating, leaving school, or dropping below half-time, how long of a grace period do you have to start repaying your loan if you have a federal direct subsidized loan or a federal direct unsubsidized loan? (a)
What does a loan servicer do?
What are some reasons someone might switch from the standard repayment plan to a graduated, extended, or income-based plan?
What type of loan typically has the lowest interest rate?
Payday loans
Credit card loans
Secured loans
Unsecured personal loans
What is a secured loan?
A loan that is backed by a promise to repay without any collateral.
A loan that is backed by collateral, such as a house or car.
A loan given without any background credit check.
A loan with a variable interest rate that changes over time.
Which of the following is NOT a common loan repayment strategy?
Debt snowball method, where you pay off debts from smallest to largest.
Debt avalanche method, where you pay off debts with the highest interest rates first.
Paying only the minimum payment on all debts.
Investing in stocks with the hope of using the returns to pay off the loan.
